Countless articles have been written about the growth of data analytics and business intelligence and their impact on countless companies, from small businesses to large enterprises. But, just like in any other area of a business, the only thing that really convinces anyone is hard, measurable facts. A picture is worth a thousand words as they say, and in business, the same could be said about visual data. So here are a few "pictures" of what BI can do.
1. BI can put palm-readers out of business.
Using data from 32,000 days of GPS readings taken from 703 people driving 396 vehicles, Researchers from the University of Rochester and Microsoft found they could predict where someone would be with 80% accuracy, wait for it... 80 weeks into the future.
While this seems a little bit like showing off, forecasts like this could have valuable business applications. Knowing a customer's location in the future could allow travel companies to offer custom-tailored deals or promotions for that destination, putting them miles ahead of the competition. The same would be true of knowing clients' buying habits during a given time of year.
2. Average ROI for BI Projects is over 1,000%.
Studies by Nucleus Research continue to find that the average business intelligence initiative returns over $13 for every dollar invested in it.
This one doesn't really need any explanation. You will be hard pressed to find another investment that returns over 10x on the dollar for your business.
3. Organizations without BI experience one or more negative consequences
An effective implementation of BI improves the reliability of your business statistics, improves daily operational efficiency, and enables timely decision making. Without BI, those areas suffer.
Neglecting to implement BI can cost a company dearly. IT research group Info-Tech reported that companies that lack or poorly manage their BI initiatives often report inaccurate or unreliable insights, misinterpret their own data, and face overwhelming complexity. Conversely, the benefits BI can provide specific increases in efficiency and productivity.
4. Companies who use BI make better, faster decisions than those who don't.
Using BI is a common denominator of leading companies. From quick, effective decision-making to bottom line performance, BI analytics help companies distance themselves from their competition.
A study by Bain and Company found companies that effectively use analytics are 2X more likely to have top-quartile financial performance, 3X more likely to execute decisions as intended, and 5X more likely to make decisions "much faster" than their competition.
If you are in a dogfight for market share with your competition, you need to make the right investments —the ones which will put you ahead of the pack. The numbers speak for themselves; BI is a good investment.
5. BI is only getting bigger. Much bigger.
The BI industry is projected to continue its explosive growth:
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The BI software market is expected to exceed $27 billion by the end of 2024.
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That revenue is expected to grow by at least 5.5% by 2029.
Businesses all across the globe are realizing the potential benefits of business intelligence, driving the projected growth in the BI/Big Data industry. These businesses are seeing impressive ROI, improved decision making, and separation from the competition resulting from their BI investments. Now is the time to look into deploying business intelligence. If you wait, you may end up having to play catch up.
If you have any questions about business intelligence or want to find out how Power BI can help your business, contact Blue Margin.
Infographic from Bain & Company report (Source: forbes.com)
Image Source: eirecham.com
Source: https://www.betterbuys.com/bi/business-intelligence-stats/
(Thumbnail Image Source: preventncdfoundation.org)
