Big data is big business, and successful companies understand this. That’s why 97% of Fortune 1000 companies invest in big data.
However, big data will do nothing for your business if it’s not transformed into Business Intelligence with the right BI tools and data management best practices.
Business Intelligence can create actionable insights out of large amounts of data. These insights can improve your business in more ways than you could ever imagine. This is because Business Intelligence seeks out correlations and trends and as a result, uncovers problems, as well as solutions.
But how is Business Intelligence used in the real world? Let’s take a look at a few great examples of Business Intelligence in action.
3 Examples of Business Intelligence
Netflix and Business Intelligence
Netflix uses BI to curate recommendations for its 148 million subscribers. This streaming giant uses BI so effectively that its recommendations account for more than 80% of its streamed content.
Business Intelligence even helped Netflix become a juggernaut in the market of original programming. Using the power of BI, creators hit gold with Netflix’s first original series, House of Cards.
Keep Learning: What are the most important benefits of data visualization?
Tesla and Business Intelligence
Tesla uses Business Intelligence to improve its products, upsell customers, and, ultimately, improve the customer experience.
As an example, all Tesla cars constantly gather data when they’re in motion, and that data is leveraged to improve Autopilot features. Tesla owners are then given the option to pay for these new improvements, which are sent via software updates to individual owners. As a result, Tesla customers can enjoy a wider range of benefits from their cars.
Coca-Cola and Business Intelligence
Your business can benefit from BI in a variety of ways, even if it’s only used to improve internal processes. As an example, Business Intelligence saves Coca-Cola time and money by automating certain facets of production. This includes gathering data from its 74 independent bottlers to determine when retailers need to be restocked. This valuable insight gives Coca-Cola the ability to better manage production output.
Keep Learning: 3 really good data visualization examples
Lowe’s and Business Intelligence
Business Intelligence can be interwoven into every aspect of a company’s operation. Lowe’s is a great example of this.
This particular home improvement store uses Business Intelligence on another level. As a result, they save time and money and avoid unnecessary hurdles. Lowe’s uses BI to:
Increase adherence to in-store policies (such as delivery charges)
Identify fraud in real-time during product returns
Determine how cash register placement can increase revenue
They can even trace profits and savings directly back to their BI investment. For example, since they were able to start tracking and analyzing which locations weren’t collecting delivery fees, they were able to increase revenue by $30 million in one year.
Keep Learning: The top 3 features of business intelligence tools
Interested In Learning More About Business Intelligence?
At Teamworks, we work with businesses of all shapes and sizes to help them create powerful information out of their data. With custom BI solutions, we can integrate multiple solutions into a customized BI dashboard and enable companies to be more strategic and cost-effective.
If you’re interested in learning more about how Business Intelligence would look inside your business, schedule a free demonstration with our team or check out these additional business resources: