With the increased capabilities of technology adding accessibility to data, such as machine learning, Cloud Computing, even MS Office (like Excel Services, Visio Services, etc.) being able to connect to different data and then publish it for web consumption, the appetite of business at all levels is growing. Microsoft has even released a new tool in its already large arsenal of reporting tools and options called Power BI.
This reporting tool designed for O365, is able to connect to any data set regardless of whether the data is on premise or in the cloud, providing powerful reporting and graphics to end users. Most businesses can find immense value in this rich array of Business Intelligence Tools. However, there are some types of companies that tend to choose BI solutions as part of their business plans, while others may need to face a particular problem before coming to the conclusion that BI could be of assistance.
The following businesses (you’ll recognize a few) use BI regularly to help them track their progress, gain awareness of demand and capacity, and predict what changes they may need to make in future.
Massive chains like Hardee’s, Ruby Tuesday, Wendy’s and T.G.I. Friday all use BI to help them make strategic, menu-related choices and decide which locations are / are not performing. These highly-visible and successful companies also use BI to help them identify inefficient processes and ways to improve, as well as to renegotiate contracts with their food suppliers.
The Takeaway: Any operations-driven business, especially if it is a franchise, can benefit greatly from BI tools, which help keep a constant read on growth, opportunities, and day-to-day details. Business intelligence becomes the spine that holds the business upright.
Business analytics play a huge role in the success of businesses in a wide variety of industries. One particular industry that benefits from analytical analysis is professional sports, where measuring performance and ratings with audiences is crucial to their continued existence. Teams that leverage BI includes the Boston Red Sox, Oakland A’s, and the New England Patriots. These teams utilize in-depth BI systems to track player performance from season to season, and even generate algorithms to help determine scoring probability based on stadium capacity, weather, etc.
BI tools are also essential for team managers who want to track and manage the venues that host events, helping them stock gift shops, food vendors, and hire enough parking lot attendants. All of this information comes together in one magnificently-orchestrated event: the big game.
The Takeaway: If you own, manage, or work with teams that need high levels of performance monitoring and vendor management, BI can help you tie up loose ends and anticipate audience needs far in advance of planned events.
Can BI bring value to your business? The answer is most likely yes! If you run or manage a business that hinges on specific performance factors or requires planning ahead for events or product releases, business intelligence tools can give you a discernible edge. Call our talented staff at Advisicon today to help you decide whether or not BI is right for you.