Blog: Data Insights

Business Intelligence Solution Use Cases to Know

November 10, 2021 - by Synoptek

If you want to drive your business forward, you need to act on actionable data and fuel intelligent decisions. Thankfully, modern Business Intelligence (BI) solutions deliver the data and insights you need to optimize business operations, reduce risk, and keep pace with changing customer, market, and business needs. These benefits justify the growth of the BI market, which is expected to scaleto $33.3 billion by 2025.

What Problems Can Business Intelligence Solve?

BI’s ability to convert data into insights which can then be used to make informed strategic decisions has led to its widespread adoption. By helping businesses manage their data and relay this information into actionable insights, BI helps present data via easier visualizations and dashboards, including graphs, charts, and more.

If you want your business to move to the next level…then you are in the right place. BI can solve numerous problems and its main asset is its ability to merge data from multiple sources. You can now look at all of your finances, marketing, and sales through one system to solve problems you might not even know exist yet. In addition, BI tools can resolve several automation issues. Through business intelligence solutions, your organization can achieve optimization like never before.

Top BI Use Cases

Although most organizations today leverage some BI tools to accelerate decision-making and improve business performance, they still lack clarity on leveraging it for use cases of different kinds. Here are the various use cases possible with a BI solution.

1. Track Your KPIs

One of the best use cases for a BI solution is to track your KPIs and CSFs across various business functions: sales and marketing, finance and project management, human resources, and IT to operations and management. Modern BI tools offer unprecedented insights into the operations and performance of your business. Whether you want to gauge customer sentiment, average order value, operating margin, budget variances, upsell rates, employee turnover rate, average response time, or profit margin – modern BI solutions can track all these metrics and more.

2. Boost Productivity and Efficiency

A robust BI solution can significantly enhance employee productivity and efficiency. By unearthing issues and bottlenecks employees face daily, the solution can enable organizations to rectify those issues in time and streamline the experience employees have with business tools and systems. At the same time, the solution can overcome manual data entry tasks, enhancing employee engagement – while minimizing the dependence on the IT team to run complex reports or unearth critical insight.

3. Improve Decision Making

Adopting a BI solution is also a sure-shot way of improving the accuracy and timeliness of your decision-making process. By unifying large amounts of data stored in different places across the business, BI tools can enable deep analysis of data from various sources and deliver fast and accurate information for improved decision-making. And by allowing easy access to information needed to make critical business decisions, the BI solution can accelerate the speed with which tasks are completed.

4. Continuously Analyze Data

BI solutions are also great for continuously analyzing data and transforming it into actionable insights to make informed business decisions. Such continuous analysis helps unearth trends, detect bottlenecks, and capitalize on opportunities for better business outcomes. It also helps better manage the supply chain, determine the root cause of underlying issues, and empower decision-makers to make decisions based on what’s best for the business – given the data at hand.

5. Support Corporate Strategies

BI Solutions aid in enhancing operational efficiency and supporting corporate strategies. By enabling businesses to measure their performance and seek out competitive advantages, BI helps curate a strategic roadmap that aligns with business goals and customer needs. Using powerful data mining and statistics, BI tools can also help gain new perspectives and alter strategic vision while keeping pace with changing market conditions, driving business growth, and maintaining market position.

What Are Some Other Business Intelligence Use Cases?

Many executives might be unaware of how BI can benefit their business and adapting to new technology can be difficult at first. This new software is transforming the digital space as we know it. BI can be used for just about everything your organization is trying to tackle. This includes tasks like analyzing data, measuring performance, and creating achievable goals. In addition, BI can be used for

  • Reporting
  • Online analytical processing
  • Analytics
  • Dashboard development
  • Data mining
  • Process mining
  • Complex event processing
  • Business performance management
  • Operations and inventory

Companies invest in Business Intelligence Software for actionable insights for a reason. Here are some examples of companies putting it to the test.

  1. HelloFresh
  2. REI
  3. Coca-Cola
  4. Chipotle
  5. Sephora

Traversing the BI journey

BI offers a way for users to examine data to identify trends, spot issues, and derive critical insights into business processes, competition, and customer behavior. The future of BI is bright, but if you want your organization to succeed, you need to start by getting ahead of the game. Engage with an expert BI partner today to unearth data-driven insights, fuel intelligent decisions, and optimize business operations.