5 Influential Companies that Use Business Intelligence

Some of the most successful companies in the world use business intelligence (BI). It helps them operate more efficiently, report higher average revenue, and make more informed strategic decisions based on accurate data analysis.

There are five companies in particular that have used BI in innovative ways recently: 

  1. Amazon
  2. Starbucks
  3. Netflix
  4. YES BANK
  5. American Express

By considering what made these companies so successful and analyzing the specific BI strategies they used, you may be able to replicate their successes. Here’s how each used business intelligence to gain the upper hand in their respective industries.

Companies That Use Business Intelligence

Amazon Uses BI to Optimize the Supply Chain

Amazon is known for using some of the most advanced, innovative technologies in the world. The same is true for its use of business intelligence technology. Amazon’s own business intelligence and analytics software (Amazon Web Services) analyzes all of the data it gathers across the supply chain. 

What makes Amazon especially noteworthy is that it had to overcome a set of challenges that very few companies face. Amazon has an incredibly large supply chain that includes more than 3 billion products sold in 11 different marketplaces. The company also handles online subscription services, shipping, manufacturing and storage, among many other systems. It’s a lot of moving parts. 

To solve this complex challenge, Amazon relies on thorough data collection and analytics and visualizations to generate insights into every aspect of the supply chain. 

The company gathers demographic data about customers interested in certain products. From there, Amazon uses BI and data analytics to determine where to store these products so that they can be shipped to customers quickly. The company also creates custom shipping routes based around these predictive analytics and geo-mapping.

What You Can Learn from Amazon

Even if your supply chain isn’t as complex as Amazon’s, you can use BI in the same way to supply your customers with what they need in a timely manner. Shipping and storage optimization also saves on transportation costs and prevents you from buying and storing more inventory than you can actually sell. By hiring an experienced BI and data analytics firm to perform these calculations for you, you’ll streamline your entire supply chain from start to finish.

Starbucks Analyzes and Predicts Customer Behavior 

While Amazon uses a complex data analytics system to address a wide range of pain points all at once, other companies that use business intelligence focus on more specific services. One example of this is Starbucks. When the popular coffee chain launched its rewards program—a loyalty card that offers customers rewards for every purchase—they used BI and customer relationship management systems (CRMs) to tailor this program to every customer. 

When customers used the card to make purchases, Starbucks kept a log of these transactions. Using detailed predictive data analytics, the company was then able to offer additional rewards and recommendations to customers based on their shopping histories. 

A customer who usually only buys a tall black coffee every morning will likely appreciate being given free in-store refills, rather than a free seasonal latte. Not only do these rewards increase the likelihood that the customer will visit the store again in the near future, but the company can also use this information to introduce customers to new menu items based on their tastes. 

What You Can Learn from Starbucks 

Purchase histories are powerful, but only if you have the right BI and CRM tools to analyze this data. This is especially difficult if you’re a small or mid-sized enterprise, because you may not have the resources or staff required to perform the analysis on your own. IT staffing firms that specialize in data visualization and analysis can help you create a portal similar to the one that Starbucks uses to help you track customer behavior.

Netflix Uses Business Intelligence to Improve Recommendations

Companies that use business intelligence often identify new ways to improve their services in response to the data they gather. A great example of a company that used this method to dramatically improve its services is Netflix. 

The video streaming company gathers massive amounts of data on their customers’ behavior, including which videos they click on or hover over, how long they spend looking for something to watch, which titles they type into the search bar and whether they make use of experimental services that the company introduces for the first time. 

For example, in 2018, Netflix began placing advertisements for other titles at the end of the titles customers just watched. The company carefully tracked how many users actively clicked on these ads or watched these previews to determine whether this was a feature they would keep. Netflix bases about 80 percent of its content on customer behavior and data gathered from its recommendation algorithm. 

