Business intelligence tools and approaches provide actionable insights that help companies solve problems and make informed strategic business decisions. This is why if we look around us, we’ll see plenty of great use cases and business intelligence examples in the world.
In this article, we discuss further what business intelligence is, why it is important, and the examples of business intelligence that positively impact companies and users like us. Keep reading to learn how companies improve business intelligence to make more effective decisions.
What Is Business Intelligence?
Business intelligence refers to the techniques, services, and tools to enhance business performance based on structured and unstructured real-time data. The datasets are collected from different sources and processed into a single dataset for data mining, data modeling, statistical analysis and predictive analytics.
The purpose is to find patterns, trends, and inconsistencies in the current business state. Unlike data analytics, business intelligence ensures that the data is presented on interactive dashboards and graphical representation reports. This analytical processing helps companies identify strategies to progress towards business goals.
Where Is Business Intelligence Used?
- Financial services
- Small businesses and corporations
Why Is Business Intelligence Important?
By providing actionable insights, business intelligence helps organizations enhance business processes, create comprehensive business strategies, and improve the customer base. It enables business leaders to look beyond information, understand consumer behavior, and come up with data-driven decisions, giving their companies a competitive edge.
Business insights from past and current data can also identify potential problem areas and propose recommendations before they happen. They can also help companies create products to meet customer demands. This type of data processing and reporting gives valuable insights that can be maximized for improving business growth and increasing market shares.
Real-World Examples of Business Intelligence
The business intelligence process covers data gathering, data storage, data analysis, and knowledge management. To keep up with the pace and dynamism of the business landscape, companies employ this process and take advantage of business intelligence strategy, technologies, and systems. Below are some good business intelligence examples and applications:
- Self-service BI
- Enhanced insights for training systems
- Visualization of massive databases
- Centralized data for financial analysis and reporting
- Analytics for market opportunities
- Automated reporting for operational effectiveness
- BI tools for marketing and sales intelligence
- Internal reporting for enterprise-wide users
- Visualization for cloud-based solutions
- Personalized recommendations for enhanced CX
10 Great Examples of Business Intelligence
Business Intelligence Example 1: Self-Service BI
Cummins is a data-driven manufacturing company that serves multiple business segments. To ensure that its business users get real-time and accurate data, Cummins needed a solution that balances governance and autonomy in report creation while including advanced analytics. This is where Cummins introduced self-service BI by integrating Power BI by Microsoft in their systems.
Business Intelligence Example 2: Enhanced Insights for Training Systems
Johnson Controls needed to roll out an effective training strategy that tracks various aspects of the training and analyzes data from 20,000 employees in training. Through a business intelligence platform, it was able to manage processes, avoid disparate reporting, and use insights for training optimization. The company was able to access analysis and insights through a dashboard with a user-friendly user interface.
Business Intelligence Example 3: Visualization of Massive Databases
Walmart websites collect massive data from its 10 websites to a Hadoop database. Using business intelligence, the company was able to streamline a large amount of unstructured data and present them in a visualized format. This made it easier for senior management to get valuable insights from data and have better-informed decision-making.
Business Intelligence Example 4: Centralized Data for Financial Analysis and Reporting
Metro Bank has taken advantage of the integration offered by business intelligence. With its centralized data for financial analysis and reporting, the company was able to make its services and processes much more efficient and responsive to customer needs. Business intelligence allowed it to have effective processes without having to implement massive transformation to its IT and computer systems.
Business Intelligence Example 5: Analytics for Market Opportunities
Starbucks uses business intelligence to find profitable locations by performing analytics of demographics and average customer incomes. Business intelligence analysts further look into more factors to find the right place for their franchise.
This is why customers can easily find a Starbucks on their way to work. Advanced analytics through business intelligence also helps them come up with Starbucks drinks that will be a hit among customers in a neighborhood or during certain weather, which leads to high customer satisfaction scores.
