- April 30, 2018
- Posted by: Manthan Advisors
- Category: Data Analytics, Data Management
Business intelligence (BI) tools are the technology that enables business people to transform data into information that will help their business, thereby utilizing the power of data analytics.
The type of BI tool needed by an organization depends on the utility, need and application of the tool. The utility and need can vary the type of report or analysis expected from the BI tool. Basis the utility, they can be divided into Historical, Operational, Analytical, Predictive, Prescriptive and Exploratory reports.
The advantages and applications of a BI tool are far reaching & manifold. The tools compile a company’s crucial data and assists employees on answering important questions and helps in fast decision making, giving an edge over competition. They can be applied to different departments in an organization like Sales, Marketing, Operations, HR, etc.
Following a few use cases of BI tools being used for excellence and optimization:
A leading insurance company in India uses QlikView to analyze the sale performance and Key Performance Indicators (KPIs) across different sales channels. The company, to be competitive, needed to be able to identify trends, provide personalized service and offer the right set of products at right price to the right customer. The internal MIS team prepared and maintained reports on sales channel performance, sales trend, top performer, customer profile, etc. and mailed it to concerned people. But the process was inefficient, time-consuming and reports were prone to error. Using a comprehensive dashboard & reporting solution using QlikView, allows people at various levels in the organization to track sales, performance and review KPIs for their business. The dynamic dashboards allow managers to analyze & drill down the data and reports as per requirement.
An India- based forging company, required a solution to improve performance and efficiency of large scale data analysis. It was also required to integrate data from multiple sources effectively. They deployed the QlikView business platform as single reporting and analysis tool for strategic decision making. The BI tool helped in transforming data analysis by improving accuracy up to 40%. It also improved data visualization and increased mobility. The easy usage of tool, empowered users and reduced dependency on IT support by up to 90%.
PR management & marketing
A Chinese company providing online marketplace for international real estate in close to 100 countries, helps real estate agents and buyers interact with each other on daily basis. These interactions generate enormous data which was difficult to process on excels to generate reports. By using data visualization BI tool, the company not only generated reports based on consistent and reliable data that were easily generated and provided bird- eye’s view of trends and development, they could also the BI tool to generate visually appealing insights to enhance the company’s media presence and support the PR efforts.
Purchase & operation decision optimization
A US based company built the “Fleet Advance Solutions” to make better real time transactions, this solution helps commercial transportation fleets determine smarter fueling sources by analyzing and comparing one fueling transaction against other options. By utilizing real-time fueling transaction data through real-time scorecards and dashboards, and historical performance analytics, Fleet Advance can provide actionable information empowering fleet companies to optimize routes, better manage fuel costs, and make smarter purchasing decisions.
An international department store, used the BI tool intelligence to rise above its old school competition. They installed analytics software in the company’s database to analyze tens of millions of terabytes of new information every single day. The information was gathered from multiple sources even unlikely places like Social media platform.
The aggregated data helped company to understand the buying behavior and allowed it to sharpen its promotions. It has given a competitive advantage and simplified operations in all the departments of the company. The store sales have also immediately increased by 10 percent, proving to be highly useful tool.