What You Can Learn from Netflix 

The most successful companies that use business intelligence are those who can identify the metrics that matter most and measure them accurately. For Netflix, behavioral patterns like clicks, watch histories, search queries and time spent watching each title are some of the most important data. Your business might need to gather different types of data in order to be successful. An experienced business analytics and business intelligence firm will help you identify what the most important data points are and will help you find a way to track them. 

YES BANK Improves Internal Communications

Most companies that use business intelligence do so in order to better understand their customers’ needs. However, you can also use BI to improve your company’s internal operations. One company that made great use of this method is YES BANK, India’s fourth largest private-sector bank.

Before making use of BI, YES BANK employees weren’t able to communicate effectively with one another, which hurt their workflows. Each day, management information systems specialists had to download data from dozens of spreadsheets by hand, create reports, and send these reports to the company’s decision makers. This led to delays in processing, and increased the risk of data leaks at every point of the data transfer process. 

By implementing a new BI system, YES BANK was able to store all of its data in a warehouse and automatically generate reports from a user dashboard. Only authorized users had access to certain pieces of data. The BI tools also made it easier to see which actions needed to be taken to address problems as they arose.

What You Can Learn from YES BANK 

Using a new BI system, YES BANK made their data more actionable, less vulnerable to leaks and more efficient. Even if you feel that you understand your customer well, you can still use BI to improve your own internal communications and ensure that your employees’ time is valued.

American Express Detects Fraud with BI Software

BI tools are very effective when they’re used for loss prevention and fraud detection. American Express in particular has shown the impact that BI can have on these two areas. After implementing a new BI system, they were not only able to better protect their own finances, but also those of their customers. 

Using advanced algorithms and predictive data analysis, American Express is able to identify fraudulent uses of their customers’ cards in real time and automatically prevent future charges on the card until the customer is notified. This helps protect their customers and also reduces financial risk for the company.  

What You Can Learn from American Express 

BI tools can be used to track more than just customer behavior or internal workflows. By harnessing the power of predictive analytics, you can respond to fraud quickly and in some cases may even be able to prevent it before it happens. This is especially important for the banking and insurance industries.  

What Can We Learn from Successful Companies That Use Business Intelligence?

Companies that use business intelligence do so for many different reasons. Some use data to track customer behavior and figure out new ways to make them happy. Others use BI to improve internal communications and streamline the supply chain. Modern banking and insurance companies are even using BI to prevent fraud and strengthen security. 

What all of these successful companies have in common is their use of advanced BI tools and resources. In many cases, these companies turned to experienced IT firms that understand how to use BI effectively. When you ask reliable experts for guidance, you’re better-positioned to accomplish your goals.

If you’re ready to make the transition to fixed cost IT support, contact Tek Leaders today. Our highly-skilled team of IT experts offer our clients a full range of IT consulting services, including advanced analytics and 24/7 tech support. Or, if you have more questions about the IT services we offer, you can reach us by email directly.

Author: Shashank Reddy Tummala.

Shashank is the COO of Tek Leaders inc.He helps SMB’s to achieve their goals in their journey of Digital Transformation.

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The Advantages of Business Intelligence in the Insurance Industry

Some of the most successful companies in the world use business intelligence (BI), and the insurance industry is no different. Companies that use BI services and tools have many advantages over those that don’t, including: 

  • Better data storage options 
  • More accurate data analytics and reports 
  • Reliable predictive modeling

Business intelligence in the insurance industry is also becoming more advanced and accessible. Even small enterprises are able to reap the benefits of this evolving technology. Here’s why you should consider incorporating more BI tools and services into your existing infrastructure:

Business Intelligence in the Insurance Industry Boosts Data Storage

One of the most common reasons why business owners make the switch to fixed cost IT support is because it can lead to a reduction in total operational costs. The amount of savings you’ll see from these services depends on your business structure, strategy and the complexity of your IT needs. 

