Innovation Alphabet
Business Intelligence
in a nutshell
A smart business means efficiency: Business Intelligence represents the ability to collect up-to-date data, present it in easy-to-understand formats, and deliver it in a timely manner to employees. Executing data-driven management decisions and processes leads to competitive advantages, reduces inefficiencies, and improves productivity and services at every level.
Application Fields
• Data visualization: The graphical representation of data utilizing visual elements such as diagrams, charts, and maps to make information and trends more understandable. In a business where everything relies on data, visualization tools are critical for analyzing large amounts of information and making effective, objective decisions.
• Data mining: This is a process in which relevant and accurate information is extracted from a very large amount of data through automated or semi-automated methods. Data mining enables the discovery of active trends both in specific industries and the company as a whole.
| Feature | Data Mining | Business Intelligence |
|---|---|---|
| Purpose | Exploring and formatting data to find answers to business problems | Interpreting and presenting data to stakeholders to inform data-driven decisions |
| Focus | Identifying new KPIs | Demonstrating KPI progress |
| Volume | Processing small and specific datasets for targeted analysis | Processing relational databases to track enterprise-level metrics |
| Results | Unique datasets in a usable format | Dashboards, graphs, charts, reports |
• Competitor analysis: Taking a scientific and numerical approach can also be useful in analyzing competition in the same market sector to understand the choices, strategies, and actions of key rivals. The data collected on competitors can be utilized for one’s own marketing plan.
Industries
• Business Intelligence in the Retail Industry
Lotte Corporation is a South Korean multinational company operating in the retail sector. By implementing Business Intelligence tools, it has experienced an increase in consumer loyalty levels and a $10 million increase in sales. This started with identifying the reasons that led to shopping cart abandonment and other previously unresolved issues.
• Business Intelligence in the Construction Industry
Colombian building materials manufacturer Grupo Argos made the decision to transform itself into a smart business in order to leverage data and improve performance. Using big data, it gained a more lucid and in-depth view of customer behavior, increased standardization and automation, and reduced time and costs. The result was a competitive advantage in the cement market.
• Business Intelligence in the Aviation Industry
Sabre Airline Solutions, founded in Texas in 2000, provides Software-as-a-Service (SaaS) solutions for the aviation industry. Since this is an industry that travels – literally – at high speed, it has become essential to possess data regarding consumer habits in real time. Additionally, there is critical information to be managed such as passenger reservations, revenue issues, flight management, network, and crews. Sabre is remedying this by using Business Intelligence tools.
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Business functions
• Business Intelligence in support of shipping services
New York Shipping Exchange is a company that leverages technology with the goal of improving the process of shipping overseas, especially with remote locations. Before utilizing Business Intelligence, processing and data entry were completed manually. By automating these processes, the company tripled the volume of shipments between Asia and the United States in 2019.
• Business Intelligence in support of communication
Stitch Fix is a California fashion company that offers products according to customer preferences, collected first through a survey followed by purchase data. Business Intelligence was selected in order to decrease the number of returns. Through deeper customer profiling, the company has significantly reduced returns and reached a customer base of 3.4 million shoppers in 2020.
• Business Intelligence in support of the Customer Experience
Expedia Group is an American online travel company dedicated to individual and small/medium business customers. Its goal was to offer an online experience as good as the quality offered by offline organizations. By choosing a Business Intelligence strategy, they gained access to real-time Key Performance Indicators and cross-departmental communication.
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Check out more of the Innovation Alphabet:
3D Printing
3D Printing
“3D printing” is a process carried out by an electronic device which, instead of resorting to the canonical ink, it molds almost any kind of material: from concrete to living tissue, most usually plastic, but also metal. And the operating principle is similar to that of a traditional printer. The creation of three-dimensional models can lead to the redesign of a company’s production capabilities.
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5G
5G
5G is the new frontier of cellular telephony. It was designed to improve (or completely replace) previous generations of mobile networks. The 5th generation features lower latency, ensuring flawless performance of business applications and many other digital experiences – thus enabling the new cultural generations to furiously play Fortnite away from home.
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Advanced Analytics
Advanced Analytics
The term “Advanced Analytics” refers to the ability to autonomously or semi-autonomously analyze data and content to identify correlations, develop analyses, predictions, and recommendations. It is not just a matter of collecting information and then organizing it into watertight compartments: the ultimate goal is to identify a dialogue pattern from a data-driven perspective.
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Agile
Agile
Agile is an approach to software development designed to respond to change. Teams quickly analyze the context in which they operate, identify uncertainties faced, and figure out how to adapt to always move forward. Interaction between individuals comes before processes and tools; collaboration with the customer is more important than negotiating contracts.
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Ansoff Matrix
Ansoff Matrix
The Ansoff Matrix is a marketing planning model that arises from the intersection of new and existing products and markets. It derives four possible strategies for expanding the company’s market, which are built around four variables with a changeable factor of risks and possibilities: existing product, new product, existing market, new market.
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Artificial Intelligence
Artificial Intelligence
Artificial Intelligence is not strictly defined. Basically, it is a computer system able to make decisions in an independent and flexible way. A good AI application can perform everyday tasks better than an average person (e.g., identifying other people from their photos on social media or beating the best chess player). Nothing to fear, then. Unless you are a chess champion.
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Artificial Scarcity
Artificial Scarcity
We often tend to desire what we cannot have. Or what we are in danger of losing: Artificial Scarcity is a strategy that flaunts a limited number of items that do not correspond to actual availability. The goal is to stimulate the perception in consumers that the stock of items is about to run out and thus create a need based on the “fear of being cut off” or the intention to buy the item in order to resell it at a higher price.
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Attack Surface
Attack Surface
The term attack surface refers to the part of a system that may be subject to attack or breach by hackers. The smaller that surface is, the easier it will be to protect it. Indeed, the Internet is an ocean of deep, dark waters: those who navigate it must be aware that they are exposing themselves to a flood of digital risks. Yet, ironically, we do not need a big boat to shelter us.
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Augmented Reality
Augmented Reality
Augmented Reality is an ever-evolving technology that overlays multimedia information on top of our common sensory horizon to gain a deeper understanding of our surroundings. No, it doesn’t allow you to step out of the Matrix dream simulation, nor can it be accessed by swallowing a red pill. But neither is it the disturbing experience of the Playtest episode of Black Mirror.
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Balanced Scorecard
Balanced Scorecard
In business, as in life, you need balance. The Balanced Scorecard is a holistic tool for strategic management. It offers, in fact, the possibility of assessing corporate performance in its wholeness. An overview that embraces four perspectives: the business/financial side, customers and stakeholders, internal processes, and learning and growth.
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