Business Intelligence Systems: Coronavirus Disease

NB: We do not resell your papers. Upon ordering, we do an original paper exclusively for you.

NB: All your data is kept safe from the public.

Abstract

This study investigates the issue of coronavirus and how this phenomenon affects business intelligence systems regarding business innovation and entrepreneurship. Even though Covid-19 pandemic has become the most significant crisis in the modern world and has negatively influenced numerous life spheres, it is possible to mention a few positive effects. Thus, the paper analyzes the relevant literature and shows that short-term negative effects are followed by many positive ones. The approach of systematic review demonstrates that many studies address the given question and support the claim above. The findings reveal that the coronavirus stimulates individuals and businesses to mobilize their efforts to overcome the existing challenges in the spheres of business innovation and entrepreneurship. The present paper also discusses the study’s practical and theoretical implications for businesses in the near future.

Introduction

A coronavirus pandemic is one of the most significant events that has recently happened to the whole world. The outbreak started in Wuhan, China in 2019 and soon spread across the globe, affecting the people’s health and paralyzing numerous life spheres. The pandemic has introduced new phenomena, including social distancing, self-isolation, and quarantine, and it is challenging to state whether these preventive measures will eventually disappear in the near future. That is why millions of people from various countries suffer from the pandemic and its consequences.

According to the information above, it is not a surprise that Covid-19 has affected every sphere of life, and business is not an exception. It is so because governments took appropriate measures to minimize social contacts to prevent the disease from spreading. Even though some industries suffered more than others, it is impossible to find an economic sector that has not been influenced by the coronavirus. The new world order makes firms and companies of all sizes and specialties look for adequate ways to address the current challenges. The necessity to respond to the unprecedented economic conditions makes businesses rely on innovations, which motivates their growth and development. That is why the principal aim of this paper is to analyze the effect of the coronavirus disease on business intelligence systems, drawing specific attention to business innovation and entrepreneurship.

The Study Importance and Objectives

The principal aim of the study is to identify how Covid-19 pandemic affects the business sphere in the whole world. The paper analyzes the existing literature to determine that the current crisis is productive because it makes people do their best to address numerous modern problems. A significant objective is to show that a seemingly hopeless situation has the potential to result in positive outcomes.

Literature Review

Business Intelligence

Business intelligence (BI) usually refers to the use of new technology to conduct various business activities, playing a key role in informing firm functions, strategies, and efficiency. This broad definition stands for a process to explore and analyze structured information in an area “to discover tendencies or patterns from which to derive ideas and conclusion” (Giménez-Figueroa, Martín-Rojas, & García-Morales, 2018, p. 115). Trieu (2017) supports this claim and adds that BI systems are the most valuable in those business areas where it is necessary to make decisions to create value. In addition to that, the researcher explains that the term denotes both a process and a product that includes technology and strategies used by companies (Trieu, 2017). As a result, BI has become a significant concept that allows many companies to deal with big data and benefit from it.

Business Innovation and Entrepreneurship

Since BI is an umbrella term, it has a direct relation to many significant phenomena, and business innovation and entrepreneurship are among them. According to Giménez-Figueroa et al. (2018), innovation is the introduction of a new product, process, or “organizational method in business practices, workplace organization, or external relations” (p. 114). The term also refers to the implementation of significantly improved goods and services. These phenomena are of significance when it comes to a dynamic business environment where companies need qualitative changes to achieve positive results. At the same time, entrepreneurship relates to the efforts of business persons “to generate value through the creation or expansion of economic activity” (Giménez-Figueroa et al., 2018, p. 114). Sometimes, these concepts are joined and create innovative entrepreneurship that stimulates economic growth because it denotes the use of new products to generate value.

Coronavirus and Business Innovations

Even though numerous examples can prove that innovations are often introduced against the background of the virus outbreak, some scholars still insist that coronavirus creates more problems. To begin with, Kuckertz et al. (2020) mention that being innovative means being resilient to continuous changes in the business environment. The scientists report that the current economic climate is unfavorable for innovation (Kuckertz et al., 2020). That is why these researchers stipulate that it is a rarity now that businesses willingly involve themselves in the development and implementation of new products and strategies. Thus, the information below will describe that the current situation fosters the application of innovations in various business spheres.

