Insights have been turned into actions.
And that's what this blog talks about- the application of predictive analytics in business and the top 4 industries leveraging it.
Sectors Leveraging BI and Analytics Services
While we've always been taught that prevention is better than cure, it is now that the healthcare sector has taken prevention to another level.
Business intelligence tools help in creating risk scores based on biometric data, lab testing, patient-generated health data, and data provided by healthcare providers.
The crucial questions about demand always hovering about the minds of retailers are "Why, what?
BI – is a process of data analysis used by enterprises to get the visual information that helps executives, managers, and other users to make the decisions based on business insights.
The concept involves all the processes starting with revealing what kind of data you need, how to collect it, how to use it and how to keep it.
Business Intelligence and Data Analytics – what’s the difference?
Below are the main advantages of using business intelligence tools:
Optimization of internal business processes
Determine the market trends and insights
Every data has a story within it and the Business Intelligence (BI) tools are particularly designed to help you get to the story in your data.
BI software does the difficult job of pull and process data from a diverse type of systems including SQL databases, data warehouses, unstructured data, documents, images, files, and many more data sources.
Small businesses held back the idea of employing BI tools for their business needs either due to their modest budget or simply thinking they do not need them.
Here’s how small enterprises are benefitting with Business Intelligence tools:
Customer Satisfaction With the power of BI tools, businesses can get insights into what customer is expecting and use this valuable information in redesigning the processes and product strategies to cater to customer demands.
Financial Budgeting Business Intelligence solutions offer predictive analysis that can process historical data and forecast the financial budget accordingly so as to keep the bottom-line at an acceptable level.
