29 Best Business Intelligence Use Cases

Business intelligence use cases: BI proves fruitful for every industrial domain under the sun. Data is the foundation for successful businesses, and BI is the concrete that ensures its sturdiness. Name a business domain, and BI would have contributed to turning it into a success story. Let us dig deeper into the business intelligence examples to understand the better clarity and fruitfulness of the domain.

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Business intelligence use cases

1. Decentralization

Every business division in an organization has its data requirements. For example, the inventory unit would need information only about the product availability, demand, and stocks. On the other hand, the sales department would require details about purchase patterns, buying histories, and more. Thus, BI allows the organization to decentralize the data and enable each department to explore its required data units. Moreover, you can also use an advanced form of distributed BI that provides an option to centralize the data for better security.

2. KPI creation

KPI creation is one of the significant BI examples every organization uses to enhance productivity. KPI stands for Key Performance Indicator. It tracks how close you are to your desired goals. It provides answers to the two most common questions,

  1. How close is the company to its measurable goals?
  2. How far is the company from achieving the desired targets?

KPIs are thus a fruitful example of how business intelligence can contribute to ensuring that the team and its efforts yield the best results. People doing Business Intelligence and Visualization Courses learn to create and study the KPIs and make every concerned team member aware of the progress.

Business intelligence use cases

3. Financial Control

BI helps companies in the financial domain in multiple ways. The competitive business environment makes it mandatory for CFOs to do strategic financial planning. They need the relevant information of not only their organization but of their competitors as well to create a fruitful plan. BI provides them with that information in the form they require. Using it, the CFOs can make crucial financial decisions related to the organization and support its growth.

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4. Automated Internal Structure

Automating tasks is another significant example of BI. You can incorporate the advanced tools and techniques in your current system that store all the data sourced from multiple sources and turn it into useful information. Any department wanting to access any data unit would only have to give the command and get the required information. There is no need to investigate the raw data sets and put efforts into segregating them, as the BI tool would automate the process to save a lot of your time.

Business intelligence use cases

5. Inventory Control

Gone are the days when organizations had to hire a large workforce in their inventory section to update the stock list. BI has taken over and has completely automated the tasks. There will be recorded data about what is present in your inventory. As you keep selling the products, the stock automatically gets updated. You would only have to check your data files whenever you need any information related to your inventory! It is one of the best examples of business intelligence in healthcare, as companies can keep track of their medicine stock.

6. Better Market Analysis

One way to excel and stand ahead of your competitor is to analyze the market thoroughly. Learn the strategies your competitors follow and how their sales and revenue graphs respond to them. Moreover, you would also have to study what strategies you can adopt for your business and how they can help your business grow. BI helps you in proper market analysis by providing you with required data sets that give you awareness about market trends. You can study product sale reports, target audiences, and much more, which is helpful in decision-making.

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Business intelligence use cases

7. Self Service BI

BI has evolved a lot over the past few years. Earlier, the IT teams used tools like Excel to segregate their data which took a lot of time and restricts usability. It also needed advanced features to support the changing information needs, so the self-service BI came into the picture. In this data analytic process, the users can extract the required data within a few clicks. The IT department or BI professionals would take care of the infrastructural needs, and the other users can use it effectively.

8. Massive Data Visualization

If you check the real-world examples of business intelligence, you will know that not only IT, every other business from finance, healthcare, and other domains uses data visualization techniques. It allows them to turn large volumes of data into fruitful information without wasting time. Even if you have millions of data entries, an effective tool can help you draw the information you need from it within a few seconds. Your data analytic professional can decide which tool would be apt for your organization.

9. Exploring Market Opportunities

Another example of a fruitful use of BI is to explore market opportunities. Know how you can expand your business and the areas where you can extend your services. To explore these opportunities, you need to study market trends related to customer demands and how your business can cater to them. It will include mining various data units, and it is only possible with the help of efficient BI tools and techniques.

Business intelligence use cases

10. Tools for Sales Intelligence

There are multiple brands providing products and services in the same category. For example, if you decide to sell cosmetics, there are a plethora of brands that already have a name in the market. So, if you want to launch or come on top of the charts, you need some sales strategy. Know who your audiences are and where you can find them. Additionally, you should plan discounts and offers for your buyers to grow your sales. BI help explore the data units using which you can make these decisions by sharing the purchase pattern or buying history with the sales teams.

11. Internal reporting for Teams

For the efficient functioning of an organization, the communication and data exchange between the teams should also be efficient. The reports generated by one team would get used by the other to carry on with their tasks. It is another example of BI as the tools under this domain help create the best and most reliable data lists, which other departments can use for making significant decisions.

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Business intelligence use cases

12. Effective Resource Planning

Resource planning is a crucial aspect of company operations, and if you do it efficiently, the project’s success gets confirmed. Resources include manpower, raw materials, IT equipment, and everything else required for the project completion. If every team gets the resources they want in the right amount, the projects get completed on time without any additional expenses. BI helps in better resource allocation and its apt use by keeping things sorted and in a planned manner.

13. Improved Productivity

With trusted BI tools, the productivity level of the organizations improves many folds. There are various contributions of BI that support enhanced productivity, like effective resource planning, quick data segregation, and more. Things start getting automated, and every team gets the data sets they specifically need. The productivity levels directly impact the sales and revenue graphs, and you will see tremendous growth in your business.

