Business intelligence (BI) and analytics is indisputably impacting businesses across the board, from higher education to finance to healthcare to customer service. Research confirms the market is booming and, in many cases, will represent the key to achieving a number of organizational goals in the year to come, from increasing customer acquisition/retention rates to identifying innovative revenue streams and more.
Investment banking firm Redwood Capital, for example, forecasts the global BI market to reach approximately $20 billion by 2018—up from approximately $14 billion in 2013. Even more, business analytics—including enterprise analytics, BI and data mining—was listed as a top area of IT spending for 2015 among IT execs polled by ComputerWorld.
So, why are so many companies, including your competitors, getting in on the BI and analytics action?
- Gain necessary insight to make the most impactful business decisions: You cannot improve efficiency, identify new business opportunities or address challenges 100 percent without the necessary insight. Every business decision should be made in an informed and tactical way so that it leads to the best possible outcome. You simply cannot make the best calls without the necessary information—data, trends, patterns, etc.—that show you just what needs to be done and how so.
- Flourish from the inside out: BI and analytics allows IT to drill down into business processes at a very granular level, leading to more impactful insights, but this plethora of data can also be used to make actionable changes to your internal teams. Making sense of this data for improving operations is certainly encouraged, but you can also dig deep into such things as your intranet portal to see how your employees are working to improve satisfaction and productivity. Research shows that satisfied employees directly correlates with more satisfied customers—and that leads to greater profit.
With more execs looking to make insightful, targeted decisions in the year to come, BI and analytics will become part of many growth strategies. But this doesn’t mean all business owners know how to leverage key insights and integrate them into business processes for growth potential. A strategic IT vendor can help with this. For instance, at AAJ, we have a team of BI analysts that work personally with clients to craft a step-by-step BI approach that guarantees they can take action and deliver results.
Click here to connect with our team of business intelligence analysts today—we would love to keep the conversation going with you!