Insurance companies have to store and analyze a massive amount of data. For example, a healthcare insurance company collects information about a customer’s: 

  • Health history
  • Income
  • State of residence
  • Other demographic information 
  • Claims history 
  • Reimbursements

And this is just some of the data that the insurance company needs to consider before and after enrolling the customer in a plan. 

To collect and analyze all of this data, insurance companies usually use customer relationship management (CRM) systems and enterprise resource planning (ERP) technologies. The problem with using these different systems and technologies is that it’s very difficult to make the data actionable. Insurance companies first have to upload the data to one location so that actuaries, financial reporters, claims adjusters and other authorized staff have access to it. Then they have to process and analyze the data properly in order to draw the right conclusions from it. 

Business intelligence in the insurance industry streamlines the data storage process in the following ways:

  • You can set up an efficient data warehouse. IT firms that specialize in BI create a data warehouse that keeps all of your information in an optimized cloud platform. Data warehouse virtualization tools like Denodo keep your data stored securely on a remote server. 
  • You can choose who has access to different data sets. BI portals limit access to different types of data based on the authorization level of the user. Claims adjusters only have access to their assigned claims and financial reporters only have access to the financial data they need to make strategic decisions. 
  • Your data is more secure. You can choose to backup important sets of data on the server. You won’t lose any data due to poor organization or server failure.

In the insurance industry, proper data storage and organization is absolutely essential. Advanced business intelligence tools can help you keep your data safe and make it easier to draw meaningful conclusions from it.

Insurance Companies Use BI to Generate Accurate Reports

Another benefit of business intelligence in the insurance industry is that it simplifies the report generation process. Even relatively small insurance enterprises have to generate a wide range of reports, including:

  • Financial reports that track internal expenditures and profits generated from premiums; 
  • Operational reports that track staff workflows and productivity; 
  • Management reports that visualize data and enable managers to make high-level decisions; and
  • Insurance reports that track and analyze claims. 

To create these reports, you need to perform exploratory data analysis, predictive modeling, statistical analysis and other complex calculations. Furthermore, you have to present this data in visual form so that you, your staff and your investors can understand your findings. This is a time-consuming process that usually requires hiring a data scientist or statistician. 

With business intelligence, the insurance industry can generate all of these reports without having any data experts onsite. Firms that provide BI services use report generation software that performs these complex calculations for you—ll you need to do is supply the data. These firms make it easy to upload new data into the storage system and, when done let you create accurate reports within minutes.

BI Facilitates Predictive Modeling

While BI tools make it easier for insurance companies to store data and generate reports, some companies are using BI in more revolutionary ways. Predictive analysis is one of the most exciting benefits,and it will likely become the new industry-wide standard in the next few years.  

Machine-learning algorithms use past insurance claims to better predict customer behavior and incidents of fraud. These predictive models are superior to the actuarial models currently used throughout the industry. 

Actuarial models collect demographic data and assess risk based on broad demographic patterns. The predictions only change if the demographic data changes. Insurance companies also have to collect this data regularly to make the best predictions. Moreover, the data can be outdated or even inaccurate, especially if you’re basing predictions on self-reported customer surveys. 

By contrast, artificial intelligence (AI) and machine-learning models generate a specific predictive “score” for every claim. The more claims that an algorithm is fed, the more accurate its scores become over time. It doesn’t just base its scores on vague demographic information or surveys. It looks at actual customer behavior and claim outcomes to assess risk.

Insurance companies use this BI tool primarily for:

  • Underwriting risk 
  • Financial projection 
  • Product profitability models

If you want to take advantage of this emerging technology or any other BI services, then you should hire an IT firm that uses the most advanced tools. Some firms already use machine learning and AI, meaning that you can make use of this technology without investing in expensive licenses or significantly altering your company’s existing infrastructure. In this way, you’ll mitigate risk, streamline staff workflows and provide your customers with the highest level of service.

