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Using business intelligence (BI) strategies and technologies like reporting, data mining, and online analytical processing can add value to any business. Some famous real-world applications of BI include Coca-Cola Bottling Company implementing an automated manual reporting process that reportedly saves more than 260 hours a year. Before adopting its automated process, Coca-Cola's independent bottling partner had difficulty with its manual reporting processes since employees found the processes limited access to operations data and real-time sales.
Other examples of global companies that use automated reporting processes to improve efficiency in the workplace include HelloFresh. The meal-kit company has allegedly saved its marketing team 10-20 working hours per day since introducing the technology, which has also helped increase the company's conversion rates. In addition to the beverage and food industry, the online casino market has also adopted several BI strategies and technologies. In this article, we will explore a couple of these ways and how they are used in the online gambling industry.
Analytics is one of the most common functions of BI technologies, and it is used for discovering, interpreting, and communicating patterns in data. Data that explores the interests and needs of gamblers is crucial for the long-term success of an online casino since the market continues to heat up in competition. Not only do online casino operators want to track which games and promotions are attracting the most attention, but how many new players register per day, week, or month. They also want to know how many gamblers play games that pay real money versus how many are just playing for fun. For example, if 95% of an online casino's audience plays slot games like Mega Joker or Jackpot 6000, that shows most of the platform's users enjoy real money casino games. Information like this could then influence the casino's future game offerings.
Another function of BI technologies is benchmarking, which refers to when businesses compare the processes and practices of the best-performing companies in an industry. Benchmarking works in different ways, including peer benchmarking and SWOT analysis. This practice of evaluating the competition has an important role in the online gambling industry. As we mentioned, there is growing competition in this market, so to stay relevant, casino operators have to follow industry trends and see the different ways competitors attract new and returning players. For example, benchmarking can explain why the majority of online casinos today offer hybrid games like Slingo. The game, which combines bingo with video slots, began to grow in popularity over the last two years, and now, it's uncommon for platforms not to offer Slingo.
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Lastly, online casino operators have used business performance management, which essentially refers to a set of processes that help an organization manage its performance so that it can achieve its pre-selected goals. For example, online casinos offer different promotional campaigns to attract new players. However, with each campaign, there are pre-selected goals, such as having a specific number of users register for the promotion. If the promotion fails, casino operators can conduct managerial adjustments and propose new measures to meet their goals or improve their business in other profitable ways. Modern BI platforms are increasing worldwide as businesses understand the importance of data support, access, and analysis. Countless enterprises have implemented functions of BI technologies like analysis and benchmarking, including online casino operators.
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