It is rational to mention that an element of truth is present in the article by Kuckertz et al. (2020). It is so because the short-term effects of the Covid-19 outbreak are devastating, and both developed and developing economies have witnessed it. However, Barua (2020) considers this situation from a different point of view and states that innovations are needed. Anderson (2020) also stipulates that approximately “75 percent of S&P 500 businesses were founded during a time of depression or catastrophe” (para. 4). Dan and Goia (2020) admit that innovations have become more significant in the modern world because they adapt business strategies to the new situation. The most typical innovation refers to the more active use of remote work. During the crisis, “companies developed various mechanisms which would enable them to better manage this process and these could be further deployed in order to cut costs” (Dan & Goia, 2020, p. 606).

Simultaneously, Barua (2020) emphasizes the necessity for governments to implement innovative policies to provide businesses with necessary assistance and stimuli. The coronavirus outbreak has demonstrated that an economic sphere is sensitive to changes in the external environment. That is why the Covid-19 made governments actively participate in business by providing companies and firms with the necessary assistance. For example, the European Commission (2020) understands the importance of this strategy and grants €314 to 36 innovative companies. In the European Union, they understand that those companies that enhance the implementation of innovations have the potential to lead to faster recovery from the crisis consequences (European Commission, 2020). Individual nations also provide their domestic companies with the required assistance. The United Kingdom is a suitable example here because the country understands its role. Gov.UK (2020) offers a report that explains what kinds of support innovative companies can obtain to withstand the adverse impact of the coronavirus.

In addition to that, the Covid-19 outbreak has created suitable conditions for open innovations. Dahlander and Wallin (2020) explain that this kind of innovation refers to finding new partners with complementary skills, unlocking potential in long-lasting relations, and others. These examples demonstrate that the crisis emphasizes the importance and benefits of cooperation. Even though collaboration is usually overlooked under normal circumstances, the coronavirus pandemic made companies collaborate in the sphere of innovation to achieve positive outcomes (Dahlander & Wallin, 2020). Companies understand that they should join their efforts and share knowledge to overcome the current challenges and make their businesses more profitable.

The information above explains the presence of significant business innovations, and the following examples describe them. Firstly, firms and companies cooperate in various spheres, and sharing employees is one of them. Wunker (2020) explains that various firms exchange employees to avoid high unemployment rates. Secondly, the coronavirus outbreak has led to reshuffled priorities in the economy, making some jobs more significant than they were before. According to Wunker (2020), keeping children entertained is a suitable example here because it is a challenge for parents to work remotely and manage children. That is why this business sphere is obtaining more attention now. Finally, the restaurant business is the one that has witnessed a significant portion of innovation. Delivery and pick up are the most typical options offered by restaurants that cannot serve visitors because of the virus (Wunker, 2020).

The examples above are universal as businesses from numerous countries use and benefit from them. However, separate nations can also have specific trends in responding to the coronavirus challenges. For example, India is one of them, and the business sector of this Asian country demonstrates specific responses to the pandemic. The new situation makes India invest funds and efforts in developing robots to prevent the disease from spreading, providing people with online consultation opportunities, crowdsourcing options, and others (Sahasranamam, 2020). These innovations take place in India because the country is in a challenging humanitarian situation. Furthermore, India has many talented engineers who, in turn, have “a frugal innovation mindset to find hacks to problems with limited resources” (Sahasranamam, 2020, para. 2).

The coronavirus outbreak has also influenced American business, which has made numerous companies look for possible innovations to respond to the new challenges. Back Forty Beer Co. is a suitable example of how the appropriate business innovation can lead to significant success. This alcohol producer anticipated the reduction of demand and decided to minimize its negative consequences by producing and selling hand sanitizer (Anderson, 2020). This production change has resulted in $1 million benefits for the company (Anderson, 2020). Consequently, the given example demonstrates that the Covid-19 pandemic makes firms and companies reconsider their business strategies and find opportunities to introduce innovative decisions in these processes.

