The term business intelligence generally refers to the practice of harnessing data to make better organizational choices, typically through a suite of analytics-related applications and tools. While this idea has been around for centuries, the advent of modern technology has given it a whole new meaning.
Thanks to the power of AI-driven analytics, which can sort through massive amounts of data quickly through an intuitive interface, enterprises are able to access real-time analytics capabilities.
But what are some examples of business intelligence practice?
Marketers React on the Fly with Real-Time Analytics
In the past, it would have been impossible for marketers to answer complex questions on the fly. For example: “Why is no one engaging with our campaign” would likely have needed to wait until a post-mortem for the answer. By that time, you’ve already wasted valuable resources and potentially damaged your brand. Real-time analytics changes that, by allowing users to find answers to deeper questions right away. Instead of losing out entirely, errors can be remedied. This is incredibly valuable when running limited-time campaigns.
Manufacturers Optimize Operations
The manufacturing world is filled with data. This makes it the perfect candidate for utilizing BI software for improved operations. Think of all the places where data can be collected in a manufacturing facility; and that’s just the start. Logistics, material sourcing, financials, and sales can all be drastically streamlined through implementing the right BI software.
Strictly looking at the manufacturing process itself, data can help identify when there are anomalies well before they’re noticed by a human. BI software can alert stakeholders of these abnormalities, who can then act to rectify them before they lead to more serious issues.
Make Workflows Better with Embedded Analytics
Workflows are such an important part of building a better company. It improves operational efficiency, which saves organizations resources, while also making things less frustrating for employees. Embedded analytics, which is becoming an increasingly popular feature of BI software, helps improve workflows.
With embedded analytics, it’s possible to put essential visualizations and other tools right where someone is doing most of their work. This can save tons of time when they’re able to engage with information where they’re already focused, as opposed to having to constantly switch between programs.
Build a Data Culture with Self-Service Analytics Tools
Self-service analytics is one of the most practical applications of modern BI tools. There are a few reasons why self-service is so appealing. On the macro level, enterprises today need to be thinking about how data is integrated with the decision-making process of the entire organization. Firms that find the most success developing a data culture, where analysis drives choices from top to bottom, are going to have a distinct advantage over those without deeper insights.
It’s difficult to imagine building a true data culture without incorporating self-service analytics. This is because self-service is truly about putting data in everyone’s hands. New BI driven by artificial intelligence is making it so even those without data expertise can run queries and immediately get actionable results. ThoughtSpot is one platform enabling this, through their relational search tool that functions much like a search engine. Thanks to these kinds of intuitive user interfaces, more people can get data insights—thus improving how decisions are made.
Reduce Member Churn Rate By Understanding Deeper Motivational Trends
Another real-world example of how BI software can be used is in a membership club setting. Whether it’s a gym, subscription service, or box store, membership retainment is essential to annual recurring revenue. When members start leaving, businesses need to figure out what’s going on—fast.
BI software can help identify the causes of member churn, which can then be used to prescribe a solution. Being able to turn around critical metrics like this through data can be the thing that saves an entire enterprise.
There are many uses for BI software, both in the concrete and more abstract realms. Finding the right BI tools for your enterprise can help drive better operating results.
“Reader. Organizer. Infuriatingly humble twitter expert. Certified communicator.”