Technological trends were always a game-changer in the industrial sphere. From the birth of the first personal computer to the expansion of the internet, every industry out there had to adapt to these technological breakthroughs at one point. Business intelligence is no different. Nowadays, with the market being so competitive, industries have to do whatever it takes to get an edge over their competitors. Business intelligence is one of those things that can give them an edge, especially in the domains of analytics, market and consumer analysis as well as security. So, without further ado, here is a list of six industries that benefit from business intelligence the most:
One of the biggest problems that plagues the retail industry today is theft. Namely, goods often get ‘misplaced’ somewhere between the time of the order to the point of sale. This is why BI is such an important tool in preventing inventory loss with its data warehousing. Now stores can keep close track of their supply chain and even check where these ‘leaks’ tend to occur, as well as which particular item is continuously getting stolen. As a result, stores can then use this info to make new measures and security procedures that can prevent such things from happening in the future and cut their losses significantly.
Sustainability is becoming an increasing trend in the food industry. Here, business intelligence helps food industrialists find new solutions for old problems regarding the use of safer ingredients, eco-friendly packaging as well as general distribution. With its data mining and data collection tools, BI assists companies in researching new “green” technologies almost instantaneously. Today, a lot of people are very strict about the way their food is processed. Companies need to pay attention to their demands, lest they risk losing a huge portion of their clientele. Therefore, to no great surprise, there is a steady increase in quality control and yield management in the food production sphere.
Business intelligence in telecom industry is being widely used. Huge amounts of data are being handled each second with little to no margin for error. Being such a competitive market as it is, telecom providers need to find new ways of increasing their quality assurance. BI maintains data-processing to its utmost efficiency, providing powerful insight from the data collected. With this newfound knowledge, telecom companies can focus on anticipating customer needs as well as creating new customer retention strategies to get an edge over their competitors.
In the oil industry, business intelligence is used quite often to analyse geological data and seismic tests to predict where the largest oil deposits are. With the recent implementation of such predictive analyses, oil companies are getting an increase in profit which in turn lowers the price of oil. Likewise, BI is also used to monitor the constant fluctuation of crude oil prices in real time which allows the marketers to sell oil when prices get high enough, and fold when they are too low.
The fashion industry is one of the most competitive industries out there. Decision making is absolutely vital for choosing the right kind of design that will eventually catch on like wildfire and become a global trend. This is where BI comes in handy with its analytical tools. It helps both buyers and marketers understand which target audience their consumers fit into. Thus, they gain the much-needed insight that will help them stay on top of their game. Excellent market awareness such as this can sometimes unearth the next big sensation which can help smaller companies make a breakthrough on the fashion scene.
The main problem within the pharmaceutical industry is keeping track of the expiration dates of drugs which are kept in storage. Business intelligence software helps minimize the risk of an expired product ever leaving the shelves. This way, pharmaceutical companies can operate within safety parameters of health regulations. Also, another area where BI can offer its assistance is with the control of product patents. Sharing of patents will be a lot easier with the use of BI which will result in current patent laws changing drastically, enabling swifter FDA approval of new drug development.
To sum up, business intelligence can be a powerful tool for real-time decision making, analyzing the market and for keeping excellent track of data. It provides an advantage for companies over their opponents in almost every industrial sector and companies which learn to harness its full potential will be leading the pack in the near future for sure.