Why Business Intelligence is the Key to Competitive Advantage

WHY BUSINESS INTELLIGENCE IŠ KEY FOR COMPETITIVE ADVANTAGE { Busi•ness In•tel•li•gence (1'biznəs | lin-te-la-jan(t)s\) n. is a set of theories, methodologies, processes, architectures and technologies that transform raw data into meaningful and useful information for business purposes. GROWTH OF BUSINESS INTELLIGENCE 54% Future reach of Business Analytics as predicted by Gartner: Of business $13.1 75% professionals say their company needs to be more analytics-driven to be competitive. BILLION Of potential users by 2020. Worldwide business intelligence total revenue in 2012.* Gartner also predicts that business analytics will further reach almost all of potential users after 2020 as we enter the realms of the Internet of *A 6.8% increase from 2011 Everything MANAGING DATA +30% OL SOURCES OF DATA By 2015, more than 30% of analytics projects will deliver insights Sources of data are rapidly growing both outside of and within based on structured and organizations unstructured data 1010 VIDEO DATA O O 011000 POS AUDIO SENSOR 101000 9010O TEXTS 10101 p010011 CLICK STREAMS Business intelligence and analytics will be essential in supporting the explosive growth in data sources 111 1DI0101D1O 010 101100 LOG FILES H0011 0JADEO 30% ANALYZING DATA LEADS TO ANALYTICAL INSIGHT 30% of mid-sized businesses say reporting analysis is the # 1 business analytics capability they are most interested in 59% REDUCE FRAUD Utilizing behavior and transactions to determine how likely it is that a transaction, person, or network is fraudulent 59% of CFOS chose facilitating analysis and decision making as the #1 process area that needed technology investment - which business intelligence can address RISK MANAGEMENT Using detailed data to measure credit risk for loans for each consumer POWERFUL DECISION-MAKING Being able to make decisions faster than competitors is a serious competitive edge FASTER, SMARTÉR DECISIONS 24% 47%* 47% of business professionals report dealing with slow or untimely access to information which impedes their ability to make decisions - which could be improved with better business intelligence 24% of mid-sized businesses say faster time-to-insight is what they want to achieve the most by implementing business analytics - more than any other benefit BENEFITS ALL FUNCTIONING AREAS 62% 65% 54% 30% OPERATIONS 22 % 16% 20% CUSTOMER SERVICE SALES & MARKETING Mid-sized business IT managers report which department would benefit the Where business professionals reported Self-Service Business Intelligence would be used most 17% 17%5 FINANCE PRODUCT DEVELOPMENT 22% PREDICTIVE ANALYSIS Not just reacting to changing market conditions but 22% of mid-sized predicting them will be a huge competitive advantage business report budgeting, planning, and forecasting is the business analytics capability they want Delving into predictive analysis can give a competitive edge by going beyond plain analysis TACKLING A TIGHT BUDGET ECONOMIC VALUE BI CAN ADDRESS Business Intelligence is a smart investment when downturns and tight budgets are pressing a company ROVED TECANOLOR INCREASE REVENUE Analytical Insight can maximize loyalty and revenue by extending the right offer at the right time to the right consumer, as well as build personal interactions between company and consumer REDUCE LOST SALES Increasing transparency in sales and analyzing why customers choose competitors can help to reduce customer defection R* 50% FOCUSING RESOURCES ENABLES COST DECREASES 50% of CFOS chose ongoing monitoring of business performance as a top target area for investment - which business intelligence would provide 83% 83% of business professionals reported easy access to data was an attractive feature of Self-Service Business Intelligence ADOPTING EFFICIENT BUSINESS INTELLIGENCE AND REPORTING IS VITAL IF BUSINESS WANT TO STAY COMPETITIVE AND AHEAD OF THE GAME REFERENCES htp://www.gartner.com/newaroom/id/2510815. htp://www.garinet.com/newsroom/id/2507915. p://www.gorner.com/newsroom/id/2488616 htp://www.gartner.com/newaroom/id/2313915. htp://www.cio.com.au/article/45755s8/using data analytics_ochieve compelifive advankoge/ htp://www.informationweek.com/whitepaper/Business-ntelligence/Analytica/businessanalyticsformidsizebusinesseschallenp1367509115lorticleiD-191708417 htp://www.infommationweek.com/whitepaper/Businessintelligence/Analytics/sellservicebusinessintelligence enpoweringusewp1375189891BorticleD-191739352 htp://www.informationweek.com/whitepaper/Business-intelligence/BusinessProcess Management/delivering-customervaluefaster-with bigdato-anowp1371671212laridelD-191738973 CREDITS: Rapid Prototyping by Andrew J. Young from The Noun Project; Light Bulb by Simple lcons from The Noun Project Fast by irene hollnan from The Noun Project Signpoat by Juan Pablo Bravo fron The Noun Proiect https://cisonline.bu.edu %24 12 OF THE TOP 20 AREAS THAT A SUPPORT EXAMPLES OF USING INSIGHT BACK OFFICE A (Operations, ,Supply Chain, Inventory. FRONT OFFICE (Sales, Marketing, Service& Support) MIDDLE OFFICE (Finance, Accounting, HR) REQUIRE