Covid-19 Impact on Entrepreneurship

This section will focus on what specific effects the coronavirus disease has brought to entrepreneurship. To begin with, one should explain that numerous individuals and businesses have experienced essential losses. According to the Glion Institute of Higher Education (2020), the crisis leads to the most significant downturn in the global economy. As for entrepreneurs, they “should be ready to lose 50% to 80% of their turnover” (Glion Institute of Higher Education, 2020, para. 7). Simultaneously, Fairlie (2020) stipulates that the negative effects on businesses differ depending on their owners. Thus, African American, Latin, immigrant, and female entrepreneurs are said to witness more negative outcomes in the United States (Fairlie, 2020). In addition to that, Fabeil, Paxim, and Langgat (2020) state that micro-enterprises experience the more significant impact of the pandemic because they are more subject to business environment changes.

Another adverse effect of the Covid-19 pandemic refers to the reduced volume of financing. For example, Brown and Rocha (2020) stipulate that the availability of entrepreneurial financial sources has reduced by more than 50% since the beginning of the coronavirus outbreak. Two various phenomena can explain and justify this state of affairs. On the one hand, the current situation is uncertain, and numerous investors are afraid of providing entrepreneurs with finances. On the other hand, Brown, Rocha, and Cowling (2020) analyze a British context and admit that funding volumes have reduced because investors and entrepreneurs cannot participate in face-to-face meetings to discuss financial matters. This information denotes that the coronavirus preventive measures result in the fact that entrepreneurship lacks sufficient resources to run businesses.

With this in mind, governments understand the necessity to provide entrepreneurs with financial assistance. That is why appropriate loans and grants are the typical options to mitigate the adverse outcomes of the crisis (Haeffele, Hobson, & Storr, 2020). Even though these measures seem positive and right, they also imply some negative outcomes. It refers to the fact that this assistance fails “to appreciate the potential of businesses and nonprofits to help communities withstand and overcome crises” (Haeffele et al., 2020, p. 1).

The thought above denotes that entrepreneurs require some freedom of action under the conditions of uncertainty, and this fact will manifest itself in changes that affect business intelligence systems. If it happens, entrepreneurs will do their best to implement a survival approach and develop recovery plans to improve the economy. Simultaneously, the current situation does not mean that the economy will not manage to overcome the difficulties. According to the Glion Institute of Higher Education (2020), the given crisis indeed implies some positive features. It relates to the fact that the pandemic has an endpoint, and when it happens, entrepreneurship will become better and more sophisticated. It is so because entrepreneurs train their resilience and optimistic approach during the current situation. As a result, they are obtaining sufficient knowledge and skills that will manage to make a difference once the coronavirus pandemic ends.

Theoretical Framework

The study is investigating the effects of the coronavirus pandemic on business intelligence systems regarding business innovation and entrepreneurship. The model of the study was developed based on reviewing scientific literature on the topic. New facts of life, including social distancing, quarantine, and self-isolation, result in the fact that the business world should significantly change to meet the new requirements and operate within the new environment.

Hypotheses and Constructs

Based on the study model, the paper proposes two suggestions. Hypothesis 1 stipulates that the initial effects of the Covid-19 pandemic are adverse and paralyzing. However, Hypothesis 2 mentions that this crisis makes individuals and businesses more motivated to address current problems. Consequently, these two hypotheses suppose that the coronavirus will make the spheres of business innovation and entrepreneurship better by overcoming the existing challenges and issues.

Research Methodology

The study is a systematic review of the relevant literature on the topic under consideration. It relies on eleven journal articles that analyze the coronavirus effects on business. In addition to that, the paper draws attention to newspaper articles, official documents, and websites of different organizations. This versatile nature of the sources allows the study article to address the issue from various sides, which contributes to arriving at reliable conclusions.

Research Findings and Discussion

One can state that the coronavirus disease makes firms and companies invest more effort in the introduction of business innovations. Even though the pandemic’s short-term effects are adverse overall, this situation demonstrates that it is necessary to rely on new products and strategies to overcome the current challenges. It is so because the crisis is unique, and it is impossible to address its issues with the help of traditional approaches. That is why businesses from the whole world implement appropriate innovations. Some of them are universally applicable, while others are specific for particular nations. In any case, the entire world is in a stage of increasing reliance on innovative solutions to the existing issues.

