Why Business Intelligence is Key for Competitive Advantage
In today’s ultra-competitive world, it is vital that businesses succeed in finding ways to stand out from the competition. Business intelligence is key to gaining this advantage and is becoming increasingly important to the success of businesses in every industry.
ABOUT BUSINESS INTELLIGENCE
Business intelligence represents the systems and tools that are important in the strategic planning processes of a corporation. All in all, it is critical for the successful running of a business. Statistics from worldwide research support this. The research focused on certain areas such as the growth of business intelligence, management of data, decision-making and budgeting. Here are some of the findings:
GROWTH OF BUSINESS INTELLIGENCE
- Current statistics show that there was total revenue of $13.1 billion worldwide due to business intelligence practices.
- Many people are currently adopting business intelligence practices and it is predicted that 75% businessmen and women will employ the use of Business Analytics by 2020.
- Currently, 54% of business professionals believe that their companies need to be more analytics-driven to stay competitive.
MANAGING DATA
- By 2015 30% of analytics projects will provide business insights based on many types of data.
- 59% of CFOs agree that Business Analytics addresses the most crucial areas of business operations, which are decision-making and facilitating analysis.
- 83% of business professionals reported that easy access of data was one of the attractive features of Self-Service Business intelligence.
To learn more about gaining a competitive advantage through business intelligence, checkout this infographic created by Boston University’s fully online Master of Science in Computer Information Systems.
As read on Boston University Metropolitan College.