The business intelligence (BI) market in Australia is growing, as an increasing number of organisations recognise the value of deriving insights from their company data.
Gartner figures predict that the BI software segment will be worth US$443.5 million (AU$579.4) in the country by next year. The data showed a 5.4 per cent increase in revenues for the sector between 2013 and 2014, with Australia the largest market for BI solutions across the Asia-Pacific region.
But what separates the best from the rest when it comes to using these platforms effectively? Here are three of the key factors that could bring your BI capabilities to the next level.
27 per cent of high-performers forged partnerships with data analytics specialists
1. The right tools
Businesses that want to leverage their data must have access to sophisticated and well-integrated software. According to a 2015 EY report, 47 per cent of leading analytics enterprises have established tools that are updated regularly.
Meanwhile, only 14 per cent of other companies could say the same. EY highlighted the importance of focusing technology efforts on enabling smart decision-making, which the firm said is the ultimate aim of analytics.
2. The right people
The EY study also recognised the value of harnessing data analytics skills within the workforce. People with BI and analytics experience were among the most highly sought-after candidates in a recent Hays Australia Quarterly Report.
Meanwhile, more generally, highly skilled ICT applicants are in short supply across Australia. Australian Computer Society and Deloitte data revealed the number of graduates with these qualifications is on the decline, despite ongoing increases in demand.
3. The right training
Even with the best tools and people in place, businesses can still struggle to get the most out of BI solutions without comprehensive training. EY noted that the top 10 per cent of data analytics leaders were more likely to invest in on-site seminars, workshops and off-site education programs.
Mentoring from analytics professionals was evident among 39 per cent of the best-performing companies, compared with just 25 per cent of other organisations. Similarly, 27 per cent of high-performers forged partnerships with data analytics specialists, while only 19 per cent of their competitors did likewise.
Working towards better BI
Enterprises that wish to optimise their approach to BI must address any shortcomings they may have in their tools, people and training processes.
This is why consulting with experts provides significant value, as they can conduct an objective analysis of businesses’ current set-ups and offer advice on how to make crucial changes to improve performance.