To find out more about the advantages of business intelligence in the insurance industry, contact Tek Leaders today. Our team uses advanced BI strategies, including predictive data analytics, to help insurance companies accurately assess and mitigate risk. Or, if you have more questions about the BI services we offer, you can reach us by email directly.

Author: Shashank Reddy Tummala.

Shashank is the COO of Tek Leaders inc.He helps SMB’s to achieve their goals in their journey of Digital Transformation.

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5 Questions When Considering Fixed Cost IT Support

Fixed cost IT support services can take a ton of work off your plate. When you hire an IT staffing firm, you’ll get fast, reliable technical support daily—and you won’t have to carefully calculate your IT budget every month.

However, while there are many benefits to fixed cost IT support services, you might wondering whether these services are right for your business. To make that decision, ask these five questions: 

  1. Are you looking for ways to reduce operational expenses? 
  2. Does your company experience frequent downtime?
  3. Is your current IT payment process complicated or time-consuming? 
  4. Are you satisfied with your current IT support process? 
  5. Which fixed cost service is right or your business?

By answering these five questions, you’ll know for certain whether a fixed cost system is the right choice for your needs.

Can Fixed Cost IT Support Reduce Operational Expenses?

One of the most common reasons why business owners make the switch to fixed cost IT support is because it can lead to a reduction in total operational costs. The amount of savings you’ll see from these services depends on your business structure, strategy and the complexity of your IT needs. 

To calculate your expected cost savings, consider whether your current IT support system is all-inclusive. In other words, your IT team should be able to handle all of your basic needs, ad-hoc maintenance, and servicing if something goes wrong. 

If you don’t use a fixed cost IT support system, you may pay more for these additional services. If you want to start analyzing a new set of customer data or generating financial reports more frequently, the IT support team may ask for more funding to meet these goals. This leads to higher operational costs whenever a piece of equipment fails or you want to pivot to a new business strategy

Your business should be flexible—not your IT budget. By paying a flat rate every month that includes a full range of managed services, you’ll ensure that your business is supported without dealing with any unexpected fees.

Does Your Company Experience Frequent Downtime?

Another question you should ask yourself is whether you’ve experienced any significant downtime in the past few years. What caused these incidents?

The most common causes of system downtime are:

  • Hardware or software failure;
  • Operational errors; and
  • Equipment damage caused by natural disasters.

A fixed cost IT support system can help you prevent at least two of these causes: Hardware or software failure and operational errors. That’s because reliable fixed cost systems include maintenance and operational services. With frequent maintenance, hardware (e.g., any given server) is much less likely to fail, leading to less downtime. IT firms use the most advanced software and keep it updated, causing fewer software-related problems. Finally, IT staff are highly skilled, meaning that they make fewer operational errors that cause downtime. 

Fixed cost IT support can even help you mitigate the effects of natural disasters on your daily operations. Your IT team is on call 24 hours per day to help you find solutions if you experience sudden, unexpected downtime. 

By staying up-to-date with your maintenance schedule and having a team of experts available to troubleshoot problems as they happen, you’ll see a significant decrease in downtime. This, in turn, improves your bottom line. 

Is Your Payment Process Complicated and Time-Consuming?

How much time per month does your accounting or HR department spend calculating IT expenses and processing invoices from IT firms? If you use à la carte services, this may complicate your billing process and waste valuable time and resources. You’ll have to pay for services individually as they are rendered, rather than processing just one predictable payment once every month. 

With à la carte services, you have to balance the company checkbook, ensure that the IT firm has received your payments successfully, and verify that you’re sending money to the right account or accounts. In the process, payments could get lost or checks might not be deposited in a timely manner, making it difficult to balance the budget. 

Fixed cost IT support services free up your HR or accounting department’s time and resources. They won’t have to track IT expenses or payments as carefully. Moreover, you already know how much the bill will be every month, so your accountants can earmark this amount. As an added benefit, the best fixed cost IT support providers accept direct, automatic payments, making the billing process a no-brainer.

Are You Looking for More Efficient IT Support?

