Paper on MicroStrategy: Business Intelligence Tool for Scorecards, Dashboards & More

MicroStrategy is a business intelligence application software vendor (Anoshin et al., 2016). The tool is used as it supports scorecards, interactive dashboards, ad hoc queries, highly formatted reports automated report distribution, and thresholds and alerts (Anoshin et al., 2016). It is a more reliable tool compared to other tools that only allow summary-level reporting. MicroStrategy enables its users to drill everywhere from the relational database to the transactional level details (Moraschi, 2013).

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The benefits of using MicroStrategy are that it supports comprehensive analytics with its dashboards, data discovery, mobile, transactions and predictive analytics (Enriquez& Rathore, 2013). It will allow Third Star Financial Services to grow incrementally. Another benefit is that it supports extensive customization with workflows. It enables the firm to extend and modify its functionalities out of the box to meet its unique needs. The challenges of using MicroStrategy include is that the process of building a business intelligence solution can be complicated, and the tool has limited guides and resources (Bhombe et al., 2019).

The implementation of the MicroStrategy tool is likely to affect the management strategies of Third Star Financial Services. MicroStrategy is more effective in analyzing business information, and it will help solve the company's bandwidth problems and staffing and IT department issues. It will make the management steadier by providing analysis needs, governance with management, and reporting procedures (Crawford & Chaplinsky, 2017). It will also replace the need for spreadsheets and word-processing programs, making management easier.

There are few security and privacy considerations that Third Star Financial Services should consider when integrating the MicroStrategy tool. MicroStrategy is committed to protecting the data of its users through a comprehensive security program. It gives Third Star Financial Services that its data is safe, and the tool meets its business and security needs (Spinciu & Radu, 2017). The tool is certified for complying with privacy requirements hence little concern over the theft of variable company information.

References

Anoshin, D., Rana, H., & Ma, N. (2016). Mastering Business Intelligence with MicroStrategy. Packt Publishing Ltd.

Bhombe, A., Walukar, K., Thakare, Y., & Kamble, S. (2019). Comparative Analysis of Two BI Tools: Micro Strategy and Tableau. Available at SSRN 3462539.

Crawford, R. D., & Chaplinsky, S. (2017). Microstrategy Incorporated: PIPE. Darden Business Publishing Cases.

Enriquez, N., & Rathore, S. S. (2013). Discovering Business Intelligence Using MicroStrategy 9. Packt Publishing Ltd.

Moraschi, D. (2013). Business Intelligence with MicroStrategy Cookbook. Packt Publishing Ltd.

Spinciu, M., & RADU, P. D. C. (2017). Analysis In Business Intelligence. Contemporary Economy Journal, 2(2), 176-181.