According to the information above, it is reasonable to comment on what specific effects and changes the Covid-19 pandemic brings to business intelligence systems within the sphere of entrepreneurship. Firstly, the existing challenges have indicated that entrepreneurship education is far from ideal. On the one hand, it is so because the available learning programs do not provide people with useful information on how to act during crises. In other words, entrepreneurial education has failed to prepare individuals to volatile economic conditions. On the other hand, traditional education appears to be ineffective under the new conditions. Liguori and Winkler (2020) explain that the world currently needs online entrepreneurial education. Maritz, Perenyi, de Waal, and Buck (2020) support this idea and mention that face-to-face lectures cannot be conducted under the current conditions. The necessity to rely on online education is the first step to achieve the more widespread application of business intelligence systems in the entrepreneurship sector.

Secondly, new venture creation is another effect of the coronavirus on entrepreneurship. Even though the current situation is uncertain, new businesses tend to arise. Maritz et al. (2020) mention that this tendency is present because of the “creation, expansion, and substitution of demand” (p. 2). It happens because the world is changing, and new phenomena appear. For example, it is necessary to keep social distance, use hand sanitizers, work remotely, and others. This new reality means that individuals draw attention to activities that were not significant before. It relates to the reliance on innovations to meet the new demand. As a result, entrepreneurs see the opportunities and do their best to take advantage of them.

Thirdly, the Covid-19 pandemic is more likely to result in a significantly different entrepreneurship industry when the crisis ends. It relates to the fact that the current situation demonstrates that it is possible to run a business without many traditional phenomena. Maritz et al. (2020) admit that the new features will include the fragmentation of employment and an increase in home-based self-employment. In addition to that, it is reasonable to expect the gig economy to appear. The term denotes that a growing number of entrepreneurs will “insure against future disruptions by being more self-reliant and trusting less in the robustness of employment” (Maritz et al., 2020, p. 3). This fact demonstrates that the coronavirus teaches entrepreneurs to acquire more fragile and volatile skills and professions. At the same time, a different approach will be taken regarding cooperation with suppliers. Larger suppliers will be more requested because they will be less subject to changes in the business environment.

Finally, Nuringsih, Nuryasman, and Amelinda (2020) admit that the Covid-19 pandemic emphasizes social entrepreneurship’s importance. The term “is an innovative, social value-creating research activity that can occur within or across the nonprofit, business, and public sectors” (Nuringsih et al., 2020, p. 177). This definition denotes that the business sector draws more attention to social value than an economic one. The virus has exposed ordinary people to many social issues, and it is necessary to take specific efforts to address them. Thus, the concept of social entrepreneurship means that entrepreneurs understand that they can make a difference within this sphere and start taking action to cope with numerous social problems (Nuringsih et al., 2020). Even though the study by Nuringsih et al. (2020) analyzes an Indonesian context, it demonstrates that the pandemic is a trigger for entrepreneurs to protect vulnerable parts of society.

Conclusion

As for business intelligence systems and innovations, the Covid-19 pandemic has become a trigger for further development. It is so because the situation under consideration is unique, and the world does not have sufficient measures to solve the new challenges. As a result, there is an urgent necessity to introduce business innovations to make the economy work. Numerous governments understand it and provide innovative companies with financial assistance. This strategy results in various creative decisions, and some of them are universally applicable.

When it comes to entrepreneurship, the pandemic results in both negative and positive effects. An adverse feature refers to the reduced volume of financing because of preventive measures. However, uncertainty and the lack of sufficient resources make entrepreneurs accumulate their knowledge and skills, which leads to many profitable results. The paper shows that the Covid-19 pandemic is likely to change entrepreneurship education and make it online. New venture creation with the help of business intelligence systems is another tendency within the entrepreneurship sector. Even though the whole world is afraid of the Covid-19 outbreak, it can indeed make business better.

Study Limitations

This study implies a single significant limitation that can influence the findings. It refers to the fact that the events under discussion are happening right now, meaning that there are no specific examples that can entirely prove or refute any of the paper’s ideas. As a result, the article relies on the existing literature, but it is still possible to achieve unexpected results in the future.