Fixed cost IT support may also improve the quality of service you receive. How? Fixed costs incentivize IT experts to do their jobs more effectively and encourage you to take advantage of more IT services. 

When you pay an IT firm the same amount of money each month regardless of how much work they do for you, IT staff have to find the most efficient methods to meet or exceed your expectations. Having a streamlined workflow and performing frequent maintenance saves them time. 

This benefits your business because your system will run more smoothly. If you have any technical problems, then the IT firm will have to work harder to fix these issues, which decreases their total profits. With fixed costs, IT firms have an active interest in making sure that your system is working properly at all times. 

Fixed cost IT support also makes it easier for you to implement new technologies and use services like advanced data analytics. You might not request these services from an à la carte provider because the IT firm charges more for them. If these services are already included in a fixed cost IT support firm, then you can make use of them as often as you’d like. You won’t have to feel guilty about spending more on these top quality services. 

How do You Find a Reliable Fixed Cost IT Support Firm?

One final question you should ask if you’re considering fixed cost IT support is whether the provider you have in mind offers all of the services that your business needs. The best IT firms will include:

  • Data storage, integration, visualization and blending; 
  • Accurate, detailed data analytics; 
  • Customized visualizations, reports, dashboards and portals; 
  • IT consulting and offshore staffing; and
  • 24/7 maintenance and troubleshooting.

These services are essential for a wide range of industries. Many IT firms even go above and beyond by offering customized contracts tailored specifically to your business strategy and long-term goals. When you identify an IT firm that can offer you all of the services above or more, you’ll see all of the immense benefits of fixed cost IT support.

If you’re ready to make the transition to fixed cost IT support, contact Tek Leaders today. Our highly-skilled team of IT experts offer our clients a full range of IT consulting services, including advanced analytics and 24/7 tech support. Or, if you have more questions about the IT services we offer, you can reach us by email directly.

Author: Shashank Reddy Tummala.

Shashank is the COO of Tek Leaders inc.He helps SMB’s to achieve their goals in their journey of Digital Transformation.

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Cloud Computing vs. Cloud Storage: What Does Your Company Need?

If you’re looking for the best cloud computing or storage system for your company’s needs, consider the pros and cons of these systems and your organization’s goals. While both technologies have great benefits, you should think carefully about whether they are the right option(s) for you. Every company has a unique set of needs and requires a customized business strategy to address them. The same is true when you consider a cloud computing vs. cloud storage system. The system that most benefits one company may not necessarily benefit another, so customization is key. This guide will help you decide which technologies are the best to help reach your goals.

Cloud Computing vs. Cloud Storage

It can be difficult to choose between cloud computing vs. cloud storage because these two methods are so closely related. Most companies use a combination of [LINK TO cloud computing and storage systems WHEN LIVE] to get the best possible results. However, you don’t necessarily have to use both of these services; in fact, in some cases, it’s better to use just one. 

To determine which service is right for your company, consider the key differences between cloud computing vs. cloud storage:

  • Cloud storage is the process of storing your data on a virtual server. You may also have data stored onsite as a backup, however, all of this data also exists on the cloud just in case the onsite data is compromised. 
  • Cloud computing is the process of analyzing or using this stored data in the cloud. You can access your data through a virtual desktop or internet application. There is no hardware required and any device can access the data using a secure login and internet connection.

If you’re deciding between cloud computing vs. cloud storage, you have three options: 

  1. Implementing a storage and computing system at the same time. To use cloud computing, you need to have an effective cloud storage system in place first.
  2. Using a cloud storage system on its own. Cloud storage doesn’t depend on cloud computing–while computing can help you analyze and visualize your data, it isn’t a necessity. 
  3. Having both a cloud storage and an onsite storage system. The cloud storage system is the one you’ll use on a daily basis, while the onsite system is merely a failsafe–an extra layer of security.

