Business Intelligence (BI) systems are used to improve the decision making of a company by gathering, storing, accessing and analyzing data. Traditionally, BI was focused on queries, reporting and analytics, but it has evolved into comprehensive, enterprise-wide platforms.
Companies can use BI to cut costs and identify new business opportunities. Many CIOs use BI to identify inefficient business processes that should be re-engineered. Nowadays, BI tools allow business owners and employees to analyze data themselves instead of waiting for IT to run complex reports.
What Kind of Companies Use BI Systems?
Social media platforms
Companies like Facebook and Twitter have significantly added to the global proliferation of data, so BI software is essential. The nature of social media allows these companies to receive consumer information directly from customers, providing current data from the unique customer perspective. This then translates into huge quantities of actionable data and offers a glance into market trends, which then creates a need for a focused analysis on integrating this data with social trends.
The food industry is now trying to promote sustainability, so processing plants use BI and analytics to promote solutions for industry specific problems. These strategies can increase sustainability, as well as the KPIs that provide data collection. Processing plants focus on equipment efficiency, advanced quality management, cost management and yield management. New initiatives that concentrate on eco-friendly technologies have increased the food industry’s desire for efficiency.
Libraries use business intelligence and analytics applications to monitor the use of resources. To offer the materials needed by clientele, libraries track and analyze what media is being used so they can offer proper access of information to the public. Due to the use of digital media, libraries can collect a wealth of data regarding the needs and interests of patrons. Understanding how people utilize resources enables libraries to establish better depositories of multimedia.
The increased use of BI and analytics offers the fashion industry more tools to promote trends and assist decision making. BI allows buyers to understand the demand of consumers, and for suppliers it allows greater insight and awareness of markets. Fashion brands also increased their use of BI to create product lines that are current with the rising popularity of different items.