Nearly 90% of Business Intelligence (BI) data analytics users agree that BI data offers a competitive edge, but getting and using it effectively is a challenge, according to a new survey.
Applying and using BI data effectively
Almost 90% of the BI data analysts that took part in the survey, conducted by Clutch, reported that the value of BI data has increased significantly in the past 12 months, but when it comes to using BI solutions to analyse 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.’
Although, according to John Keenan, Founder and CEO of Anthem Marketing Solutions, you can overcome the data accessing issue by “creating clear processes for transforming data from its operational phase to useful business intelligence.”
Adapted from press release by Jordan Platt