But which option is right for your needs? By thinking carefully about some of the pros and cons of each system, you’ll make the best decision for your company.

Cloud Storage Benefits

Because cloud storage is a requirement for effective cloud computing, you should start by determining whether this method will benefit your company. Nearly every company can make use of cloud storage, especially now that there are numerous security protocols in place to protect sensitive data.

Here are some of the pros and cons of this system: 

The Pros

  • Your data is more accessible
  • You won’t have to store or organize paperwork 
  • Data analysis is faster and more accurate 
  • Sharing and collaboration is easier 
  • Data readings can be automated 
  • Employees spend less time managing data by-hand 
  • You’ll spend less money on onsite data storage resources
  • Your data storage system is more flexible and scalable 

The Cons

  • Cloud storage comes with a few unique security risks 
  • There may be a steep learning curve at first 
  • You’ll have to pay additional cloud storage fees 
  • The cloud storage option must meet your industry’s compliance standards.

As you can see, the benefits of cloud storage far outnumber the possible downsides and risks. Moreover, you can usually avoid most, if not all, of the challenges of cloud storage when you work with a trustworthy service provider. 

For example, in the past, healthcare providers weren’t able to store any patient information in the cloud because there were too many potential security risks. Now, however, cloud storage has become much more secure. A recent survey found that 84 percent of healthcare providers already use cloud storage in some form, and 69 percent say that they plan on moving even more data to the cloud. 

As long as the cloud storage service provider that you use is aware of your industry’s compliance standards, you should be able to safely make the transition to the cloud. Likewise, reliable service providers also handle all of the details of the transition for you, reducing the potential learning curve. 

And if your industry still requires onsite data storage, you can make use of both cloud and onsite storage at the same time. This does come with a few additional costs. Still, this option is better than maintaining an onsite storage system alone. You can use the cloud storage system to perform data analysis and maintain the onsite system only for backup purposes. 

An effective cloud storage system is one that is secure, intuitive to use and makes the storage process as simple and straightforward as possible. Unless your industry has strict rules banning the use of cloud storage technology, there is no reason why your company shouldn’t make this transition. It has become the new standard in almost every industry. 

The question, then, is not whether you need cloud storage, but whether you need both cloud storage and cloud computing. To answer this question, you’ll need to look more carefully into the pros and cons of cloud computing vs. cloud storage. 

Cloud Computing Benefits  

Here are a few pros and cons to think about if you’re wondering whether you need a cloud computing system: 

The Pros 

  • More detailed insights and accurate analysis results 
  • Faster analytics 
  • Fewer mistakes due to human error 
  • Cost savings on physical servers and hardware 
  • Predictive analysis leads to better efficiency and loss prevention 
  • The software updates automatically 
  • New technologies are easier to implement 
  • You’ll receive around the clock technical support 
  • There is no training required 

The Cons

  • You’ll have to pay additional cloud computing fees 
  • Your company may not need this level of detailed analytics

Not every company needs cloud computing. While this service can benefit the vast majority of industries, it may not be essential for running your business. The key to deciding between cloud computing vs. cloud storage is to think very carefully about what cloud computing can do for you. 

Most of the time, the added costs of cloud storage are well worth all of the benefits you get from it. Cloud computing may even save you money over time. For example, if you work with a massive amount of data and frequently generate financial reports, quarterly charts, risk analysis studies or demographic surveys, then cloud computing will have a significant impact on your business. Almost every company will save time and money when they hire a cloud computing provider to analyze and visualize data

However, if your company only needs to keep data on-file for future reference or to meet compliance standards, then cloud computing may not be as useful to you. This is rare, however. Most companies perform some form of data analytics, at least on an annual basis to see how they are performing and where they need to make improvements. 

For this reason, it might be a good option to hire a cloud computing firm whenever you need to create a new business strategy, conduct an audit or take a closer look at your data. Some firms offer the option to sign a short-term contract to complete a specific project. So, even if you don’t use data analysis very often, cloud computing can still be useful for running your business. 

