A new study from APQC underscores the importance of business process management, alignment of strategic objectives, and strong use of analytics among the best practices driving bottom line results.
Big data doesn’t exist in a void. Collect all the data you want and without analytics capacity it won’t have much value. A good analytics program requires a combination of software, developers, and the skills and knowledge to use them. In a recent survey conducted by IBM, more than 75 percent of respondents reported using core analytics capabilities such as query, reporting, and data mining. More than sixty-seven percent reported using predictive modeling.
These days, it’s hard to read about new technology trends without coming across business intelligence (BI) or analytics – and for a lot of reasons, ranging from improved security to customer behavior analysis. But perhaps the biggest reason is improved business performance.
Since 2010, the IBM Institute for Business Value and MIT Sloan Management Review have fielded a study gathered from interviews with more than 4,500 managers and executives. These studies provide insight into how IT leaders can develop analytics programs that are successful. And by successful, I mean programs that provide information and assistance that can be used to power a data driven business.
Business intelligence has become a crucial tool for mining Big Data, which in turn is used to analyze customer behaviors, create efficiencies, maximize profits and accelerate productivity. In short, business intelligence has become a vital component in efforts to generate higher ROI.
Gartner has predicted that by next year, one-third of all business intelligence functionality will be consumed through a mobile device. This makes sense when you consider the types of business intelligence tools now accessible to everyone. Dashboards and other visualization features, for instance, help shape data into more pleasing and useful formats.
Mistakes and accidental discoveries have led to some of the greatest business innovations. Post-It Notes, the microwave oven, Velcro, Teflon and other huge, commercially successful products are the results of mistakes, happenstance and unintended consequences. These products have gone on to gross millions in sales for their respective companies and emulators.