Business intelligence (BI) has a variety of uses across industries. As all BI systems need to excel is a source of data to mine and a question to answer, the solutions are widely applicable to nearly every field. For those reasons, examples of BI success can come from varied sources. Business Finance contributor James Fisher recently reported on efforts, focusing on financial issues. As companies have spent the past few years operating under extremely tight budget constraints, this type of usage is vitally important. Proving that software can provide a return on investment could pave the way to widespread adoption.
According to the source, sports apparel retailer Under Armour used analytics and BI to unite information from its massive set of financial records. The company's monetary performance is split into hundreds of separate segments. Fisher reported that the company employed business intelligence dashboards to help understand its huge infrastructure. Before the adoption, the company had to deal with overstock and missed chances to reach out to consumers.
The news provider also expounded on a BI program at a hospital. Like the thriving retail company, the medical organization had many high speed information inputs. Gathering data from all of these various elements was costing the hospital time. The source stated that BI changed the way employees perform their duties, with more than 100 dashboards in usage. The information displayed on them comes directly from patients, and doctors can use them to improve care.
Fisher noted that companies are not content to use the same types of BI systems that have been in place for years. Instead, they want to know what's next. In this case, that means visualizations of their data and mobile BI systems to access it on the go. Companies want to grow faster and become more effective. Finding new ways to engage with their information could accomplish those goals.
Advance through teamwork
Improving BI programs can also mean using them to accomplish functions they have never performed before. Business 2 Community contributor Tom Larson suggested that companies can enable more collaboration between their BI users. This could lead to even better decisions than those leveraged by a lone worker, which in turn rise above the intuition still used at several businesses. Developers have made information harnessing in a team setting easier by creating social BI software. These programs let workers share insights from within the BI interface itself.