Do You Need Both?

Because cloud computing and storage are closely connected, most businesses will benefit from using both of them in tandem. Moreover, cloud service providers usually offer both options as a complete package. The firm will upload all of your data into the cloud, create organization systems and applications to help you manage it, and then provide options to analyze this data and generate reports. This is likely the best option for your business, as all of the details are handled for you by the service provider. 

However, your company doesn’t necessarily need to use both of these systems. You should at the very least have a cloud storage system in place, but cloud computing isn’t as vital, especially if you don’t perform a lot of data analysis. In this case, it’s wise to hire a cloud storage provider to upload your data into the new system and perform routine maintenance and software updates to keep everything organized. Later, if you need to analyze your data more carefully or you’re dealing with a complex project that requires a higher level of data expertise, you can ask the firm for additional cloud computing help. 

How to Transition to Cloud Computing or Cloud Storage

Now that you’ve considered the pros and cons of cloud computing vs. cloud storage, you’ll need to find an IT firm to help you make the transition. No matter which option you choose, it’s important to work with a firm that offers both services. That’s because if your company’s needs suddenly change or you wish to scale up, you can negotiate with the firm and deploy the new system as quickly as possible. 

When you make the transition to cloud storage or cloud computing, you’ll discover the power of your data. Implementing these systems now will allow your company to stay competitive and optimize every facet of your data collection and analytics processes.

If you’re ready to transition to a cloud computing or cloud storage system, contact Tek Leaders today. We offer a wide range of cloud computing and storage services to our clients and will create a custom data management solution based on your unique needs. Or, if you need help choosing between cloud computing vs. cloud storage, you can reach us by email directly.

Author: Shashank Reddy Tummala.

Shashank is the COO of Tek Leaders inc.He helps SMB’s to achieve their goals in their journey of Digital Transformation.

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5 Tips for Effective Application of Business Intelligence in the Banking Industry

Since the crisis of 2008, the banking industry has been under pressure to avoid another crash. Industry leaders have had to guide their organizations carefully and adapt to a host of new regulations. They haven’t done it alone, however. Banking industry leaders have gained visibility into many challenges by using business intelligence.

BI offers the insights you need to predict future events, answer important questions, and make well-informed decisions. No matter what questions you’re struggling with, if you have data, BI can help you make sense of it.

Business intelligence is so good at interpreting data and creating insights, financial institutions have to use it just to stay competitive. It can help you understand your company’s current status and make predictions based on past trends. It can offer insights into customer behavior, measure KPIs and business performance, or uncover opportunities for growth. And those are just a few uses. As long as you have the data, you can create BI that helps you improve your business strategies.

5 Tips for Effective Application of Business Intelligence in the Banking Industry

Whether you’re applying new BI processes or software, or updating current ones, make sure to get implementation right. It can mean the difference between successfully transforming data into intelligence and letting potential insights go to waste. Your data is waiting to become actionable intelligence. Here are five tips to help make it happen.

One: Use BI to Know Customers Even Better

One of the best uses for BI is understanding customers. BI can help you respond to or anticipate their demands. Understanding customers through their data should be one of the first applications for your BI system or solution. Customers leave a long wake of data in their path. See what they likely need now, and will need in the future. Understanding what makes your customers tick will help retain them for the long term.

Two: Peer into the Future

With a BI system in place, it’s time to say goodbye to Excel sheets. They cannot to perform predictive analytics. So another key place to apply BI is in preparing your organization for the future. By analyzing data generated in the past your BI system can identify patterns and trends. It may even identify new opportunities for growth. By revealing patterns in past performance, you may come to understand which aspects led you to good or bad results. Understanding your organization’s past performance can prepare you for changing conditions.

Three: Raise Operational Efficiency

Banking is a competitive industry, with constant risks of disintermediation, market shifts, and regulatory changes. Organizations must take every chance to improve operational efficiencies. Use BI to analyze operational processes, and uncover potential savings and efficiency gains. There are ways to become more efficient all around us, hidden in the data.