Business intelligence use cases

14. Database Creation/Records

Do you have data records or reports that you and other teams in your organization use? For example, if you are in the healthcare domain, you will have patient records, medical equipment lists, and likewise. Similarly, the list of purchase patterns, product demands, sales graphs, and customer information must be there if you are in the retail business. All these records get generated by the BI tools, and these reports help your marketing team make significant decisions. You only must ensure that the tool you decide to use is reliable enough to provide the best information based on which you can make crucial business decisions.

15. Better Brand Value

Fruitful financial and marketing decisions assist in improving the hold of a brand in the market. The projects will complete on time, products and services will maintain premium quality, and you can keep your customers satisfied. All these things help earn an excellent company reputation, which improves your overall brand value and automatically fetches more business to grow your sales figure.

These examples of BI clearly explain the significance of the domain in turning businesses successful. If you also want to sail through and excel in the competitive market, use efficient BI strategies under the guidance of qualified experts.

In one of his many chronicled adventures, famed fictional detective Sherlock Holmes exclaims, “Data! Data! Data! I can’t make bricks without clay.” It’s a quote every business leader can identify with, as today’s enterprises run, thrive and grow on data. Business intelligence collects data and puts it in formats that make it easier to explore, while machine learning uses data and algorithms to mimic (and improve on) the human capability to learn and adapt.

Business intelligence use cases

16.  Segment Analysis

Companies can use ML algorithms to automatically segment customers or products and use BI tools to further analyze those segments. This would allow companies to better understand their customers and/or products and make better decisions about marketing, sales and product development. Additionally, this approach could help companies save time and resources by automating the segmentation process.

17. Understanding Customer Expectations

Business intelligence and machine learning are vital in today’s workforce, and we can leverage these tools to understand customers’ expectations and stay ahead of the game when delivering the best customer experience. Consumers often view their last, best digital experience as their baseline. It is important to use available technology to better understand their needs in the future.

18. Spotting And Stopping Cyberattacks

In recent years, our reliance on digital technologies has increased. It has definitely made our lives easier, but it also left us more susceptible to attack. Machine learning and business intelligence could be most useful in spotting and stopping cyberattacks before they even begin. Businesses can benefit greatly from identifying and preventing emerging threats in the early detection phase.

Business intelligence use cases

19. Analysis Of Telemetry Streams

Whether it’s logistics, cybersecurity, telematics, grid monitoring or one of many other applications, complex software systems often rely on “people in the loop” to detect problems and create alerts. By incorporating machine learning to continuously analyze numerous telemetry streams, companies can quickly surface issues within torrents of data, take action and maximize business intelligence.

Business intelligence use cases

20. Detecting Process Inefficiencies And Recommending Improvements

At present, many of our process workflows are static, and the data generated from them is unused. These workflows are very specific to each organization. Machine learning can be used to detect inefficiencies in processes as they are used and applied. It can also recommend process improvements for driving organizational efficiencies, both vertically and horizontally and across different teams.

21. Explaining Collected Statistics

Business intelligence is about data collection, statistics and visualizations to gain insights on what’s driving the business. Bring in machine learning to model the various factors in the business that might “explain” those statistics in a systematic way. Rather than relying on old assumptions when trying to explain the data, let the ML model surprise you, or at least challenge those assumptions.

22. Predicting Suboptimal Results From Automation

Ironically, an impactful and creative way to combine BI and ML would be to implement dashboards that can predict when using ML may produce suboptimal results as compared to human beings. While the worlds of AI and ML hold great promise to augment and automate many business processes, some use cases will continue to need significant levels of human oversight.

Business intelligence use cases

23. Enhancing Chatbots

Chatbots come to mind when I think about business intelligence and machine learning. Business intelligence helps you learn about your target audience, which makes it easy to uncover pain points and determine goals. Chatbots can help you put this data to use by leveraging the power of ML to connect with potential customers, provide resources and show visitors why your product is worth their time.

24. Transitioning From Lagging To Leading Indicators

The utopia for most businesses is to transition business intelligence from lagging indicators to leading indicators. By applying machine learning to the analysis of volumes of data aligning to business processes, organizations can identify inefficiencies, routes to efficiencies and leading indicators, thereby improving the business through enhanced process modelling.

25. Automating Lead Generation

Think about it. Could you handle more customers? If so, you need to implement automated lead generation tools. Don’t waste your time manually searching and reaching out to people. An inbound funnel can put the right potential customers in front of you, and adding an analytics dashboard and paired AI tools can help optimize this process. Ultimately, focus on what you’re really good at—closing.

Business intelligence use cases

26. Customizing Marketing Campaigns

While many businesses already use the combination of business intelligence and machine learning on the product side of things, its implementation in marketing is still lagging behind. Digital marketing can be revolutionized through the use of BI and ML to create highly customized, highly effective campaigns and target potential customers in an unprecedented manner.

27. Managing Supply Chains

The power of combining these tools is linking prescriptive analytics—to make intelligent recommendations—with an ML platform that will assess the quality and accuracy of those recommendations. A great use case is managing supply chain complexity. These technologies can analyze thousands of potential actions and generate the 20 to 30 that will have the most impact on improving business results.

Business intelligence use cases

28. Targeting Expansion, Growth And Sales

Leveraging business intelligence and machine learning for cost management is an obvious use, but AI applied to expansion, growth and sales is much more exciting. Currently, its applications in areas such as customer experience are fairly blunt, but it has the potential to become far more surgical and precise in the future.

29. Developing Custom B2B Solutions

Business intelligence combined with AI can support companies in creating tailored business offerings. B2B companies can create offers addressing a client’s needs—even before the client fully realizes the need—based on data available on the internet.

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