It is important for business owners to know what is happening in the daily operations of their business. There is a need for business intelligence to make important decisions that improve service delivery.
Operational business intelligence helps business owners and managers make informed choices using fresh data generated from current business operations. The data helps them understand their customer buying behavior based on what they are buying, where, how, and why they are buying. Here are examples of operational BI.
Use of operational business intelligence in the stock and forex market
The stock and forex markets are volatile businesses whose prices keep changing all the time. Due to the advancement of technology, traders in both markets take advantage of main markets across the world. A trader might be trading in the main US markets, the UK, China, and Australia.
Operational business intelligence becomes useful in such markets. The traders rely more on constant stock and forex analysis to make buying or selling decisions. More so, the analysis must be presented in real-time to be useful to the traders.
Operational BI leverages various tools to help with creating actionable insights in real-time. It uses business analytics tools, data tools, data visualization, and data mining tools.
By combining these tools, traders get insights that help them make data-driven decisions. They rely on the data to help them adapt to fast occurring changes and transform fast. A sensitive issue could happen to one of the major markets that can significantly affect stock and forex prices in the market. With real-time insights, traders can make quick decisions to sell or buy more.
Use of operations BI in the banking industry
The banking industry generates terabytes of data from its daily operations. They receive operational data from journal entries, ATM operations, invoices, statements, online banking, etc.
The enormous amount of data is useful to the bank, but it can also pose risks too. There could be leaking data, hackers could have accessed part of the systems, or there might be virus attacks in other sections.
Operational business intelligence plays an important role in financial analytics that helps with real-time business information. The bank’s managers use this intelligence to understand the reality on the ground, which helps in several ways.
It helps managers to take risk mitigation decisions. The banking sector faces constant threats from multiple places. Real-time intelligence helps the managers decide fast on what quick measures they will take to avoid serious problems. Some issues like hacking, virus risk, and other cybersecurity issues cannot wait for action later.
Operational BI helps decision-makers in the banking sector make operations and performance management decisions. Banks today connect with clients in multiple ways. They connect through telephone applications, internet banking, banking halls, cards, etc. The systems must be resilient enough to handle the millions of transactions recorded every minute.
The operational BI tools help constantly communicate transactional operations across the devices and platforms. The information generated helps the managers make operational and performance management decisions. It ensures the banking systems are healthy, effective, and following all operational procedures correctly.
Use of operational business intelligence in the manufacturing sector
The future of industry 4.0 focuses on the digital transformation of its manufacturing/production lines. It focuses on creating processes that limit errors, eliminate or reduce waste, add more value to products, and have an effective supply chain.
The sector relies a lot on operational intelligence in its manufacturing lines and more so on its supply lines. Manufacturers generate data from their current operations to help them achieve several goals.
Customers place bulk orders, which could still be in the production phase. After production, the products are packaged for shipment. They generate invoices and receipts for customers who have paid. Sometimes errors might occur and the goods find their way into the market.
The shipment department might release the wrong products for shipment. Operational BI continually generates data that is analyzed to help ensure a quality-driven environment. These errors can be detected before it’s too late and corrected.
Data is generated from the production machines, pulleys, elevators, robots, and pipelines. The data can predict when maintenance is required within the production lines. BI helps detect any potential machine failures. It detects when the finished products do not meet correct standards.
Improving customer service operations at the front office
The front office provides the first contact a customer experiences with a company. The service the customer receives at this level can determine if they will deal with the business currently or in the future. The front office handles most complaints from customers. Most customer orders also start from the front office.
The front office must provide the best service to customers using the best strategies. It is also necessary that this department gets real-time insights on what customers are saying or their experience with the business. From the insights, they can correct mistakes and improve service delivery.
Operational business intelligence provides customer-oriented intelligence gathered from multiple sources. The information comes from social media, emails, blogs, marketing platforms, and CRM tools.
An example is a hotel front office. Operations BI helps with tracking bookings, analysis, and interpretation of essential data. The data is essential for classifying customers. They can know which regions are attracting more customers, which demographics are booking more, and the general customer behavior. They can readily tell what percentage of rooms are occupied, which rooms guests prefer more, etc.
Taking advantage of marketing opportunities
Competition is increasing daily, making marketers use every opportunity available to strategically market. They use different techniques for marketing, but operational business intelligence plays a central role.
The quality insights they receive from operational BI data help them segment customers for customized marketing campaigns. They use the insights to build profiles and to create effective marketing processes.
Customer behavior can change suddenly due to various factors. With operations BI, marketers effectively find trends affecting customer behavior. They use the insights to measure how effective their marketing campaigns are across multiple channels. They use the data to get insights on competition in real-time for quick, data-centric decisions.