Four: Improve Banking Products and Services

Your business is only as good as the banking products and services you provide. With BI, you can analyze huge volumes of data for insight into product usage. You can examine all revenue streams to learn which products and services are turning strong profits and which are struggling.

Five: Lower Risk

Your customers look to you to provide stability. Improving risk management can boost your reputation for fiscal responsibility. You might examine customer transaction histories for unusual behavior and fraud. You could evaluate a potential borrower’s level of risk. You could analyze credit reports, or use new data sets to develop investment strategies.

Business Intelligence vs. Business Analytics: Which Do You Need?

Use BI for These Applications and More  

Following these tips can help you get the most value and usage out of your BI system. BI can help you answer a lot of questions, run a lot of what-ifs, and solve a lot of problems. However, it only works when your BI system, strategy, and software are implemented properly.

To learn more about how to effectively apply BI in the banking industry, contact Tek Leaders today. Our team of experts will help you create an effective business strategy centered around detailed data analysis. Or, if you have more questions about our data analytics services, you can reach us by email directly.

Author: Shashank Reddy Tummala.

Shashank is the COO of Tek Leaders inc.He helps SMB’s to achieve their goals in their journey of Digital Transformation.

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Transforming Your Next Quarter with Real Time Analytics

Next quarter is always on the way. So it’s a good time to ask questions and examine your data. Are sales or product performance in a slump? You may be looking for business strategies to pick up next quarter’s pace. Or maybe things are going well and you want to maintain steady growth. Either way, you can use real time analytics to gather data that can help transform your next quarter.

Real time analytics are powerful tools that not only gather live data but turn it into useful information. They offer a picture of what’s happening across your business or customer base so you can react to change or proactively create progress. Next quarter, draw upon a history of insights to help you plan your strategy.

Real time analytics foster a more data-driven culture that can help make next quarter more successful. Here’s how they can help you plan for your company’s future and make business goals a reality.

Real Time Analytics Unlock a Host of Opportunities

Real time analytics draws the information you need from your data. It starts the moment data is acquired, creating intelligence that’s nearly immediate. That helps minimize risk and downtime, while speeding decisioning and reporting.

Real time analytics unlock opportunities and supports a variety of technologies and industries, including:

  • Retail—Leverage live information about customers to raise customer satisfaction levels
  • IT—Analytics are used to enhance hardware and lower latency in memory chip architecture. 
  • Applied Science—Predictions and models based on complex data with many variables, such as in hurricane forecasting

Your organization will have unique uses for real time analytics.

How to Transform Next Quarter and Beyond

Real time analytics can align your organization’s people, processes and technology through business intelligence. Your organization can outline a targeted goal, devise a strategy for getting there, and unite everyone to achieve it. Analytics-generated intelligence can help guide you along the way.

When using real time analytics to transform your company’s future, enact a governance process with well-defined accountability. This will help you to prioritize and manage data investments. You can refine your application and process architectures to adapt as needed and conditions change. There are self-serve analytics tools and powerful structured analytics solutions to help you do it all.

If you’re having trouble getting your system to generate the intelligence you need or are unsure of how to action those insights, ask an analytics expert for help. With many insights comes a lot of value—but only if you know how to apply them.

If you find future-quarter planning hard, it may be time to start using real time analytics. Drawing conclusions from data gathered in the present and in the past will give you a good idea of what the future will look like.

Are you ready to minimize risk, make decisions faster and avoid downtime through real time analytics? Thencontact Tek Leaders today. Our firm specializes in data visualization and reporting capabilities, helping make your data more actionable. You can also reach us by email directly.

Author: Shashank Reddy Tummala.

Shashank is the COO of Tek Leaders inc.He helps SMB’s to achieve their goals in their journey of Digital Transformation.

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