Business Intelligence Leaders Prioritizing Initiatives that May Lead to Greater Adoption
Chad Cosper, VP, Corporate Development at Amplifi
Most companies would agree that enterprise data is complex:
It is growing in size at an exponential rate.
It is dispersed across multiple business applications, departments, and even geographical units.
It is not uniform across the enterprise and its size, structure, and type increase the complexity.
In many cases, data quality is lacking and many data types suffer from duplicated data and inconsistent details.
With this landscape, it’s not surprising that business leaders in marketing, operations, HR, and executive teams are turning to business intelligence and analytics platforms at an increasing rate. In fact, The market for business analytics is growing rapidly and is expected to reach $71.1 billion by 2022 growing at a CAGR of 6.9% from 2015 to 2022, according to Stratistics MRC. The promise that business analytics makes is to slice through the complexity and offer a platform to access meaningful, actionable data from reports and dashboards. The benefits of successfully implementing a business intelligence program are obvious, and those benefits drive the objectives that most business leaders point to for their analytics initiatives:
There Is a Paradox in the Business Intelligence Market
Make business intelligence a necessity, not a luxury: “Employees should be required to dive into data before making any impactful decision Whether it be forecasting hiring numbers or adjusting a product’s pricing, business leaders need to require that there is substantial proof from data that these choices will positively change the business.”
Promote business intelligence wins from the top down: “A powerful way to encourage the need for business intelligence adoption is to highlight success stories. It can make a strong impression on employees if company leaders call out projects that have made significant impacts on key performance indicators because they used business intelligence tools to help inform the project.
Continuous training: “If employees have a deeper understanding of the tools they are much more likely to use them. Not only that, but if employees have an understanding of how to filter data, perform deeper drill downs, and manipulate the data to discover insights that they find useful, they can lean into becoming a data-driven organization.”
A recent survey from the Business Application Research Center revealed the top objectives of BI leaders for 2019, many of which might help solve the paradox of user adoption. While the obvious candidates of data visualization and self-service BI are represented near the top of responses, so were 3 that might be somewhat surprising:
MD / DQ Management – As the old saying goes, “Garbage in, garbage out.” The quality of data being analyzed by BI tools can dramatically influence the insights being generated by the tools, so it shouldn’t be a surprise that analytics leaders reported that data quality and Master Data Management are their top priorities right now. So, what is Master Data? And, which MDM technology is right for your business?