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.Continue Reading
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: