Dealing with business intelligence in the context of a particular industry can take one of a few forms. First of all, just about every type of firm has a few universal back-office processes that can be improved through the deluge of data provided by BI. This is typical and generally means better management of internal efficiency, always a good thing for ambitious business leaders. These executives may find that their new setup compares favorably to the previous way of doing things, before the introduction of data to the equation. However, each vertical will also find a few unique and exciting ways to make BI work.
Insurance world voice
A recent Insurance Tech piece by Peter Melville specified that BI in insurance may be considered complex, an assertion Melville himself disputes. He stated that these processes are capable of giving back to organizations that adopt them quickly. This is an important point to make, as solutions that don't provide a quick return on investment may be passed over today due to profit margins that are narrow across industries. The key to really taking benefits from BI is to lead with a problem that needs solving, according to Melville. This is markedly different from an approach that leads with methodology then searches out issues to resolve.
Melville explained some of the main industry concerns felt in insurance, and his list included items that may be appealing to firms of other sectors as well. For instance, profits and customer retention are areas of fixation in a cross-section of businesses. These issues are slightly different in insurance, with the very nature of policies changing the way services are sold and managed. However, the fact that BI is right for optimizing these issues for insurers means it can likely move into any role in which ambitious leaders see it across other verticals.
Specific or universal
BI is really just a problem-solver, plain and simple. A paucity of verifiable data is a liability across industries, and being able to turn this content into a source of insight is always an advantage. This means that, no matter what issues a particular business is facing, there is likely a BI tool for the job. Some of the solutions present today offer benefits that have obvious appeal across verticals. Necto 14 has been crafted with flexibility in mind, meaning custom visualizations are able to display details relevant to many different roles. Both within and between companies, such variety has distinct value.