Four Business Intelligence Software Statistics Every Business Owner Should Know About
Have you invested in a business intelligence solution yet? If not, the following statistics will more than likely convince you to do so. And if you have started using a business intelligence software tool, these statistics should give you a better idea of how your business can benefit from this technology.
- Nucleus Research conducted a study to determine whether or not business intelligence is a good investment. The study found that businesses were getting a little over $10 back for every dollar invested in analytics. The study found that businesses were getting excellent ROI on business intelligence regardless of their size or sector.
- Info Tech looked at the cost of failing to adopt business intelligence. Three out of four businesses will suffer from not using software for compiling, analyzing and reporting due to the amount of time required and the risks of errors.
- Business intelligence solutionsare switching to the cloud and to the mobile platform. Cloud-based products are projected to grow and become a market worth $2.94B by 2018 while mobile solutions and social business intelligence will rank slightly lower.
- Businesses with the highest ROI for business intelligence tools are the ones who focused oncollaboration and who used reports to upgrade their IT equipment. On the other hand, the businesses with the lowest ROI for their spending on business intelligence are the ones who adopted a “wait and see” attitude instead of actively using the data.
Statistics show that business intelligence represents a huge potential for growth. However, a lot of businesses fail to benefit from collecting and analyzing data because they do not use this information efficiently. This is why businesses can benefit from using the services of business intelligence experts who can recommend a relevant tool and assist business owners in getting the most out of the data that is collected. Contact us if you feel that you could benefit from these services.