Back in the 1960’s companies used to make decisions based on data calculated with a lot of human resource and effort. But since the rise of technology and the ease of collecting and storing data, business intelligence is the new way through companies and enterprises are making decisions to meet their most ambitious goals.
But unlike the popular judgment, big data analysis is not just for huge tech giants and big brands anymore. Every business big or small needs business intelligence to make more impactful decisions about investment, how and when to make the next big moves, increase output and more.
In the past decade, the demand for Power BI development services and big data analytics has skyrocketed across the world.
Let’s see 10 industries which are revolutionizing the way they see and do business through big data intelligence and analytics.
The public sector and government have long been stranded from data science, analytics and BI. Lawmakers have long been looking for creative technological solutions to handle the massive volume of data flow in the national governments. The major benefit is the segregation of data being collected through different departments such as finance, transport, health, etc. and using it make important public decisions. The applications of BI and BA in government is potentially unlimited. Major governments are using BI to create an open-source information system, streamline decision making and lower the cost of governance.
With insights from big data analytics public servants has pulled off huge campaigns based on accurate analysis of public needs. This trend of BI backed decision making has helped democracies push major development initiatives such as smart cities, financial analysis and planning, efficiency in tax return data and more. Power BI is helping governments help people and increase their governing efficiencies.
The education industry deals with tons of data in terms of student enrollment, results, progress, faculty recruitment and others. There are so many ways in which the education sector has been reaping the visualization solutions of Power BI.
One major process is college admissions. Universities have to make a lot of life-changing decisions based on applicants’ academics, extracurricular interests and personality and guide students to pick better courses for their career and success in life.
With the data on power bi, faculties can also track students’ progress and handle issues like low GPAs and dropout rates, effectively.
3. Retail and Wholesale Industry
By providing a simple solution to the most pressing concern of the retail industry – inventory theft and misplacement, power bi has been a major relief. With power BI dashboard and real-time data updates, the managers know where all the inventory is and cope with theft as well.
The manufacturing process is also optimized with the right information available on fingertips. Managers can know about where the manufacturing materials are lacking per business location and when to order more for smooth operations.
With real-time information, managers can make accurate decisions about inventory requirements, manufacturing process and re-evaluate the inventory management strategies.
Big data analysis has heavy usage in the transportation industry. With the collection of massive data of travels every day, governments and the private sector generate a unique transit data set.
Visual representation and analysis of such data can be used to understand consumer transit patterns, vehicle maintenance, staff working hours and more. This transit intelligence has been used by governments to increase productivity multifold by creating route alternatives, better schedule follows up, and logistics management to gain a competitive edge.
5. Medical – Pharmaceutical Industry
Healthcare industry is among the fastest adopters of BI and a major benefactor as well. Modern hospitals and medical institutes are harnessing the power of big data analytics to make faster and better decisions for patient’s health especially during an emergency.
Data integration through power bi also allows medical professionals to access all bits of data on a centralized platform and collaborate easily on difficult and critical cases.
Power BI offers vital real-time information to health professionals and help them reduce treatment costs, improve patient care and enhance hospital output.
6. Banking and Finance
Finance, banking and insurance firms have data reserves of thousands of customers. For the finance sector, one key requirement is to fortify the crucial information.
Through advance technologies like Microsoft SQL, machine learning and AI combination with cloud-based Power BI helps finance and banking firms to collect, store, and analyze real-time data.
The banking industry has leveraged many benefits of such adequate and secure data management. Some of them are measuring an employees’ or branch performance, increase sales, and marketing schemes at a faster pace.
7. Communications and Social Media
The invention of social media has created a unique opportunity around the globe to gather data from the customer itself. The simple feature of liking and disliking a piece leads to extensive content engagement feedback which has a lot of potential applications. The massive data collected based on demographics, provide valuable insights into consumer behavior, market trends, creating specialized products and more.
The on-demand music app giant, Spotify has used big data analytics to analyze and understand listener’s mood and generate customized suggestions.
Big data analytics solutions are the new way hotels and luxury resorts are understanding the underlying secret of customer satisfaction. Other than mining data of tourists stay to improve hotel services, yield management is the major implementation of data analytics to discover the impact of weather and local events in the guest’s visitation and stay.
9. Human Resource Industry
The power bi software collects and stores all information regarding employees such as basic, qualifications, achievements, role and more. This organized information assists companies to get any employee information in seconds.
The HR executives can also use the platform to evaluate performances, figure out if there is a need for hiring, or additional training or promotion.
In fashion, trends and styles are continuously shifting. This makes it difficult for buyers and clothes manufacturer to stay on top of the changing trends. Business intelligence analytics has been a big help to make decisions with better insights into the market and consumer buying patterns.
Brands are using bi and data analytics to create a product that stays relevant to current trends of outfits and accessories.
The applications and uses of Power bi and data analytics are limitless. There are many more industries which have been driving profit, increasing operations productivity and better serve their customers with big data analysis.
- Cruise Lines
- Video Games
- Public Utilities
- Telecommunication Industry
- Agriculture and Farming
- Oil & Gas industry
are some of the other industries which have been hugely benefited by business intelligence analytics.
Don’t think that if your business is not big or is connected with any of the above industries, data analysis is of no use.
Talk to our Power BI experts and find out how to better store, manage and analyze your company data.