The Best Business Intelligence Examples You Should Know

The term "business intelligence"refers to a set of practices enabled by computer technology, which analyze data and provide useful insights for corporate decision-making at the highest levels of management and among all employees. Business intelligence (BI) involves gathering information from various IT systems and other sources, cleaning and organizing it, running queries against it, and presenting the results of those analyses to business users in the form of visualizations, dashboards, and reports so they can use them in making tactical and strategic decisions. If you are interested in learning more about it, below are some business intelligence examples that you might find useful.

 

Increasing the company revenue

 

A good example of this is how BI helped out in Lotte, one of the online malls in Korea that has more than thirteen million customers. With their visitor count of 1 million on a daily basis, the executives wanted to learn why so many of them left their carts without checking out. The company tried using BI and did analytics on the customer experience so that they would be able to learn more about it. After getting insights from the program, they were able to increase customer loyalty and even had a great increase in their total sales, all within a year of use.

 

 

Improves financial efficiency

 

You can also consider the case of Cementos Argos, which is a cement company that has operations in the US and South America. Since they were looking for a way to be as competitive as they could be and have better decision-making capabilities, they tried to implore BI to get leverage from their data. Through the program, they are able to standardize the process of their financial accountabilities and get a higher profit.

Helps with business insights

 

There are also cases where BI helps with giving insights to businesses. Such is the case of Sabre Airline solutions which is a company that helps people through their booking tools and other itinerary solutions. With their industry being fast-paced, they had to get new tools that could help out their consumers, and by developing dashboards using BI, they were able to make a user-friendly environment with a great user interface for their clients that increased customer satisfaction.

 

Reduces inefficiencies in internal procedures and workflow

 

Another thing about BI is that it helps in reducing inefficiency in the workspace, and this has helped out a lot of companies. For example, Spear, which is a site that helps out dentists in continuing their education, was facing problems. The phone system at Spear lacked features that would have helped the company's customer care representatives do their jobs more effectively and efficiently, resulting in dissatisfied clients.

 

Through some research, they have figured out that it would be good to try out BI to maintain better customer interaction records for their clients. Once they have implemented the program, they have increased efficiency in their agents and saved a lot of time for the company. This shows just how much help business intelligence does for a company, especially one that wants to grow further in the industry is in.