Business Intelligence Data a Valuable Tool, Say Analysts But Best Ways to Use It Raise Questions and Concerns
Nearly 90% agree that BI data offers a competitive edge but getting and using it effectively is a challenge, according to a new survey.
WASHINGTON, DC, May 24, 2016 — 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.
Clutch’s BI data analytics survey included 291 respondents who use BI data analytics tools for their jobs. Respondents who use spreadsheets or free web analytics tools only were not included. The study also addressed adoption trends, the most popular BI analytics tools, and satisfaction ratings.
The full results can be found at https://clutch.co/analytics#survey.
Clutch is a Washington, DC-based B2B research firm that identifies top service providers and solutions firms that deliver results for their clients. The Clutch methodology is an innovative research process melding the best of traditional B2B research and newer consumer review services. To date, Clutch has researched and reviewed 1000+ companies spanning 50+ market segments.