Business Intelligence powers business users with easy-to-use data pipelines, data synergy, intelligent analytics, data visualization tools & dashboards. These applications make it easier for enterprises to accomplish their corporate goals, and improve business KPIs to manage its resources and interact holistically with customers.
BI market is flourishing phenomenally, reporting revenue of US$20.5 billion in 2019 and is expected to reach US$40.50 billion by 2025, growing at a CAGR of 12% over the forecast period 2020 – 2025.
Analytics Insights compiles Business Intelligence (BI) use cases for the modern-day enterprise across different business functions:
Businesses can deploy BI platforms, to automate manual reporting processes, report automation and other enterprise system integrations. This will put customer relationship management (CRM) data into the hands of sales teams through interactive dashboards that provide timely, actionable information and a distinct competitive advantage.
A self-service BI implementation formulates effective collaborations between business users and IT to maximize stakeholder expertise. This leaves businesses and BI analysts to focus on a macro strategy and long-term innovations like enterprise data governance rather than manual research and reporting tasks.
Research and Reporting
BI platforms like Qlik, TABLEAU and Microsoft BI assist investor relations teams to access vital information on investor ownership, real-time research, data estimates, and meeting analytics. Enterprises can leverage BI Platforms to dissect and manipulate data for Research and Reporting matrices.
Popular BI platforms assure businesses and their stakeholder’s data meets incredibly high-security standards.
Financial issues have an enduring effect on an enterprise. Business Intelligence platforms give an insight into the performance of the organizations at numerous levels. This helps them to gaze into their team’s productivity, top-selling products, the income created by a specific division and numerous different perspectives. Thus, enterprises get immediate attention to sudden financial drops and can fix the issues before they turn into a huge concern.
Business Intelligence tools can easily measure and represent the health of a large number of diversified data sets, enabling enterprises to perform a ‘health check’ to capture every aspect of performance management matrix into one single score, including technology effectiveness, manual performance, the ratio of technology effectiveness-to-manual performance and realized customer value management.
Business Intelligence suites help enterprises analyse their energy consumption patterns through integrated automation systems powered by IoT. Qlik, Microsoft BI, Tableau give custom-reporting abilities to all the constant information created by the different frameworks, furnishing with maps, visualizations, and data rich-dashboards. For instance, energy patterns based on building types, geographic areas, and power consumption. This data empowers enterprises to identify their consumption patterns and shows them a path to reduce their energy usage.
Travel and transportation companies deploy BI tools to make passengers travel less stressful, BI dashboards to visualize the real-time passenger’s traffic in a given sector and enable travel industry employees to be prepared with the traffic changing conditions. With Qlik, Microsoft BI, Tableau BI adoption, travel and transportation companies are able to connect with a wide scope of data sources with fewer efforts and use this data to run their operations more smoothly than ever before.
Qlik, Microsoft BI, Tableau business intelligence platforms offer a customised suite for marketing, operations, and sales departments that have their datasets and KPIs. BI tools can be used for streamlining the processes within the business, for example, if a business has launched an extensive advertising campaign, it can track its performance not only in Google Ads or Facebook Ads, using limited analytical tools they provide, but analyse the bigger picture of how an advertising spread has affected the level of business sales.
Business intelligence solutions save the marketing analytics team working hours per day by automating reporting processes. They also empower the larger marketing team to craft its regional, individualized digital marketing campaigns.
Based on aggregate analyses of customer behaviour, businesses can create individual campaigns to guide their marketing efforts. Being able to see and track real-time data means the team can react to customer behaviours and optimize its marketing campaigns. This will lead to increased conversion rates and improved customer retention.