5 Successful Business Intelligence User Companies
Business intelligence (BI) has been around since the 1960s, and we’re now in the age of big data. By 2020, it’s estimated that 1 million businesses will be using BI, so there’s a good chance that your business already uses BI tools to get real-time information on customers and competitors and track business performance. If you’re thinking about implementing BI at your company, then take inspiration from these 5 successful companies that are using BI to their advantage. They may just surprise you!
1) Bank of America
In 2011, Bank of America reported that its data warehouse had reduced overall loan approval times from more than a month to about 10 minutes. The bank also has noted cost-savings as a direct result of BI software; in one instance, it was able to eliminate a costly third party by using data from its BI systems.
Those aren’t just anecdotes: a recent study by business intelligence and analytics software firm Infor found that companies with advanced analytic solutions in place are five times as likely to report operating margins of 5% or better, versus peers. That same report also revealed that 80% of those surveyed said data insights had helped them identify growth opportunities—and nearly 70% said their businesses were more profitable because of it.
2) American Airlines
American Airlines was one of America’s first major airlines, back when commercial flights were still a novelty. It started in 1930 and for many years was known for its innovative approach to flying, including developing early versions of an inflight entertainment system. In 2012, American Airlines adopted IBM Cognos business intelligence software to better manage its sales and support of partners. This is how American Airlines saw a huge ROI by using business intelligence software.
3) Kimberly Clark
Kimberly Clark is a Fortune 500 company based out of Dallas, Texas. It is best known for its development and production of personal care products like diapers and feminine hygiene products. In 2014, Kimberly Clark was selected as one of four leading companies in building their business intelligence system. According to Mckinsey & Company and World Economic Forum Global Information Technology Report 2016/2017, Kimberly Clark has been listed in the top six companies that have successfully implemented business intelligence solutions.
4) L'Oreal
True to its name, L'Oreal has a lot of skin in the game when it comes to cosmetics. The company uses business intelligence to track industry trends and make decisions accordingly. As you might imagine, BI helped L'Oreal decide on new investments for sales force training and recruiting in foreign markets—decisions that directly affect profits. Using BI software means L'Oreal can get access to information quickly and doesn't have to wait around for reports from other departments. Given how important sales are for companies like L'Oreal, anything that can speed up information flow is going to be hugely impactful.
5) DBS Bank
DBS Bank Ltd. is a Singaporean multinational banking and financial services corporation headquartered in Marina Bay, Singapore. It is one of four government-owned banks in Singapore, collectively known as G4S. DBS has over 600 branches, with a presence in 19 countries across the Asia Pacific. It is ranked among the 50 Most Innovative Banks by Banking Technology for its DBS Go app and was named Top Ranked Digital Bank for two consecutive years at The Asian Banker Digital Banking Awards 2016 & 2017. In addition to that it also won 3 awards out of 4 nominations at The Asian Legal Business - Corporate Awards 2016 for International Trade Law Firm of Year - Asia, Corporate Social Responsibility Initiative of Year - Asia, and Human Resources Practice of Year - Asia
