4 Interesting Industries Harnessing Business Intelligence Software
When people picture business intelligence (BI) software, they tend to first think about it in a setting like a bank or a retail headquarters. And they’d be right in thinking these industries are doing whatever they can to turn data insights into tangible value.
But these industries are far from the only ones doing so. Spoiler alert: Every industry is looking to capitalize on the mountains of stored data they have on hand. And that requires better BI.
Here are just four examples of interesting industries currently harnessing BI to revolutionize how they operate.
Universities want to admit candidates who’ll succeed, so they’re turning to data to help with admissions decisions.
And, as Saint Joseph’s University notes, data analytical models “provide a more consistent approach to evaluating applicants than the traditional method of review by committee.” Rather than having to resort to only manual selection of applicants, higher education institutions can now harness the speed and reliability of data-driven decision-making in this area.
Major players in the energy vertical are using better data analytics to understand pricing fluctuations for products like oil, which allows producers to seamlessly meet market demand. Every cent counts in such a competitive and tumultuous industry, which is why energy providers are also depending on data insights to help them reduce costs and reduce risk.
Here’s one case study: Oil and gas leader ExxonMobil uses business intelligence software from ThoughtSpot to give its engineers and managers the ability to analyze production based on historical performance, target volumes, etc. The end result? ExxonMobil is able to optimize production based on these data-driven insights they’re able to pull thanks to advanced BI.
Hotels are using data to boost occupancy rates and market more effectively.
First of all, the ability to dig deep within guest data allows hospitality organizations to understand who their best customers are—the ones who bring higher lifetime value to the hotels at which they stay. Is it better for a Vegas hotel to market to “high-rolling” vacationers, or business people who spend less per trip but will return multiple times per year, year after year, if the service is good? Data can certainly help this hotel find out.
Data analytics is also revolutionizing hospitality by helping companies price optimally/ automatically—and identify anomalies, like weather events, that present an opportunity to market to people conducting local searches for lodging in a pinch. Some hotels have even overhauled room features and layouts based on the ability to analyze guest feedback.
Ever wonder how food trends emerge? One day, you’ve never heard of an ingredient or company; the next, it’s going viral and everyone wants a piece. Well, restaurant businesses have increasingly been using BI to better understand consumer preferences and purchasing behavior. This helps them stay ahead of the curve on trends by offering the products and recipes people most want to consume, which can drive higher ratings and more positive customer perceptions of their brand.
In fact, there are many ways to put BI and data analytics to use in the wide world of food service. Here are just three, outlined by Wired:
- Choosing the Best Ingredients: Researchers used data mining to understand the relationship between bacon and dish ratings. Using over 900,000 rankings as data, the project found bacon does boost the rating of sandwiches to which it’s added; it does not boost dessert ratings.
- Manufacturing Tasty Recipes: Chefs and food manufacturers have used data-driven analytics and machine learning to create recipes within certain parameters, then test them out in the kitchen.
- Making Business Improvements: Chains are embracing data to help them improve operations—like simplifying the drive-through experience, improving efficiency and anticipating spikes in demand.
You’d be more hard-pressed these days to find an industry not using BI to streamline expenses, improve operations and increase profitability.