Your business is already full of data — and by taking the time to bring it all together in one place, you’re already taking big steps toward a more streamlined workflow and better customer service. In fact, many of the world’s major industries, from agriculture and oil production to retail and sales teams are using data science to increase profit margins. And while many organizations try and create their own systems for compiling this information in spreadsheets and outdated programs, it has never been easier or more cost-effective to make the switch to business intelligence software, which goes beyond helping you make more informed decisions and actually uses your data to predict the future. And no, we’re not claiming that these programs are psychic, but by mapping out what has happened in the past, they can use complex algorithms to come pretty close.
Broadly speaking, the more data you feed into the software, the greater accuracy you’ll receive. For instance, general sales data for a certain product would help you determine year-over-year trends, but if you break it down by month, week, or even day, you could map rises in product demand with certain days of the week, holidays, or even weather. And with Dyntell Bi software, the predictive analysis feature can determine results within +/- 10%, which is probably even better than having a psychic on staff, if you think about it.
It works like this: the software collects all of the information you have available and uses data mining, statistical, modeling, and machine learning techniques, along with some artificial intelligence, to analyze your current patterns over time and then extrapolate them into the future. Some companies are already using Dyntell Bi to inform their decision making, like a cable assembly business we support in Europe. This company posed a particular challenge because, since the cable assembly is largely done by hand, their finished product is the result of many individual processes that necessitate a streamlined, well-timed workflow and impeccable logistics. They knew that they could really improve production efficiency if they could predict which raw materials tend to run out fastest at which sites so that they could coordinate supply delivery without downtime, but the usage of raw materials depends on a lot of complex factors and external conditions, making it a difficult thing to estimate. That’s where Dyntell Bi comes in.
To solve their problem, the customer used Dyntell Bi to develop smart boxes that send real-time information into a data processing system which constantly extrapolates the expected exhaustion time for specific raw materials at specific sites. In more layman’s terms, as materials were used, that data was stored in the business intelligence software and tracked over time and site locations. After enough time had passed, the software aggregated that data in useful, visual ways. Knowing the quantity of planned production, the site position, and the expected output time, the system now automatically distributes the right amount of raw materials to the right place at the right time.
And this isn’t the only way that predictive analysis can help support a business. HR teams, sales managers, and anyone in your organization that has to make decisions that influence the future of your company can use the easy-to-read, data-driven visualizations created by Dyntell Bi without any training to become a spreadsheet expert.
So, can you foresee business intelligence software in your future? View or download a demo today to learn more.