Companies have been increasing their spending on business intelligence (BI) for many years now. You don’t have to look hard to find evidence of this movement – for example, Gartner recently announced that the total value of the BI and analytics market will be $16.9 billion by the end of 2016. That’s a staggering number, and it’s the product of exponential growth year after year.
Some business leaders don’t fully understand the benefits of allocating space in their budgets to BI.
Having said that, there are some business leaders who are on the fringe of this movement, hearing the buzz but not necessarily joining in. In many cases, this is because they don’t fully understand the benefits of allocating space in their budgets to BI. They’ve heard the buzz, but they don’t necessarily understand the specifics.
If you already have some sort of mechanism in place for analysing data, such as folders full of Excel spreadsheets, what will convince you to do more? What are the particular reasons to invest in business intelligence that you’re not thinking of? This piece will explore them.
Getting rid of the guessing game
Are you curious about why you should invest in business intelligence? Here’s one clear reason – it helps eliminate the “guessing games” that happen all too often in business.
Say, for example, you’re trying to project how your sales will look in 2017, so you can use that information to create a budget. If you guess and you’re wrong, it can have a serious negative impact on financial planning. But with business intelligence solutions, it’s easy to look at historical data and make projections. From there, you can move forward with confidence.
Finding actionable information right away
The goal in BI is to find information you can act on quickly. If your sales clerks are trying to make deals, you want them to have accurate, up-to-date information at their fingertips that they can use instantly to inform their tactical decisions.
Enterprise solutions for BI have made that easy, which means there’s no longer any lag time with data analysis. Information can be collected in near time, and your company can take action. It’s that simple.
Gaining a key competitive edge
Another one of the key factors behind business intelligence investment is the need for companies to have a leg up on their competitors. If a rival business is trying a new strategy in an effort to one-up you, it’s important to find out quickly and respond.
Visual Analytic BI solutions make this easy. Enterprises in 2017 can be agile and responsive in the competitive marketplaces they operate in.