BI Trends

Top 6 Industry Applications for Analytics in 2021

By Logi Analytics
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In the past few years, data analytics platforms have gone from a nice-to-have to a requirement among SMBs and enterprises across almost every industry. With data becoming more available to business users, it’s becoming increasingly critical that users can gather, visualize, and analyze their data for quicker insights.

However, not all organizations have fully realized their analytics potential. Whether it was due to budgetary restrictions, lack of resources, or technological discrepancies, many companies have not begun (or re-evaluated) their analytics strategy.

But with recent innovations in data analytics software, applications across all industries can find the right analytics software for their use case.

Two Myths Preventing Organizations from Realizing Business Analytics

  1. Business Analytics software requires additional technical resources.

Years ago, that was very true. (And for some BI vendors, it’s still true.) Implementing business analytics used to require skilled IT professionals with extensive database knowledge to collect, prep, and analyze business data. The average end-user had to request any reports they needed. These requests would often overwhelm the IT department. By the time the reports were created, the data was already outdated.

For companies that don’t have the resources to hire or train employees, this stigma surrounding business analytics is enough to make it seem unattainable – exclusive only to large businesses and enterprises.

But modern business analytics software focuses on empowering the everyday user with self-service capabilities to create reports and dashboards without the need to involve IT. There are analytics tools that offers intuitive drag-and-drop interface for  non-technical users, or “citizen users,” to query, manipulate, and visualize their data easily.

  1. Business Analytics is too expensive.

Another reason many business decision-makers don’t consider business analytics software is because it can be extremely expensive, especially when there are or will be many end users. And with some BI vendors, that can still be the case.

Pricing for Business Intelligence can vary because each use case is different and certain requirements lead to different pricing. But it’s important to understand what those requirements are. The total cost of ownership of many BI tools depend on the number of users, the number of servers, and/or even usage or render per hour.

For companies with a few users, this can seem like an affordable option. But consider this: as your business grows, so will your BI costs. Your BI tool will foster your growth, and then penalize you for it.

Luckily, there are some business analytics software companies that understand that their software is an investment meant to deliver a high return – and their pricing model reflects this.

Regardless of your industry, business analytics can offer your company a pathway to growth. Here are 6 different applications for analytics across different industries.

Healthcare

Healthcare applications with data analytics enable the collection and analysis of healthcare data in order for medical professionals all across the care continuum to gain insights and support decision-making.

From key areas like medical costs, clinical data, patient behavior, and pharmaceuticals, data analytics tools can be used on both macro and micro levels to effectively streamline operations, improve patient care, and lower overall costs.

Healthcare data is the most complex of any industry. From electronic health records (EHR) to monitoring real-time vital signs, data not only comes from several sources but must comply with government regulations. It’s a difficult and delicate process and requires a level of security and connectivity only an embedded analytics solution can provide.

Key Features to Look For: Security. Healthcare data is under intense regulation. When it comes to BI security, the best rule of thumb is this: minimize the movement of the data.

Finance

Similar to healthcare data, finance data is often complex and sensitive. For organizations looking to leverage financial data into reports and dashboards with a data analytics tool, embedded solutions deliver the best outcomes.

With an analytics tool, financial planning and analysis becomes more sophisticated, leveraging historical and current data to help organizations make smarter, more profitable decisions. And with real-time data, financial opportunities rejuvenate as time goes on.

Embedded analytics can help with automating cash flow forecasting so business users can always be informed and adjust resource allocation and budgets as needed.

Key Features to Look For: Report automation can save finance organizations time and money by delivering visually-rich reports to clients on a scheduled basis. And much like healthcare, integrated security is a must-have.

Education

Even education can find immense value in an analytics platform. In education, data analytics software can deliver data-based insights that impact every part of education, from the student to the teacher to the board members.

By analyzing trends in preferences and performance, teachers can more easily and effectively reshape the curriculum to fit the students’ learning styles, leading to better performance and student satisfaction. For administrators, monitoring student enrollment figures and class sizes can help underpin resource planning and calculating funding requirements.

Key Features to Look For: Self-service reporting would allow education administrators and teachers to derive insights from their school and student data with minimal training. Since it’s safe to say many teachers are not data science pros, the analytics tool should be user-friendly, first and foremost.

Logistics/Supply Chain

Supply chain management (SCM) encompasses all activities and processes involved in moving a product from point of origin to point of consumption.

By implementing analytics software for supply chain management applications, organizations can locate inefficiencies, optimize operations, and make more informed decisions. Advanced analytics like machine learning can assist in answering complex questions and help to project and mitigate disruptions and risks.

Since SCM encompasses many different processes, a robust analytics tool can be of value to each one – from manufacturing to retail.

Key Features to Look For: Since the operations of so many businesses rely on an efficient supply chain, the best analytics platform for SCM would be one that offers predictive analytics and leverages machine learning to potentially solve issues before they arise. 

Marketing

Analytics in marketing applications leverage key marketing metrics such as CTRs, bounce rate, site traffic, and more to accurately track, measure, and analyze the performance of marketing campaigns and strategies.

CRM software like Salesforce or Google Analytics can help track marketing metrics like clickthrough rate (CTR), return on investment (ROI), and conversions. But by leveraging that data with a more robust analytics tool, organizations can achieve a more holistic view of their marketing efforts – and learn the value of each marketing dollar spent.

Key Features to Look For: Self-service functionality is critical for marketers since their expertise is likely not in data science. Marketers would also benefit most from an interactive dashboard displaying real-time data and KPIs.

Retail

Analytics tools for retail applications enable end-users to discover critical insights related to sales, inventory, customers, and more that improve decision-making and operations.

Whether e-commerce or a brick-and-mortar store, a retail application with data analytics functionality is quickly becoming a competitive differentiator for retail businesses. The hype of big data and predictive analytics promises to improve customer experience through personalized marketing campaigns and recommendation engines, resulting in increased customer acquisition and loyalty.

Key Features to Look For: Inventory management is a critical part of retail. When it comes to looking for the right analytics solution, scheduled alerts are a must-have feature. For example, if available inventory drops below a certain amount, an alert would automatically be sent to the necessary users.

Analytics for Any Application

All applications gather data, meaning all applications can benefit from leveraging that data in reports and dashboards for further analysis. As Business Intelligence and analytics tools become more flexible, powerful, and robust, there are several options for businesses to find the best tool for their use case.

Embedded Data Analytics with Logi Analytics

Logi Analytics is the leading embedded analytics software today, delivering a robust and intuitive platform to thousands of organizations across every industry. Our suite of products ensures that any organization can benefit from our modern embedded analytics platform.

For more information, schedule your demo today.

 

Originally published November 8, 2021; updated on November 11th, 2021

About the Author

Logi Analytics is the leader in embedded analytics. We help team put business intelligence at the core of their organizations and products.