Companies that successfully implement a business intelligence solution make better business decisions and are more likely to outperform or outlast their competitors. Executives of medium-sized companies as well as DAX 30 corporations are familiar with monitoring and analyzing corporate data and the term "Business Intelligence" is naturally familiar to them.
In its most basic form, the topic of Business Intelligence comprises the analysis of raw data of a company in order to generate usable information which is the basis for important business decisions. It is therefore about relevant sales figures, customer purchasing habits and general operating and personnel costs. Important key factors that can be useful in creating predictive analyses for the future of a company. Advantages for the long-term orientation of the company and the use or integration of a Business Intelligence solution are:
In many sectors, such as mechanical and plant engineering, industry or the service sector, solutions for "Business Intelligence" have been firmly integrated as a controlling/company management tool since the beginning of the 1990s in order to better understand market conditions, to take advantage of profit opportunities, to be able to compare costs with previous years and, of course, to make profits. The enormous added value was recognized at an early stage and industry-specific IT solutions were designed in such a way that costs could be optimized in a plannable manner.
Companies such as UPS or DHL use Business Intelligence to increase efficiency and productivity in the traditional delivery of their parcels. Challenges are identified in the system, where inefficiencies arise are identified and then strategically reduced. By means of Business Intelligence, travel times and scheduling are shortened and running costs such as personnel or fuel costs are significantly optimized.
A well-known quote from an article in the world is as follows: "Usually our tours go right," says a spokesman for UPS Germany. This way, many collisions with other road users can be avoided. Statistics show that crossing oncoming traffic is one of the main causes of accidents. In addition, according to UPS, "right-hand traffic" saves time, which in turn reduces the consumption of petrol or diesel and thus also reduces the emission of pollutants - even if in some cases this makes the route longer.
By using Business Intelligence, Artificial Intelligence and Corporate Performance Management, customer interactions can be supported up to lead scoring, customer segmentation, cross-selling recommendations for lifetime value and a profit-loss analysis. Data-driven decision making provides the right information at the right time.
We at CoPlanner offer with our software solution an intelligent controlling web interface to display information from different systems. Successful corporate decision-making processes are displayed in a user-friendly, flexible and content-related manner.
Information about sales figures, user behaviour or bottlenecks in deliveries are important, usable insights from Big Data / Data Warehouse and of central importance for successful companies. By continuously measuring success, understanding assignments as well as processes and identifying clear patterns, companies can significantly improve or expand their sales, distribution and general administration.
As they say in youthful jargon: Everyone wants to swim in front of the boat - no company wants to miss new opportunities, but how can you make sure that these opportunities are recognized before you're hung up? The continuous and careful analysis of customer and company data helps to better understand customer behavior and offers them the opportunity to recognize what their customers really need in the future. Whether it's predictive analytics, artificial intelligence or data that reveals service or production gaps, these business intelligence insights have the tremendous power to help companies effectively stay ahead of the trend.
Companies that successfully implement a business intelligence solution tailored to their needs make better business decisions and are able to outperform or outlast their competitors.
Companies with a corresponding company size and from any type of industry will have to continuously deal with business intelligence systems individually adapted to their needs if they want to grow and become more agile. To get the most out of their companies, mastering BI developments and controlling tools will be the key to success for companies worldwide. This is a very exciting market we are experiencing, and news such as artificial intelligence in controlling, machine learning or customer analytics will continue to grow.
Tim Erben, Head of Marketing, has been working for CoPlanner Software und Consulting GmbH since 2019. Prior to that, he was Head of Digital Marketing at pmOne AG for over 9 years and worked for various companies in the fields of Business Intelligence, Performance Management and Enterprise Content Management. Tim Erben focuses on topics such as corporate / online marketing strategies, modern marketing: content, automation and analytics to drive growth.