Business Intelligence is today an essential tool, allowing consolidation of the various inputs, analyzing them in real-time, and providing an accurate picture of the company’s performance. In addition, it is a tool that will enable organizations to have data on the leading indicators that intervene or directly impact an organization’s objectives.
One of its main advantages is real-time access to the degree of compliance with business objectives. We can consider it a ‘still photo’ that allows us to put it in context and speed up the analysis of complex situations. Always with the sole purpose of identifying the origin of negative or positive data that allow making decisions.
Business Intelligence technology is applied mainly in banking, pharmaceutical industry, logistics, e-commerce, fashion, education, and Retail. In this article, we will analyze its application in four of these sectors: logistics, ecommerce, Retail, and education.
Business Intelligence Application Sectors
Business Intelligence in Logistics
The automation of warehouse tasks, the optimization of communication with clients, and the use of Software have brought a significant number of advantages at the production and business level. But now there is another excellent derivative of all this new scenario, the massive amount of data that is generated within the organization, which has the potential to provide valuable information on the operation of the company such as fleet management, stock minimum, storage, and distribution costs, quality management or reverse logistics among others.
Benefits that Business Intelligence Brings to Logistics Companies
Decrease in Labor Costs
If this technology provides something, it is that a multitude of processes is automated. Now the time in which reports are made to suppliers, customers or other company departments is reduced.
Greater control in logistics management
Thanks to the automation functions, all the information is available, from freight management to costs.
Real-time access to information
Orders, load analysis, merchandise distribution, etc., favors better decision-making in each logistics process.
Improve customer service
Thanks to its technology, information can be given to the company’s clients, where their order is located in real-time, if there have been any incidents, and provide various solutions to the client.
E-commerce and Business Intelligence
Companies dedicated to online sales manage many orders, which translates into a large volume of data, and its treatment and security can be very complex. This is where Business Intelligence comes into play. This technology allows you to analyze, transform and store all that information and later develop a business or marketing strategy that enhances the business and increases sales.
The advantages that Business Intelligence can bring to online sales are:
- Automate processes
- Decision making in real-time
- Inventory control reducing delivery processes and ensuring that there are no stock breaks
- Control real costs
- Know the buying habits of customers
- Build data-driven sales strategies
The Importance Of Data In The Education Sector
In schools, universities, and training centers, they implement a Business Intelligence technology that allows managers to access reports based on accurate data. Thus, decision-makers, teachers, and planners can identify trends and comply more precisely with academic or organizational goals.
The Central Areas of Planning & Evaluation are:
Analyze performance by subject, individual student performance, tests, and behavioral indicators such as attendance and incident reports.
Analyze student enrollment, classroom size, school location, and costs to establish budget deficits and surpluses that allow planning funding needs.
Analyze tradeoffs between teaching and non-teaching staff, assigned workloads, student-teacher ratio, etc.
The application of Business Intelligence technology in the education sector will ensure that educators and administrators have access to key indicators of operational and educational performance, will help them drive decision-making and long-term, fact-based strategic planning. Likewise, they will monitor the fulfillment of the defined objectives and make corrections when necessary to guarantee the desired results.
Decision Making in Retail
Business Intelligence technology tries to obtain a scorecard with the data that is decided and updated in real-time, organizing the leading indicators on the operation of the business, the target market, and its environment. Any of the trade decisions in the trade will be a more successful decision if data such as: what new products or services to add, eliminate the less profitable ones, organize staff shifts, segment communications and promotions to customers, etc…
The tools for obtaining store data are:
- CRM or Software to manage customer relationships
- Other technologies such as people counting cameras, intelligent changing rooms, etc.
As you can see after reading this article, whether you work or own a business in any of these sectors, you are interested in learning about Business Intelligence technology. It can help you jump-start your career by improving your company’s results and efficiency.