BI tools can help firms make timely business decisions and offer a more accurate insight into their finances, but around 50% of companies don't know how to use them properly. Herman Heyns offers some pointers.
New technologies and ways of working are changing the way that organisations compete. The growing need for reliable information, continuous market insight and the agility to react quickly are increasingly important for businesses worldwide. Given that half of organisations expect to adopt new business models within the next three years, according to recent KPMG research, the need for accurate insight into the business is only set to increase.
The business intelligence (BI) proposition is compelling; it can help deliver the right information at the right time to the right people; with an added potential benefit of reducing organisational processing costs and mitigating risk.
Despite this, the promise of systems that allow companies to consolidate and extract value from the vast masses of data they produce to improve decision making is falling short. Even though organisations around the world spend around $60 billion on BI ‘solutions’ a year, few of them are seeing the expected benefits.