When businesses are looking into purchasing new products that can help them become more efficient, business intelligence (BI) software is often overlooked. Not only can this kind of technology be intimidating to those who can’t interpret data analytics, but there aren’t many general case studies on business intelligence to prove it’s worth the cost. 

As more advancements are made to BI tools, however, businesses are seeing their advantages on their own and using data-driven analytics to beat the competition. If you haven’t implemented BI tools into your business yet, it’s time to catch up. These case studies demonstrate how you and your brand can benefit from using business intelligence software.

BI Tools Offer Predictive Analytics

When a business can use their data to predict outcomes, they’re already ahead of their competitors. BI software takes mass amounts of data and analyzes it so that it can be easily understood and searches for patterns. Within these patterns is the ability to see things such as which stores sell out of certain products over the summer, what kinds of solutions your customers are in need of, and the employees who are frequently using sick days. 

Knowing this gives you the ability to get ahead of the game and be sure those stores have extra stock this summer, start developing a product or software that your customers would love, and know if an employee is considering leaving the company. Knowing all of these things can not only increase profits, but it can be used to improve your relationship with both your customers and your staff.

A case study was done describing how a major retailer used BI software to cross-reference their internal sales data with external data that included weather and traffic reports. Their intentions were to see how their retail locations were affected by the weather in that area and how it impacted sales. The patterns that were discovered would be able to not only predict their future sales but allow them to stock up on the products that are popular during specific weather conditions. For example, if a pattern is noticed at one of their stores where glove sales go up each time the weather channel predicts snow, then they know to increase stock when the next storm approaches. This can also help the retailer make other data-driven decisions such as whether or not to offer a wider selection of gloves or to create a display right at the front of the store, ultimately leading to a boost in sales.

BI Software Offers A Simple Dashboard Anyone Can Use

When you work in an industry where it would be beneficial for all or some of your employees to have access to important data information, it used to be extremely difficult. Likely everyone would have to wait on reports to be run and then access them from a shared cloud. It’s slow, outdated, and not very reliable as anyone can accidentally alter or delete these files. It’s for this reason that so many BI software tools have created simple dashboards that allow employees to both input and access as well as run customizable reports in just seconds.

Alison Nimura, Manager of the Business Intelligence Team at Portland State University, explained why they switched to a more accessible data analyzing system saying, “Whether it is monitoring enrollment, advising students, or budgeting for the next year, almost every aspect of university life depends upon having fast access to key performance data and business-critical reporting.” 

They implemented a BI software tool so that not only could inexperienced users on staff access data reports without issue, but those who are more advanced could reach a deeper level of the data in just a few clicks. The results have been a more structured and valuable learning experience for their students.

Business Intelligence Software Provides Answers Fast

When you rely on data to make decisions, it makes sense that you want to be able to view reports almost instantly. Before BI software, people had to rely on the same reports uploaded to the cloud mentioned before. If you’ve ever had to search for a specific report this way, then you know it can take a while. When this telecommunications company wanted to form a more efficient decision-making process, they knew they needed to find a way to access those reports faster.

This third case study on business intelligence addresses how BI software was used to get insight into data faster and stay ahead of the competition. After making the transition, they not only appreciated the speed in which they could access reports but they were also able to hold employees accountable for the reports they generated and used.

Conclusion

Business intelligence software has come a long way, and there are a number of benefits it can bring to you and your company. If you’re looking to invest in a tool that will improve sales and make things easier overall for you and your staff, then it’s time you looked into what BI tools can do for you. 

About the Author

Renee Briggs is a senior BI systems administrator for LaunchWorks.com, a Stone Door Group Company. Stone Door Group specializes in DevOps based digital transformation of the enterprise. To learn more about how we can help cloud enable your analytics, drop us a line - letsdothis@stonedoorgroup.com.