What industries benefit most from BI?
Technological innovations have drastically changed the way businesses operate and one of the biggest modern assets has been the collection and analysis of big data. Business Intelligence – BI – is the computer-aided method that is used to transform raw data into a much more usable set of data that helps businesses make informed decisions. This is great news for a number of industries that can benefit from BI. Here’s a look at a selection of industries that will benefit most from BI.
6 Industries that benefit from Business Intelligence
1. The food and beverage industry
This is a constantly-developing sector with industrialists seeking innovative solutions to enhance food production, packaging and distribution. The implementation of BI within the food and business industry has empowered organisations with ground-breaking green technology that allows for safer packaging and carbon neutral distribution systems. Other vital elements such as quality control and yield management in food product are also advanced through BI.
2. The retail industry
Monitoring of inventory is one of the biggest BI benefits of the retail industry, from the dispatchment of the order to the point of sale. Using data warehousing, BI empowers retailers to track the supply chain and offer oversight throughout the process. In addition to stocktaking, BI alerts businesses to the need for stock replenishment, as well as valuable information regarding which items are selling faster, and which are not attracting sufficient attention.
3. The travel and transport industry
As a way to enhance the customer experience, data collated from travel statistics can allow businesses to determine peak travel times, preferred transportation types, as well as the fare amount that should be charged. Logistically, the transport industry is able to offer much more detailed information regarding stocks, location and routes.
4. The energy industry
South Africans are all too well aware of the need for improved efficacy within the energy sector. BI and the collection of big data means that the current and projected energy needs can be assessed and the correct energy amounts supplied. Aspects such as peak demand times can be noted and ways to cut costs can be formulated. BI in this industry is increasingly useful, particularly as eco-friendly solutions are able to support the national grid.
5. The agricultural industry
Fluctuations in season, drastic changes in climate, new technology and threats from pests are all factors that will impact annual crops, livestock health and prices. By using BI within the agricultural industry, farmers are able to better predict these variables, anticipate profits and consider potential costs. Livestock farmers are able to assess the amount of animal feed needed to ensure the animals are healthy but food is not wasted.
6. The healthcare industry
The Covid-19 pandemic has put the need for effective data collection and analysis within the healthcare industry. Although the extent of the pandemic was a surprise to most, those in the industry were able to predict the arrival of a new pandemic and determine the need for various healthcare essentials and personnel. This is relevant to all healthcare trends as professionals use BI to determine areas of medicine that will need more attention, with skills and pharmaceuticals geared towards these sectors.
These are just some of the industries that will benefit from Business Intelligence, although the reality is there are very few industries that wouldn’t see results when implementing BI. The extensive benefits are consolidated by partnering with reliable solutions’ provider. An experienced Business Intelligence provider should be able to offer your organisation real-time business data quickly and efficiently via a dashboard that send reports directly to your preferred device – mobile phone, laptop or tablet. Through BI, you can expect to enjoy:
- Enhanced visibility of demand and operational performance;
- Better product planning and management;
- Improved overall management of customer and retailer accounts.
Read More: 8 key trends in Business Intelligence