Business Intelligence and Analytics is becoming one of the fastest growing professions in the for-profit, non-profit, government and corporate world. There was a time when CIO's and their teams would calculate figures purely on speculation. But since the 1960's, there has been an emerging demand for more comprehensive and inclusive data analysis. Today, this demand has given rise to the term "Big Data," with most organizations finding themselves sifting through terabytes of data sets and statistics.
Successful organizations have found ways to handle large amounts of data by streamlining their information and adjusting their methods. Large corporations like Google and Intel constantly use business intelligence and analytics to increase their potential for reaching strategic goals. Too many think of business intelligence and analytics as a resource for only big business, but the amount of information in every market has created a need in organizations of any size – big and small.
Don’t just think of technology companies when considering the use of business intelligence and analytics. Here is a list of ten professional fields that utilize this analytical approach to reduce costs and increase profits, showing the versatility of business intelligence training.
Universities and other institutions of higher learning have been successful at implementing a variety of BI/BA strategies. For example, these organizations leverage their data to reach enrollment goals.
Additionally, they look at data regarding different aspects of student life in order to improve the student experience, especially for first year students. In order to effectively address issues such as low GPAs and the rates of dropouts, schools all over the country analyze different forms of demographic information.
Government is one area of enterprise that has long been bogged down by an explosion of data. Recently, the Federal Government has been seeking innovative solutions to manage the magnitude of data to streamline decision making. One of the major goals of these efforts is to create an open source system for information, while also lowering the cost of governance. President Obama released a memorandum on May 23 2012, directed to the heads of Executive Departments and Agencies, to utilize emerging technologies to streamline public service. This trend by the Federal Government can only continue to increase as business intelligence gains more prominence.
Social media has added to the proliferation of data throughout the globe. This means that companies now have the opportunity to receive consumer information directly from customers, offering current data from the unique perspective of the consumer. This translates to a direct line to the likes and dislikes of different demographics, establishing huge quantities of actionable data. This data offers a valuable glance at market trends, creating the need for specialized analysts to focus on the integration of this data with current social trends.
One of the most recent directions in the food industry is the promotion of sustainability. In processing plants, business intelligence and analytics is being implemented to promote wise solutions for industry specific problems. Strategies utilized by the food industry increase sustainability, as well as KPIs that offer granular and automated data collection. Processing plants are concentrating on overall equipment efficiency, advanced quality management, variable cost management, and yield management. New government initiatives focusing on the development of "green" technologies has especially increased the food industry's desire for precision and efficiency.
Libraries all across the nation have started to adopt business intelligence and analytics applications to monitor the use of their resources. In order to offer the materials that their clientele are seeking, these libraries track and analyze what media is being used to increase their abilities to offer proper access of information to the public. Recently, libraries have seen a rise in the use of digital media, which has allowed them to collect a wealth of data regarding the needs and interests of their patrons. By understanding how people utilize their resources, libraries can better establish modern depositories of multimedia.
Cruise lines have adopted new techniques to increase their rates of repeat customers. This industry implements software that utilizes data mining and statistical modeling to better predict behavior of their current and prospective customers. By looking at different aspects of the cruise experience, these cruise lines can increase the amount of people who will sail with them again.
Since the "Nintendo generation," video games have undergone a revolution with regard to technology and their customer base.
With multiple platforms and numerous genres, video game producers need more effective ways to make decisions. Especially with the increased focus on MMORPG games, vast amounts of data have begun to pour in, enlightening video game producers to the experience their games offer. These data allow them to create marketing and production strategies focused on highly specific demographics. The use of business intelligence and analytics by the video game industry can only increase as this sector becomes more specialized and more competitive.
There has always been a tremendous amount of science behind the trends in the fashion industry. However, the increased use of business intelligence and analytics has offered the fashion industry more tools to help promote certain trends and assist decision making. For buyers, BI/BA allows them to understand the demand of their consumers, while for suppliers it has allowed greater insight and awareness of markets. Brands have also increased their use of business intelligence to create product lines that stay current with the rising popularity of different garments and accessories. This is essential if one hopes to stay on top of changing fads.
The mass transit systems of different cities around the country have given rise to a specific type of business intelligence and analytics known as transit intelligence. It is important for transit systems to analyze different data to increase their productivity. This data includes ridership information, vehicle maintenance, and route manifests. By increasing access to this data, transit services can create better schedule adherence, higher levels of profitability, and more effective services for the public.
Because the U.S. utility industry is regulated by government, there are countless compliance issues that require enhanced reporting and analysis. Needs for utility business intelligence and analytics include FERC accounts, specialized monitoring of equipment, as well as other regulatory qualifications unique to this industry. Although customary business intelligence and analytics techniques are useful in this sector, specialized strategies and applications are being refined and developed in order to address the unique concerns of public utilities and the people they serve.
Business intelligence and analytics is a fast growing field with career opportunities across diverse industries. It is one of the fasted growing professions in the United States and its aim is to leverage the value in data to improve competitiveness and organizational performance. To get the skills and advanced business credentials you need to take advantage of this field, obtain your Master of Science in Business Intelligence & Analytics from an accredited university.