Jan 18, 2021
about 4 min read
Leverage business intelligence in application development
In today’s competitive world, operating without business intelligence puts your company at a great disadvantage. Particularly now that virtually all top application development companies are applying business intelligence to make highly functional apps for their clients. Even Grab, a leading technology taxi company in Southeast Asia, has been applying business intelligence in their application. Let's dive into how we l can keep up with the hottest trend in application development through the following article.
So first, what does Business Intelligence mean?
Business Intelligence is a process/system of technology that enables the analysis and presentation of information to help the organization's managers and users make business decisions based on facts rather than assumptions and feelings. Business Intelligence directly impacts the organization's strategic, tactical, and operational business decisions.
Business Intelligence includes a range of tools, applications, and methods that allow organizations to gather information from internal and external systems; get ready for the analysis; develop and run queries against the data; create reports, dashboards and visualize data to provide analytics results for users and decision-makers.
Overview of the current trend of leverage Business Intelligence in application development in the world
Today, with the huge development of new technologies in application development such as Big Data, Artificial Intelligence, and Business Intelligence, many businesses have realized the value of effectively utilizing the power of technology in business administration. Most application developers and software outsourcing companies are building a strategic solution for mobile applications to have the most convenient and easy access to important data.
Leading application development companies as Grab are expanding their scope by using business intelligence tools to help them not only analyze and access data sets but also show results analyzed in maps, charts, summaries, and reports, giving them the most overview and details about the business situation. Grab currently holds one of the region's largest databases. Every few seconds, millions of GPS coordinates are collected from users of applications such as GrabBike, GrabTaxi, or GrabHitch. This allows the company to analyze customer behavior and mobility patterns in each region.
Obviously, this is an unstoppable wave. It impacts every business so much that people are caught up in ideas they can execute with loads of data at their disposal. The more users spend their time online, the more data is produced and provided. Basically, these pieces of information are aggregated by user activities including what they see, what they watch, what they read, the amount of time they spend performing these tasks, and the ability to keep using an app.
A business will not understand the importance of this information until it is possible to realize the steps that can act properly to transform them by combining data such as analysis, machine learning, data science, business intelligence, big data, etc. to create a better picture of their users. Essentially, they are using these new-age technology tools to effectively observe and analyze how their customers interact with their applications.
Examples of Business Intelligence used in practice
A hotel owner uses Business Intelligence analytics applications to collect statistical information on room occupancy and average room rates. It helps find the total revenue generated per room.
It also collects statistics on market share and data from customer surveys from each hotel to determine its competitive position in different markets.
By analyzing these trends year by year, month by month, and day by day, it helps the management to reduce room rates.
When a business has a lot of information and databases that its employees want to see, but depending on the hierarchy that decides what they are allowed to view.
A manager cannot manage thousands of employees with the information they receive. To be more effective, this information needs to be stored and distributed according to each person's authority.
You can use CRM software to assign rights to employees. When they have the right to receive them, they can view all the documents or information.
As business intelligence becomes more and more popular, many companies rush to deploy to automate and enhance their workflows and increase work efficiency. If not, their company will fall behind and drop potential customers into the hands of competitors. With every project, every industry, there will be many solutions for your business based on business intelligence software to solve many tasks and give your business a competitive advantage in the market.
At Golden Owl, we are proud of our extensive experience in building solutions for websites and mobile applications. Our consulting team is ready to provide you with suggestions that fit the project and bring your ideas into reality.