Business intelligence software development is one of the most sought-after services provided by IT companies. Today, any business is looking for a way to access huge volumes of data from several sources as well as to be able to analyze and use them for their own purpose. BI allows you to turn cold statistics into business ideas and make informed decisions quickly. This technology is widely used in almost every field. In this article, we will consider the industries where BI is used more often.
Business intelligence software development for different industries
BI allows bringing together all the data from various sources and make good use of it, no matter which domain your business belongs to. This powerful technology is applied but is not limited to the following industries.
Finance. BI helps to maintain business performance by quickly solving performance issues and using data to make more informed financial decisions. Such tools as predictive analytics, dashboards and visualizations, key financial performance indicators, risk assessment, and data infrastructure standardization.
Retail. Large retail chains also use business intelligence in their work. The main task is to collect and analyze data from several sources: warehouses, shops, distributors, etc. With BI, retailers are able to store this data and have access to it any time they need. Moreover, the technology helps to track and prevent inventory reduction and avoid financial losses because goods often disappear between the time of order and the point of sale.
Transportation. The transportation industry reaps the benefits of utilizing business intelligence software development. This technology identifies critical issues in good time, streamlines reporting, analyses transportation volumes and allows to make optimum use of it, and allows business owners to fulfill other important tasks.
Oil. BI is often used in the oil industry to analyze geological data and seismic tests to help predicting the location of large oil fields. In addition, BI allows monitoring fluctuations in prices for crude oil.
Telecom. The telecom industry is constantly processing a huge amount of various data. BI allows this industry to provide an in-depth analysis of processed data, predict customers’ needs, and develop new customer retention strategies. The technology provides a good position in the competitive race and helps to improve the quality of services provided to the customers.
Pharma. BI helps solve one of the most important problems of the pharma industry – keeping track of the expiration dates of medicines that are stored in stocks. BI applications provide an opportunity to prevent expired goods from reaching pharmacies and hospitals. Business intelligence also helps to control drug patents which can lead to faster drug development due to changes in patent laws.
Business intelligence software development enables multiple industries to get a powerful tool that allows making important decisions in real time. Companies are constantly faced with lots of challenges and fierce competition, and innovative BI solutions are designed to help them stay ahead of the market. The approach of companies to analytics is changing, and regardless of the size of your company, be sure that BI can make a difference.