Five Industries Boosting Productivity Through Business Intelligence Software
SummaryBusiness intelligence is used as an umbrella term to describe the multiple applications, software, processes, tools and infrastructure used within a company to gather key business information for analysation. These analyses lead to key business insights that can be used to boost productivity, streamline processes, improve service offerings and identify market trends. Many companies today leverage software for business intelligence.
- Author Name: Jessica Foreman
Business intelligence is used as an umbrella term to describe the multiple applications, software, processes, tools and infrastructure used within a company to gather key business information for analysation. These analyses lead to key business insights that can be used to boost productivity, streamline processes, improve service offerings and identify market trends.
Many companies today leverage software for business intelligence. This type of software facilitates the collection of huge amounts of data which can be used to gain a deeper understanding of what works within the business, as well as identifying commonalities in lost opportunities to improve future processes. Implementing BI software can boost productivity through streamlining processes across the board and ensuring all decisions are made with the correct information backing them up.
One of the key components of BI software is the dashboard. This is a type of hosted application software that can be used to pull all the available relevant data together in one place and present in it in an easily digestible format, such as using graphs and charts. These provide business leaders with at-a-glance intelligence on how the company is performing and areas where changes need to be made. BI software does not tell business leaders what to do. However, through compiling all the relevant data, it facilitates sound decision-making as the all the required information is easily accessible in one place.
Industries Benefitting from BI Solutions
There are multiple global industries that are already benefitting from the implementation of BI solutions. The diverse range includes logistics, healthcare, financial services, retail and manufacturing. Each of these industry sectors can gain huge advantage through having access to large volumes of data packaged in easy to understand formats, helping managers to develop strategies for the future.
BI in the Pharmaceutical Industry
The pharmaceutical industry has reaped many rewards through the implementation of BI tools and software in recent years. One of the biggest challenges for pharmaceutical companies is bringing new products into the market efficiently while maintaining affordable costs. BI tools can be used to effectively manage all the clinical data related to each new drug, monitor the benefits and scrutinize the risks, using information from multiple sources. The analysis of this data can be used to help pharmaceutical companies throughout the entire development stages right through to launch and beyond.
BI Tools for Logistics
Logistics has always involved the tracking and monitoring of large amounts of data. BI tools can now be used to help automate many of these processes and deliver accurate, up-to-the-minute information across the entire supply chain. Simple but powerful BI solutions can assist logistics providers in the transformation and development of all operations.
BI Solutions for Manufacturing
Manufacturing is a continuously linked process, meaning missing one single vital piece of information will affect the entre chain. Business intelligence allows manufacturers to ensure not only that each link in the chain is working effectively but also that each element of the chain works in harmony with the rest. Optimisation of the manufacturing process through using BI tools eliminates possible errors and merges all the relevant processes for smooth operations.
BI in the Retail Industry
The retail industry changes constantly according to market trends and shifting consumer demand. Analysis of trends and shopping habits requires the collection of large amounts of data to keep up with that demand. Retailers can utilise BI solutions to keep on top of the most vital metrics such as most popular products, stock levels and sales by division, ensuring customer needs are always met.
BI Tools for Financial Services
Every worker in the global financial sector has the same key objective, which is to make the best financial decisions to improve profitability. To do this, financial managers need to be able to stay ahead of ever-changing data from multiple sources, which is where BI tools come in. A BI dashboard tells a financial manager everything they need to know about all relevant markets, including historical data and real-time information. This data is presented in the form of easy-to-understand visuals that provide the relevant information at a glance.
The ability to track and measure sales and performance is a boost in any industry, allowing the measurement of key metrics and analysis of productivity. BI solutions can help streamline processes and provide all the required information for business leaders to make informed decisions at every stage of operations.