A new industry study by EMC Corporation has revealed that many companies are still not utilizing or capitalizing on their data assets effectively – traditional BI tools are not delivering critical business information to the right people at the right time.
At Yellowfin, we’re making Business Intelligence (BI) adoption easy because we understand a few fundamental truths:
- Fostering a corporate culture based on fact-based decision-making is an intricate process – hard-to-use BI tools create a roadblock to success from the outset.
- BI Return on Investment (ROI) – is maximised when all business users have the ability to analyse the organisations data and to collaborate with their peers to discover insights that will drive market advantage and internal cost efficiencies.
The global study of almost 500 BI analysts and data scientists from across the UK, US, France, Germany China and India suggested that around two thirds of organizations are not able to utilize new data gathered to drive informed decision-making.
Key findings of the EMC study include:
Informed decision-making: A mere one in three respondents said they were ‘very confident’ in their organization’s ability to make informed decisions using newly generated business data.
Barriers to data driven initiatives: Thirty-two percent of respondents said their organization lacked the skills to take proper advantage of analytics driven initiatives. A further 32 percent said they lacked the necessary budget or resources.
Customer analytics: Only 38 percent of BI professionals and data scientists said they ‘strongly agree’ that their organization utilizes business data to learn about customers and underpin customer-oriented initiatives.
Business users barred from their data: Only 22 percent of data scientists and 12 percent of BI professionals surveyed ‘strongly believe’ that employees at their organization have the ability and permission to access and interact with business data.
Where to next?
To take advantage of your burgeoning data assets – and derive measurable and significant competitive advantage – support fact-based decision-making in your organization.
To do so, follow these four steps:
- Develop an organizational culture based on data-driven decision-making – abolish ‘gut feel’ and intuition as acceptable decision-making mechanisms and methodologies.
- Allow widespread access to business data – the more people who have uninhibited access to real-time (or near real-time) business data, the better equipped your organization will be to take advantage of, and capitalize on, shifts and opportunities in your business environment.
- Deploy a BI solution that caters for widespread deployments – scalability, ease-of-use and affordability are all critical factors.
- Deploy a BI solution that enables anywhere, anytime access to data and helps drive data sharing and collaborative decision-making – Mobile BI and Collaborative BI capabilities are crucial components that help maximize the ROI of any reporting and analytics program.
The EMC Data Science Community Survey interviewed 497 data scientists and BI professionals from around the world.
Contact Yellowfin at www.yellowfinbi.com and ask for our proven roadmap to assist you to successfully implement Yellowfin’s BI solution into your organization.