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But don’t get me wrong – this doesn't mean that a company is selling your data (well, unless you’re Facebook). Creation of customer profilesīy collecting the data of customers that come to your firm to make a purchase, it’s possible to start forming their profiles. This means a company can avoid investing 80% of its time on useless tasks, which leads to a massive increase in productivity.
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What it describes is that 20% of our efforts are the ones that are going to give us fruits or sales at the end of the road, whereas we dedicate 80% on strategies that aren't going to provide us with any value at all.īy using the data analysis that comes with business intelligence, we're able to see what our 20% objectives are and what's giving us the best results. To explain this better, I'm going to use the 80-20 theory by Italian economist Pareto. This led to different teams picking up the data that was interesting to them and creating business intelligence strategies that have a positive impact on the company as a whole. In some of today’s leading startups, like GetYourGuide in Berlin, data became decentralized and shared throughout the entire company. The data would either end up in the hands of the wrong person or would be tossed aside even though it was incredibly valuable to certain teams. It also caused waste and mishandling of data. First of all, it was a waste of effort and time put in by the IT team as they didn't have the knowledge or resources to understand how and where the data could be used, therefore, shooting in the dark. In the past, data creation was mostly overseen by IT teams who would receive data and decide what they could do with it. In this section, we’re going to take a look at how different firms and companies have used the advantages of business intelligence for their benefit. This is made possible by sharing the data analysis with the entire company, which enables every department and section to take advantage in various ways that are most appropriate for them. When this data is reviewed and analyzed, it's used to develop processes of automation and improvement. In a nutshell, business intelligence is studying the data that is created through transactions in a firm to create reports, analysis, and software. Even if the following description might not be full, you'll be able to get an understanding of what BI is through the business intelligence examples that we’re going to discuss later. Jump into such a complex concept such as business intelligence is impossible without first establishing what it is. In this article, we're going to be discussing multiple business intelligence examples so that you can see the functionality yourself and pick one that works best for you.
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One way of doing this is by using Business Intelligence (BI).
#Give two examples of business intelligence applications software#