Although Business Intelligence was incepted as a consumer-based service, today, it has become an essential component for companies to stay relevant and competitive. As the technology algorithm has compelled businesses to become data oriented, BI is impacting businesses like never before and even changing the human resource roles in different industries.
Needless-to-say, BI will continue to become an imminent force to drive businesses. But, its scope won’t be limited to companies and organizations. Instead, it will influence every industry. In fact, indications even show that it will be an indispensable part of every workspace.
Today, we will look into six main advantages of Business Intelligence.
Few years back, IT department was the only unit to take all the technical decision, but now, marketing is stepping into the game. The internet is the most powerful source that drives consumer decisions. Using BI technology, companies can know about their target audiences. With the analytic reports, manufacturers can design product and services to cater their audience’s needs.
Social media Analytics
Recently, BI tapped into social media platforms to understand customer reviews and track conversion. IBM and Twitter were the key influencers of this technology, which was later practiced several other social media platforms and BI service providing companies. In the coming years, BI will be an integral part of social media data analytics.
Small and Medium Firms
It is not just production giants who use BI technology; small businesses have also initiated their steps towards this innovation. A few years back, only large enterprises were able to capitalize on this technology, but now the landscape has changed significantly. Different Business intelligence solutions are being tailored for small and medium scale companies, providing them the required competitive edge.
BI solutions and Healthcare Industry
Today, business intelligence and healthcare services go along, side by side. Health service providers such as hospitals, clinics, and labs can collect a lot of data with the use of BI technology, which will enhance the overall medical services. Besides that, it will also bridge the gap between doctors and end-users.
BI Solutions for Individuals
It’s not just businesses that will benefit with Business Intelligence; the technology is also becoming equally relevant to individuals. With BI people can track personal health, home automation devices, traffic snarls, and even pet whereabouts.
Business Intelligence solutions have emerged as one of the most significant performances monitoring tools. Soon, they will take their places in every business and also our lives.