What Are Some Examples of Business Intelligence Applications?
Banks sometimes use business intelligence, or BI, applications in determining who the most profitable customers are by comparing departmental data against the legacy database. Another example is the BI tool used by hotel franchises in comparing occupancy statistics and the revenue generated by each room.
Business intelligence applications and analytic tools are capable of handling large amounts of data. Some of the more popular vendors of BI tools include Microsoft, ORACLE, IBM and SAP. Working with a BI application makes it easier for companies to sift unstructured data into more intelligent and meaningful reports that can be used in different ways. Companies can use the organized data to cut costs and improve profitability. BI applications can be used by a wide variety of people in an organization, ranging from employees to members of senior management.
Business intelligence tools can be used to improve operational efficiency, particularly within franchises or companies with multiple departments. It can also be used to identify new business opportunities. Some of the other areas where BI tools are applied include:
- Data mining
- Web and ecommerce analytics
- Data warehousing
- Memory processing
- Customer relationship management
- Analyzing risk
- Tracking the performance of marketing campaigns
- Assisting in budgeting and planning
- Creating more intelligent communication
- Analyzing geographical data
- Improving the efficiency of supply and delivery
- Query, reporting and forecasting
- Identifying profit source
- Creating distributed database that runs on multiple hubs