With the growth of big data in recent years, business intelligence has become an essential resource for companies trying to keep up or gain a competitive advantage. Business intelligence is an umbrella term for the tech tools, business processes, strategies, and infrastructures that enable companies to convert raw data into valuable insights they can use to optimize and automate business processes. Truthfully, the term business intelligence has been around for over 150 years, but business leaders back then had no idea what BI would become today. Business intelligence has always been about making quicker and better business decisions, and information technology has taken it further than anyone ever could have imagined over a century and a half ago.
Indeed, technology has helped business intelligence come a long way in recent years, and the tech industry has benefited from BI solutions greatly in return. Indeed, the tech industry and BI have a symbiotic relationship. So, how does an industry that’s done so much for business intelligence use BI solutions for its own good? You’ll have to keep reading to find out.
Streaming companies use business intelligence to learn customer preferences.
Successful companies have always thrived on making their customers happy, as customer satisfaction has long been the most important component of business success. So, how would the technology industry use business intelligence? They’d use it as a tool to get insights into customer behavior. In the old days, merchants went out of their way to form strong bonds with customers because they understood that the better you know your customers, the better you can serve them. Streaming companies like Netflix and Disney+ are prime examples of how tech companies use
Software as a service (SaaS) companies utilize big data to enhance their products.
The main role of business intelligence is to empower decision-makers to make better business decisions. All over the business world, there’s been a shift toward SaaS products, which give companies to customize their business infrastructures to fit their unique needs without having to manage a bunch of different business applications themselves. SaaS vendors use data analysis to get insights into the needs of companies in different industries so they can create products that streamline and automate their unique business operations.
E-commerce companies use BI tools to create targeted marketing campaigns.
You’ve probably noticed that when you’re using the internet, you tend to get ads that are pretty relevant to your interests, or at least things you’ve looked up on the internet. Even the digital marketing ads you see before YouTube videos are related to your interests or search history, right? E-commerce companies use online analytical processing (OLAP) to gather and process data from across the internet to find their target consumers and create unique marketing campaigns and promotional offers.
Telecommunications companies use predictive analytics to anticipate consumer needs.
The telecommunications industry relies on business intelligence as much as any other industry. They utilize large databases to monitor service usage, and they use business analytics to help them set rates for different regions based on complex metrics. Furthermore, they use machine learning to personalize the customer experience more every time consumers utilize their services.
As you can see, there are plenty of use cases for business intelligence in the technology industry. Indeed, along with the financial services and healthcare industry, the technology industry is one of the largest proponents and users of business intelligence tools. As information technology continues to advance, you can expect business intelligence technology to follow suit, as it’s quickly becoming an essential tool for companies looking to gain a competitive advantage. With the right BI tools, you can enhance everything from your customer experience to your business processes. Truthfully, business intelligence is the key to doing smarter business.