Dave Henschen, the executive editor of InformationWeek, released InformationWeek’s 2014 Analytics, BI, and Information Management Survey in Q4, 2013 to preview how organizations expect to capture, analyze, report, and act on their data. The utilization of business intelligence plays a significant role in all four of these aspects. The main takeaway from the study shows the trend towards less complex and more visual analytics.
2013 was a big year for analytics and Business Intelligence (BI) products as 35 percent of survey respondents have standardized at least one analytic or BI product throughout their company. This is up from just 30 percent of organizations going into 2013. Clearly organizations are finding value in Business Intelligence tools as 97% of responding organizations deploy analytics and BI in some capacity.
The biggest concern with analytics and BI is the data quality, as 59 percent of participants considered this the biggest barrier to successful analytics/BI initiatives, up significantly from 45 percent the previous year. Ease-of-use, scaling, and integration/compatibility challenges each rose as over 40 percent of organizations reported problems there as well.
Data quality and finding the right ‘fit’ for an organization is key, as over 85% of participants plan or currently use BI for forecasting, business activity monitoring, and financial analysis. A disconnect occurs when employees are not fully invested in the BI solution/process. Over 85% of respondents use spreadsheet or reports (HTML/PDF accessed online) to share analytic and BI insights. While no one will argue that these mediums would be low, only 55% of the same group uses embedded BI to share the same information.
The value of Business Intelligence tools is clearly appreciated, as most organizations have or plan on implementing some type of BI tool in 2014, but with 47% of respondents claiming that advanced analytics expertise is scare & expensive, these tools have to be simple to use and easy to understand. SBS Group can help your organization find the right Business Intelligence provider with our extensive BI network. You can contact us for more information and see how ZAPBI can help provide BI support for Microsoft Dynamics AX in our upcoming webinar.