This Business News Story Was Uncovered By Us From: http://www.youngupstarts.com/2019/10/17/why-companies-are-putting-so-much-money-into-business-intelligence/
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Organizations are increasingly investing in business intelligence (BI) — either by deploying new platforms or making improvements to their existing systems. Why are companies putting so much money into BI these days? The short answer is that an effective data analytics strategy fuels growth; how a group approaches data is a competitive differentiator.
According to Forbes research, 85 percent of companies with a successful, enterprise-wide data analytics strategy are experiencing revenue growth of seven percent or higher. In stark contrast, less than a quarter of companies who are self-admittedly lagging in their data analytics strategy can say the same. The takeaway? Data-driven businesses are seeing higher growth, among other outcomes.
Top BI Objectives for Companies Today.
Looking at what companies are trying to do with their BI is a great way to understand the potential of this technology — which in turn helps explain why so many organizations are making it a priority.
Here were the top BI objectives for companies in 2018, according to a study from Dresner Advisory Service:
Better decision-making
Improved operational efficiency/cost savings
Revenue growth
Increased competitive advantage
Enhanced customer service
And here were the top BI technologies and initiatives companies are using to pursue these objectives:
Dashboards
Reporting
End-user self-service
Advanced visualization
Data warehousing
Modern business intelligence platforms are poised to help companies meet these objectives because they give employees self-service access to features like search-driven analytics (which can answer typed and spoken queries in seconds), interactive visualizations, automatic artificial intelligence-driven insights, embedded analytics, and more.
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