Business Intelligence Example 6: Automated Reporting for Operational Effectiveness
HelloFresh benefits from business intelligence by creating reliable digital marketing reports at a much faster pace. Because of this, the marketing teams can already plan effective campaigns that can be tailored to factors of customer behaviors. This has not only helped the company operate more efficiently but also provide improved services and products to its customers.
Business Intelligence Example 7: BI Tools for Marketing and Sales Intelligence
Coca-Cola has taken advantage of business intelligence in its social media data from its millions of followers across platforms. Combining BI tools and AI image recognition tools, Coca-Cola was able to track customer behavior and interaction with its brand.
The sales team was able to detect what types of drinks gain traction from customers and why they buy them. This helps them provide better offers through targeted promotions, which contributes to higher chances of conversion, customer retention, and customer loyalty.
Business Intelligence Example 8: Internal Reporting for Enterprise-Wide Users
The higher management at the New York Shipping Exchange needed custom reports for its business. With the help of an intelligence tool, its employees were all able to create simple reports and perform data analysis, even without coding knowledge. The business intelligence tool made it possible for the company to improve data access and the decision-making process.
Business Intelligence Example 9: Visualization for Cloud-Based Solutions
Cerner has designed a configuration management system and implemented it with a cloud strategy. Using a business intelligence technology, it was able to have advanced visualization based on data from the cloud. Business users and management now have enhanced visibility of their business operations through visualized reports and personalized dashboards.
Business Intelligence Example 10: Personalized Recommendations for Enhanced CX
Business intelligence plays an important role in the success of Netflix through personalized customer experience (CX). Netflix uses business intelligence technologies to maximize data for recommending to subscription holders. Its artificial intelligence algorithm collects data from the video content consumed by users to curate related content suggestions.
Pro Tips to Boost Your Business Intelligence Skills
- Practice Problem-Solving. Be eager to solve problems and find solutions if you want to be a professional in the business intelligence field. Problem-solving skills will come in handy when you analyze gaps, choose business intelligence software solutions, and recommend actionable insights to solve the actual problem.
- Improve Your Business Acumen. Keep learning to enhance your understanding of business best practices and strengthen your business knowledge. You can also earn certifications for business analysts like CompTIA Project+ and ITIL Foundation Certification.
- Learn Software Applications. Be familiar with popular tools like Tableau, SaS, and Sisense. It will show that your business acumen is supported by practical skills.
- Keep Yourself Updated on Market Trends. Business intelligence is a dynamic field with new trends and tools coming every year. You must be aware of top trends in the business field and how companies are using business intelligence concepts and tools.
What Should Be the Next Step in My Business Intelligence Learning Journey?
You can pursue an online business intelligence degree to gain qualifications. You may also work on projects with analytical tools and visualization software for a period of time to build the skill set needed to become a business intelligence analyst.
There are plenty of learning resources available for you to explore. However, before you plan out your learning and development plan, the most important step first is fully committing yourself to walk the path of becoming a business intelligence expert.
Business Intelligence Examples FAQ
Data-based knowledge is knowledge lifted from data processed through business intelligence, data mining, and data warehousing techniques. It’s more current, objective, insightful, and comprehensive than experience-based or intuition-based knowledge, as it’s supported by factual data.
Marketers use business intelligence to segment and target customers based on their preferences using data analytics. On the other hand, predictive analysis helps them find patterns and trends for future predictions. Business intelligence tools are also integrated to implement marketing strategies and enhance customer relationship management.
The essential tasks of business intelligence are data mining, conducting data analysis, creating interactive visualizations for data insights, dashboard development, benchmarking, and generating business and customer reports.
Business intelligence is the umbrella term covering both business analytics and data analytics. It draws from current and past data to recommend actionable insights on business decisions, process efficiency, and customer and employee experiences. Business analytics and data analytics, on the other hand, are both components only of the total business intelligence process.
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