Study Theoretical and Practical Implications

On the one hand, the theoretical implication arises since the study demonstrates that the coronavirus pandemic results in positive effects in the spheres of business innovations and entrepreneurship. On the other hand, the practical implication is represented by the motivation that individuals and businesses can extract from the study. This information will be useful to introduce more intelligence systems in business, which, in turn, will make this sphere better.

References

Anderson, D. (2020). COVID-19 fosters a wave of business innovation, Back Forty Beer founder says. Hoover Sun. Web.

Barua, S. (2020). Understanding coronanomics: The economic implications of the coronavirus (COVID-19) pandemic [PDF document].

Brown, R., & Rocha, A. (2020). Entrepreneurial uncertainty during the Covid-19 crisis: Mapping the temporal dynamics of entrepreneurial finance. Journal of Business Venturing Insights, 14.

Brown, R., Rocha, A., & Cowling, M. (2020). Financing entrepreneurship in times of crisis: Exploring the impact of COVID-19 on the market for entrepreneurial finance in the United Kingdom. International Small Business Journal: Researching Entrepreneurship.

Dahlander, L., & Wallin, M. (2020). Why now is the time for “open innovation.” Harvard Business Review. Web.

Dan, M. C., & Goia, S. I. (2020). Challenges for entrepreneurs amidst the COVID-19 crisis. In R. Pamfilie, V. Dinu, L. Tăchiciu, D. Pleșea, & C. Vasiliu (Eds.), 6th BASIQ International Conference on New Trends in Sustainable Business and Consumption (pp. 602-609). Bucharest, Romania: ASE.

European Commission. (2020). Coronavirus: EU grants €314 million to innovative companies to combat the virus and support recovery. Web.

Fabeil, N. F., Paxim, K. H., & Langgat, J. (2020). The impact of COVID-19 pandemic crisis on micro-enterprises: Entrepreneurs’ perspective on business continuity and recovery strategy. Journal of Economics and Business, 3(2), 837-844.

Fairlie, R. W. The impact of COVID-19 on small business owners: Continued losses and the partial rebound in May 2020. Web.

Giménez-Figueroa, R., Martín-Rojas, R., & García-Morales, V. J. (2018). Business intelligence: An innovative technological way to influence corporate entrepreneurship. In L. Mura (Ed.), Entrepreneurship – Development Tendencies and Empirical Approach (pp. 113-132). London, England: IntechOpen.

Glion Institute of Higher Education. (2020). What are the impacts of COVID-19 on entrepreneurship? Web.

Gov.UK. (2020). Innovate UK product range in support package. Web.

Haeffele, S., Hobson, A., & Storr, V. H. (2020). Coming back from Covid-19: Lessons in entrepreneurship from disaster recovery research. Mercatus Special Edition Policy Brief. Web.

Kuckertz, A., Brändle, L., Gaudig, A., Hinderer, S., Reyes, C. A. M., Prochotta, A., … Berger, E. S. C. (2020). Startups in times of crisis: A rapid response to the COVID-19 pandemic. Journal of Business Venturing Insights, 13.

Liguori, E., & Winkler, C. (2020). From offline to online: Challenges and opportunities for entrepreneurship education following the COVID-19 pandemic. Entrepreneurship Education and Pedagogy.

Maritz, A., Perenyi, A., de Waal, G., & Buck, C. (2020). Entrepreneurship as the unsung hero during the current COVID-19 economic crisis: Australian perspectives. Sustainability, 12(11), 1-9.

Nuringsih, K., Nuryasman, M. N., & Amelinda, R. (2020). The propensity for social entrepreneurship during the coronavirus outbreak. Jurnal Manajemen, 24(2), 174-193.

Sahasranamam, S. (2020). India: How coronavirus sparked a wave of innovation. The Conversation. Web.

Trieu, V.-H. (2017). Getting value from business intelligence systems: A review and research agenda. Decision Support Systems, 93, 111-124.

Wunker, S. (2020). Six forms of business innovation during the coronavirus crises. Forbes. Web.

Click Here To Order Now!