There has never been a time when data has played a more important role in how businesses strategize, market, sell and compete.
NB: This is an excerpt from our latest white paper: ''Eight keys to achieving business intelligence success in 2017". To download the full white paper, click here.
We live in a modern, fast-paced world that is driven by information, and businesses are producing large volumes of data every minute of every business day.
In fact, according to IBM, 2.5 quintillion bytes of data are created every day globally and 90% of the data in the world has been created in the last two years alone.
While companies have always gathered data in some form about their customers, products and markets, what they are collecting today is unprecedented in diversity and volume.
Given the number of sources creating and storing data, and the amount of data being produced, companies need tools that can help them more effectively aggregate and analyze their data. They need to be to turn the raw information into actionable insights so they can make more intelligent business decisions. Data is clearly on the minds of senior executives around the world, and it is shaping current strategies and future business agendas.
An Economist Intelligence Unit survey of 448 senior U.S. executives found that for 70 per cent of respondents, sales and marketing analytics is “already ‘very’ or ‘extremely important’ to their own business’ competitive advantage.” When looking forward two years, that number jumps to 89 per cent.
In KPMG’s CEO Outlook 2016 report, CEOs indicated that data and analytics are one of the top three investment priorities during the next three years. Despite the commitment to a data-driven enterprise, these same CEOs recognize that their companies are struggling to keep up as only 31 per cent felt their organizations are leaders in data and analytics usage. The report also indicated:
- One out of 10 CEOs actively distrusts their organization’s use of data and analytics
- Only a third have a high level of trust in the accuracy of their data and analytics, and
- One out of five have limited trust for nearly every aspect of the way their organizations uses data and analytics
Executives know that they need data and analytics to help their customers, shape strategy, improve their products and services, drive process and cost efficiencies, and eliminate pain points across their operations. They also understand that organizations that use their data as a strategic advantage perform better than companies that don’t. So, what will it take to implement a successful business intelligence program? What will companies need to change in terms of their operations or culture? What kind of technology will they need to implement? Who will drive and sponsor the program, ensuring there is accountability across the business?
These are important questions for any business considering embracing business intelligence and deploying a BI tool in the coming year. According to Gartner, 70-80 percent of BI projects fail, and it’s not just one thing that is causing such high fail rates.
There are a number of factors that determine BI success. This white paper will focus on the following eight keys to driving business intelligence success in 2017.
This has been a preview of our new executive/IT white paper on eight keys to business intelligence success in 2017.
To download the complete white paper, click the image below: