BI - a double edged dilemma?

Nearly 90% agree that BI data offers a competitive edge but getting and using it effectively is a challenge, according to a new survey.

8 years ago Posted in

Business Intelligence (BI) data analytics users in the US nearly unanimously agree that BI data is important to their company. Almost 90% report that the value of BI data has increased significantly in the past 12-months, according to a new survey conducted by Clutch, a leading B2B research firm. But, when it comes to using BI solutions to analyze data, security and how to use the data effectively are the main concerns.

“Security becomes a challenge with BI data when companies do not implement processes to protect data proactively,” said Carl Paluszkiewicz, Director of Customer Value at Denologix.

Despite security concerns, BI data users see the value of incorporating BI data into their business strategy. Users rank improved efficiency (71%), better data management (64%), and more support for strategy development (52%) as the primary benefits.

Experts who reviewed the survey findings said the ability to make better business decisions is the key benefit that businesses can expect.

For example, collecting data about online behavior reveals how customers interact with your brand. Without this information, there are gaps in how a business understands its audience, according to Dean Abbott, Co-founder and Chief Data Scientist at SmarterHQ.

“With BI data, you have all the facts about your business in front of you,” adds Carl Paluszkiewicz of Denologix. “This means you can communicate more effectively internally and make decisions more quickly.”

However, pain points still exist for applying and using BI data effectively.

For starters, accessing BI data could be easier, according to the survey respondents; 43% of analysts say BI data accessibility is ‘somewhat simple,’ while only 24% say it is ‘very simple.’

“Improving data access requires creating clear processes for transforming data from its operational phase to useful business intelligence,” said John Keenan, Founder and CEO of Anthem Marketing Solutions. “It’s not enough to say, ‘We have a BI tool.’ What is the data path from operational to actionable?”

In addition, flaws in BI data can present significant challenges when identifying what’s relevant and being able to analyze it efficiently, according to 22% of survey respondents.

BI - a double edged dilemma?

Nearly 90% agree that BI data offers a competitive edge but getting and using it effectively is a challenge, according to a new survey.

Data strategy - the bridge to the post-pandemic economy

75% of surveyed CIOs struggle to unlock data insights within their organisation

Midlands Partnership NHS Foundation Trust selects Agilisys for business intelligence transformation

Data Decision Gap risks holding back economic recovery

Teradata forms global strategic collaboration with AWS

Half of enterprises cannot trust their CRM data for a single source of truth on customers

Online Forex broker Axi Moves to KX Insights

Sport Ireland packs winning punches with SAS