Business Intelligence (BI) analytics has become a lucrative profession with great demand in the corporate, government, and non-profit sectors. In the good old days, companies used to calculate figures based only on speculation. However, from the 1960’s, the demand for inclusive and comprehensive data analysis has increased manifold. Today, big data is the buzzword with top enterprises accumulating huge amounts of customer and business data and statistics.
Companies are streamlining their data and information, and finding new ways to manage them. Large enterprises such as Intel and Google constantly utilize BI analytics to achieve their strategic objectives. But, BI analytics is not the fiefdom of only large corporations as even small businesses need to effectively leverage the data they collect.
For these reasons, the global BI and analytics software market is predicted to top $18.3 billion in 2017, growing 7.3% from last year. BI software vendor GoodData boasts that 42% of Fortune 500 enterprises use its product. There are many other highly rated BI software solutions in the market, so companies that take the time to do proper research can easily find a viable GoodData alternative.
The use of BI analytics is not restricted only to technology firms. In this article, we reveal other important professional sectors that utilize data analytics to reduce expenses and boost profits.
1# Public Utilities
In the US, the utilities sector follows government regulations and therefore compliance to them requires enhanced analysis and reporting. Utility BI and analytics needs include specialized equipment monitoring, Federal Energy Regulatory Commission (FERC) accounts, and other regulatory standards specific to this sector.
Apart from regular BI analytics methods, the public utilities industry is also developing and refining specialized applications and strategies to meet its unique needs and demands.
2# Public Transportation
Transit intelligence is being utilized by the mass transportation systems in major US cities. These transit systems need to analyze the data they gather to boost productivity. The data collected includes route manifests, vehicle maintenance, and ridership information.
By smartly leveraging this data, transit companies can facilitate more effective public services, better adherence to schedules, and enhanced profitability.
3# Social Media
Many successful companies actively utilize social networks to interact with their prospects and customers. This means they are able to get customer data directly from consumers as well as unique perspectives on their needs and wants.
Businesses are thus able to learn the preferences and dislikes of key demographics and other target segments, creating huge amounts of operable data. Analyzing this data helps them to learn current market and consumer trends that they can address.
Fashion trends are constantly changing and BI analytics is important in this sector as brands need to track and address changing fads. Fashion brands use BI to create clothing products and accessories that are currently popular in the market.
BI analytics also helps them to promote specific trends and make smarter business decisions. Suppliers get deeper awareness and insight of markets, while brands can understand ever-changing consumer demands.
5# Gamin Industry
Video games have come a long way since the good old Nintendo days. Today, there are numerous genres and platforms, and video game makers need effective data analytics to make intelligent decisions.
The increasing popularity of MMORPG (massively multiplayer online role-playing games) games is generating huge loads of data that game makers need to analyze to create specific production and marketing strategies for targeted demographics. We can expect greater use of BI analytics in the gaming industry as this sector is becoming more competitive and specialized.
6# Cruise Lines
Companies that operate cruise lines are using new BI methods to attract repeat customers. This sector utilizes statistical modeling and data mining to learn the behavior of their prospective and current customers. Cruise lines are analyzing various aspects and elements of the luxury experience they offer to understand where they can improve.
Today’s libraries stock more than just books and have become multimedia depositories. Patrons are increasingly using digital media tools and resources, and libraries need to track these trends to understand their interests to offer better service.
8# Food Industry
Sustainability has become an important development in the food sector. This industry uses BI analytics to find better ways to improve sustainability. Processing plants and factories are focusing on equipment efficiency, and quality, cost, and yield management.
Plus, governments are promoting the use of green technologies which has increased the need for efficiency and precision in food manufacturing and distribution.
9# Federal Government
The US federal government is beset by data explosion and needs innovative solutions and techniques to manage its magnitude to make more effective decisions. The government has therefore created an open source information system and reduced governance costs. It is increasingly using emerging BI technologies and methods to streamline and improve public service.
10# Higher Education Sector
Colleges and universities use BI analytics and strategies to achieve enrollment goals and to understand student life especially that of freshers to enhance their college experience. BI analytics also helps them tackle concerns such as dropout rates and low grades.
It is important to learn and apply the latest BI trends to effectively use this technology. Follow the examples of the industries mentioned in this article and use BI analytics smartly to understand your customers better and offer them improved service.