For modern enterprises, acting on a hunch in their routine workflow operations spells lagging hopelessly behind rivals in their niche. Most business owners realize this simple truth and try to collect customer-related data concerning their demographics and preferences as to the products offered by the company. Whereas smaller players do it on a limited scale, larger organizations invest a pretty penny in business intelligence (BI) software relying on state-of-the-art know-how to analyze historical processes, gauge the current condition of their company, and predict market trends that will shape the face of their industry for months to come.
As contemporary civilization is rapidly taking the advancements of Industry 4.0 in stride, BI is becoming all the rage in the business world, introducing novel approaches and broadening the scope of activities it includes.
Business-intelligent means employing a plethora of information processing procedures that can serve as a benchmark for making data-driven business decisions. The range of such procedures is quite large:
Given the unquestionable benefits of this IT-fueled mechanism, organizations in various domains—from higher education and sports to healthcare and digital marketing—apply BI on an ever-growing scale.
As an essentially data-driven field, manufacturing is susceptible to introducing BI practices into its workflow. When properly implemented, business intelligence in manufacturing can provide:
All of these perks that business intelligence in manufacturing ushers ultimately result in increased profitability of ventures that implement it.
Given the huge sums, insurance companies pay to cover their customers’ losses, the application of BI in this sphere is a must-have. What do companies get by implementing business intelligence in insurance?
Being calculating people, financiers know well the value of data, which explains the extensive application of business intelligence in the banking industry. According to estimates, business intelligence in banking brings almost 14% of total revenue in the BI market. In what workflow activities can the application of business intelligence in the banking industry become most useful?
The application of business intelligence in government pursues essentially the same goals as in manufacturing, banking, or insurance: better services, optimization of workflows, and cost reduction. Yet here, it is citizens that should ultimately benefit by introducing business intelligence in the public sector. What aspects of government agencies’ operations can be improved by leveraging BI know-how?
This is a domain that must constantly keep its sails—or rather, sales—trimmed to the winds blowing along consumer shores. No wonder almost 60% of stakeholders in the sector consider business intelligence in the retail industry important or very important. Here, BI software can greatly help in:
With the exponential growth of competition in all business domains, the question “Should our organization employ business intelligence?” has lost its relevance. Now it sounds more like “How would the technology industry use business intelligence?” Today, companies with big-time aspirations realize the necessity of introducing BI techniques into their daily workflows. NIX United as a seasoned player in the market of business intelligence software can build a BI solution for any industry that will add value to your organization’s operational efficiency and boost your revenue.
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