Do you need real-time access to a wide variety of data generated by multiple sources? Do you need complex reports to help you make informed decisions based on accurate historical data?
It may sound hard to achieve, but there is one solution that will facilitate the process: Business Intelligence (BI). BI is a field that has been developing constantly in recent years. And so will your competitors if you don’t get your own BI solution – now. BI allows you to stay competitive in the market, regardless of your field of activity. It gives you quick access to essential data, and by turning numbers into business insights it enables you to make fast, informed decisions. This is why a powerful BI tool can be one of your strongest competitive advantages.
Besides the general advantages, BI has multiple applications in a wide number of industries, helping companies keep an eye on their clients, competitors, and market trends. We talked to our team of experts as well as clients in different markets, and found out how BI can improve business performance in three major industries: manufacturing, retail, and pharma.
How can manufacturing companies make use of Business Intelligence solutions?
If there is one industry where Business Intelligence is absolutely necessary, it is manufacturing.
Manufacturing companies deal with large amounts of data that come from multiple sources which need to be managed and transformed into well-defined business solutions. A BI tool will do this and it will also streamline operational efficiency in manufacturing plants. You will have access to historical data in real-time, which in turn leads to a faster decision-making process for product development, supply chain, and sales channels.
In addition, engineers who use BI will be able to anticipate bottlenecks in production, identify problems instantly, and decide where to recover their margins. By providing transparent analysis and complex reports, BI gives you valuable insights into all aspects of a manufacturing business: machine data, inventory levels, delivery estimates, and distributor sales.
How does BI impact retail companies?
The main challenge for retail companies is to compile and analyze information from multiple sources: stores, distributors, points of sale, and so on. Business Intelligence offers retailers the possibility to have all of this data stored in a single warehouse and access any piece of information – regardless of its source – at any time.
Another aspect specific to this industry is inventory shrinkage: very often, products are lost between the time of ordering and the point of sale. This leads to substantial financial losses that BI can reduce through tracking – indicating where and why products disappear and eliminating the causes of the problem.
Given the dynamism of the industry, you cannot afford to hit problems and waste time before a solution is found. One missed detail could rapidly escalate and produce a massive jam in your business flow. By implementing a BI solution, you can resolve these issues and there are many more benefits: tracking profits, identifying industry trends, and focusing on potential areas of growth. All in all, through business intelligence, retail companies can grow profits. So, forget about endless spreadsheets and old-fashioned reports. BI tools will gather all data in one warehouse, turn it into valuable insights, and give you the context for fast, informed decision making.
How does Business Intelligence help pharma?
In the pharma industry, one of the main benefits of using BI is cost and waste reduction. The product pipeline is very difficult to control due to strict product patents, not to mention the fact that drugs expire on a daily basis in warehouses. Through the proper usage of a Business Intelligence solution you can eliminate this problem, make forecasts, and develop an accurate flow for your products.
In addition to this, you will also have access to global surveys, studies, and research, as BI facilitates data exchange between entities across the globe. This means that – based on accurate data – you can identify international trends, choose further research topics, or establish the best sales and marketing strategy for your pharma company.
The business sector is clearly dominated by huge amounts of data that managers use on a daily basis to make the best decisions for their companies. Faced with multiple challenges and fierce competition, decision makers in all industries seek cutting-edge solutions to stay ahead of the market. In terms of data analysis, BI seems like the ideal solution. The way businesses approach analytics is changing and the need for BI is more and more prominent. Regardless of your company’s field of operations or size, rest assured that BI can make a real difference.
Find out what BI can do for your business!
Give us a call +40 21 311 75 81
Send us an e-mail