What Is Business Intelligence Tech (BI)?
Business Intelligence Tech (BI) is a tech-driven method. It is used for analyzing data and delivering relevant information to leaders, managers, and employees to improve business decision-making. As part of the BI process, companies collect data from internal and external IT systems. They then prepare it for analysis and these results are available to business users for operational and strategic planning.
The ultimate purpose of business intelligence efforts is to help firms make better business decisions. This helps them raise revenue, improve operational efficiency, and gain a competitive advantage. BI uses a combination of analytics, data management, reporting tools, and analysis approaches.
Business Intelligence Tech Trends
Predictive and Prescriptive Analytics Tools
Business Analysis focuses on the future and tries to answer: What if? How can we do it? Etc. Predictive and prescriptive analytics is the biggest business analytics trends among BI professionals. Ever since Big Data has become the main focus of analytics processes, Business Analysis is being used by large, small, and medium-sized businesses alike. Predictive analysis extracts information from existing data to predict future possibilities. Predictive analysis analyzes current and historical data to understand customers, products, partners and identify potential risks and opportunities.
Data and Analytics in Real-Time
This year, the demand for real-time data has grown dramatically, and it will continue to grow in 2021. Since the outbreak of the pandemic, we've noticed that having real-time and accurate updates has been critical in building effective methods for dealing with such unpleasant situations. Data has been used by certain countries to make the best judgments possible, and businesses have followed suit to secure survival in these unpredictable times. Real-time data access has become the norm in everyday life. Not just for enterprises but also for the general public. As seen by recent press conferences, which were jam-packed with data, graphs, and statistics.
Collaborative Business Intelligence
Managers and employees must engage differently today since they are always in a more competitive atmosphere. We see a new type of business intelligence emerge more and more: collaborative BI. It's a mix of collaborative tools like social media and other 2.0 technologies, as well as online business intelligence solutions. It was created in the context of improved collaboration in order to face the new problems posed by fast-track business, which requires more analysis and report editing. The term "self-service BI" comes up frequently when discussing collaborative BI. In the sense that self-service technologies don't require an IT team to access, interpret, and understand all of the data. These BI solutions make it simple to distribute by allowing the creation of automatic reports. These reports can be scheduled for certain times and persons. They allow you to create business information alerts and provide public or embedded dashboards. These dashboards are customizable with a level of interactivity.
Mobile BI
Mobile business intelligence is becoming increasingly integrated into BI solutions. This trend will undoubtedly continue in the coming year. In fact, as we indicated in the third point of this article, it is one of the most notable developing trends in business intelligence.
Mobile BI was formerly regarded as a significant rocker in the BI and analytics field. Market penetration is still expanding, albeit slowly, but we expect to see even more suppliers and BI solutions.
Companies will deploy and actively employ mobile solutions since they will provide them with numerous benefits. You can access your info at any time and from any location, whether you're on the train or at the beach while you're relaxing.
Despite constraints such as limited screen sizes and designs to provide the best potential usability are impacting companies. Mobile BI is undoubtedly going to be one of the trends that have been but will be addressed by companies in 2021.
Data Automation
Without data (analysis) automation, business intelligence themes would be incomplete. We've seen so much data ready to be produced, saved, and processed in the last decade. This has caused businesses and organizations to look for modern data automation solutions to deal with the massive amounts of data collected. According to a poll conducted by KDainGates, data science chores will be automated within the next decade. This is one of the business intelligence trends that we should keep an eye on.
Many automation opportunities have arisen as a result of business analytics, and we will see even more in 2021. The barriers between data scientists and business users are gradually being dissolved. Thus resulting in a one-stop-shop for all data needs a firm may have — data collection, analysis, monitoring, and reporting. Intelligent reporting is one example. Predictive analytics and automated reports improve the ability of business users to automate data. Without the assistance of an IT department. Data scientists will continue to manage complicated analyses that require human scripting and coding.
Real-World Applications of Business Intelligence Tech
American Express
In the finance industry, business intelligence is critical. The technology has been used by American Express to develop new payment service offerings and sell them to clients. Australian market surveys have shown that up to 24% of all Australian customers will close their accounts within four months. American Express uses this information to help retain customers. BI also aids the organization in accurately detecting fraud and safeguarding clients whose credit card information has been hacked.
Coca-Cola
Coca-Cola benefits from its social media data. This includes 35 million Twitter followers and 105 million Facebook admirers. It can detect when images of its drinks are posted online using AI-powered image recognition technology. This information is combined with the power of BI. It allows the company to learn more about who is consuming their beverages, where they are, and why they are mentioning the brand online. The data is used to provide consumers with better personalized advertising. This is four times more likely to result in a click than a generic ad.
Delta Airlines
Big data and business intelligence help to improve customer service and distinguish the Delta experience. Flight attendants now have the ability to thank and honor valuable corporate travelers on a personal level. Delta is positioned as a leader in the business travel industry. It is because of its positive customer experience and intelligent programming. The airline goes above and beyond for business passengers and medallion members. This upgrade expands the number of ways to thank flyers and increase client loyalty.
Netflix
With 148 million members, the internet entertainment company has a significant BI advantage. What is Netflix's approach to business intelligence? Netflix employs data in a variety of ways. One example is how the organization develops and tests new programming concepts based on previously seen shows. Business intelligence is also used by Netflix to encourage users to interact with its content. The service is very good at promoting targeted material. Its recommendation system is responsible for over 80% of all streamed content.
Starbucks
Starbucks holds individual transaction data from millions of customers. Thanks to its famous loyalty card programme and mobile app. Using this data and business intelligence tools, the company forecasts purchases and makes personalized offers to customers via their app and email. This encourages existing consumers to visit the store more frequently. Thus resulting in increased revenue.
Tesla
The forward-thinking automaker uses BI to wirelessly connect their vehicles to their corporate offices. Thus it collects data for research. This method connects the carmaker with the client. Thus anticipating and correcting issues including component damage, traffic, and road hazard data. As a result, consumer satisfaction is high. Future improvements and goods are better-informed selections.
Twitter uses business intelligence (BI) and artificial intelligence (AI). This helps it to combat inappropriate and potentially hazardous content on its platform. 95 percent of suspended terrorism-related accounts are identified by algorithms.
Fine-tuning is also possible with BI and AI to improve the overall user experience. Twitter employees and business intelligence tools keep an eye on live video streams and categorize them by topic. They use this information to improve search capabilities and to assist algorithms in identifying videos that users may be interested in watching.
Uber
The corporation employs business intelligence to figure out a variety of key components of its operations. Surge pricing is an example. Algorithms continuously monitor traffic conditions, journey times, driver availability, and consumer demand, adjusting pricing as demand rises, and traffic circumstances change. Airlines and hotel companies utilize dynamic pricing in real-time action to modify costs based on demand.
Walmart
The retail powerhouse employs business intelligence. this helps it to better understand how internet behavior affects in-store and online activities. Walmart can identify customer purchase trends by studying simulations. It can identify how many eyeglass tests and glasses are sold in a single day, and pinpoint the busiest times of the day or month.
Conclusion
Business Intelligence Tech is very useful in running a business in this technologically advanced environment. From a single tool, users can gain insights into their consumers. Users can then develop extensive reports and intuitive visualizations. Also, they can track company success measures.
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