Business Intelligence Applications: Understanding the Application of BI
Business intelligence (BI) is a revolutionary tool that businesses use to track data, analyse data, and present data in a meaningful way. This software summarises all the relevant information and helps you use this information to drive your decision-making. And while this sounds wonderful, you might want to look at the applications of BI to get a better idea of how this software will improve your operations.
What are the applications of BI?
BI is being applied across various industries as a way to improve operations and effectively drive revenue. Here’s a look at some of the applications across the various sectors.
1. BI for the finance industry
When implementing BI software into financial institutions, businesses can automate loan applications which ensures compliance. The vast customer data is effectively stored, cleansed and shared without any unnecessary duplication. The information is no longer siloed, but much more easily accessible to the relevant role players. They can use this quality data for financial analytics and business decision-making.
2. BI for manufacturing
For manufacturers across multiple locations operating in diverse product offerings, BI is an incredibly useful tool. It can be used to analyse real-time data to forecast market size and demand so that the manufacturing process can be adjusted accordingly. The BI software ensures that all data from across the various operations is centralised which makes for much more operational efficiency.
3. BI for online gambling
According to Mail & Guardian, South Africa is currently ‘the most developed online betting market on the continent, with several financial experts expecting its gross revenue to surpass $2.3-billion by the end of 2022’. But with such a spike in online customers, businesses are having to contend with a wealth of new data and privacy requirements. BI systems will integrate data from across a variety of sources and provide real-time alerts to the IT team. This means that, if there is any error in the online system, it can immediately be attended to, while customers enjoy a seamless experience.
4. BI for hospitality
The restaurant business deals in a lot of receipts, particularly those with several locations. By implementing BI software, restaurateurs can integrate all this data so that they’re able to find out which items are more popular, the times or days when the restaurant is full, and who is performing well. This data can then be used to co-ordinate the menu, arrange staff schedules, as well as creating promotions and discounts to attract customers at quieter times.
5. BI for retail
Likewise, the retail industry will benefit from having such keen insight into customer behaviour and preferences. BI will collect all relevant data such as customer demographics, product sales, conversion rates and more which can then give insight into customer behaviour. This is then processed and presented in a way that retailers can use to adjust inventory orders, figure out promotions, and other forecasting.
What BI tools assist in applications?
BI is so useful across these various industries because it comes with fantastic, user-friendly features. Here’s a look at what you can expect.
– Data visualisation
BI software has data analytic tools so that you’re not only storing data, it’s being analysed and can be presented in a visual format – maps, graphs, charts and more – which makes it much easier to understand, even for those who aren’t IT professionals.
– BI reporting
Another important feature of BI is reporting whereby all the data is organised into useful summaries to monitor business performance. This differs from analysis somewhat in that the data is explored and insights extracted. Reporting turns the data into useful information that can be easily understood while the analysis provides business insights.
– Performance management
You can also use BI to monitor your business progress and determine whether or not you’re achieving your goals in the timeframes provided. The data is simply analysed over time and then you can determine what changes need to be implemented to achieve those goals in future.
If you’re still not clear on whether Business Intelligence or Business Analytics software is right for your business, it’s best to consult our industry experts at Canvas Intelligence. We provide superior business intelligence solutions that give you access to real-time visual data on mobile, PC or tablet, as well as ongoing support for all customers.