Business intelligence software enables companies to track a slew of data that can be used to a variety of ends, from retailers more accurately targeting their customer base to sports experts determining formulas for winning. BI strategies can be implemented to learn more about nearly any aspect of a company. Businesses can explore new marketing ventures based on an analysis of their big data. In other fields, big data can be collected and analyzed to reveal new developments and patterns that will help a company, group or individual better understand a particular topic. Data visualization can provide insight for a variety of groups, including the likes of Domino's Pizza and even sporting organizations.
Domino's uses big data to get to know customer base
For the past few years, Domino's, an international pizza delivery franchise, has been working on a BI solution that has helped the company to get a clearer picture of its customer base, according to ZDNet. Using geo-spatial functionality and other data collection techniques, the business knows more about the people it serves. In turn Domino's will be able to use this information to make executive decisions about its products. The data may reveal, for instance, that one region may prefer certain toppings while another abhors that same group of ingredients, which will save Domino's the trouble of running specials in locations where they likely won't be successful.
"Domino's was able to identify potential areas for growth," Ravi Nath, the third-party consultant who worked with the pizza company, told ZDNet. "For example, they were able to locate which stores were over-performing, so they could split that store into two stores and reduce leaflet drops, as it was a huge cost."
The company's new marketing strategies and business analytics may have already started to pay off, as Reuters reports the company recently posted a 5 percent gain in quarterly revenue on a global scale.
Business intelligence can be used for more than marketing
There are many other applications for data analysis that extend beyond profit margins, and David Epstein, a senior writer for Sports Illustrator recently delivered a keynote that brought to light the usefulness of data for high-performance sports. He pointed out that UK Athletics, the sports body in Great Britain, used data analysis to help their athletes improve their performance. For instance, the organization hired someone whose sole job was to analyze the long jump and look for variables that could be altered. This individual found that the only change to realistically make was the angle of the jump. With his coaching, Greg Rutherford won the gold, and Epstein indicated that the U.K. managed to clinch a number of medals at the Olympics that year.