Better Data – Why it Matters
indicate significant growth in 2010 for the overall market and all products.
The overall sales came in at $10.5 billion with SAP’s BI product still ranking
in the number one spot. Gartner notes that not only is the economy improving
and therefore spend is increasing, but there are also some priority shifts
happening in the market. Dan Sommer, Principal Research Analyst at Gartner
indicated that “BI spending has far surpassed IT budget growth overall for
several years, and it is clear that BI continues to be a technology at the
center of information-driven initiatives in organizations. Vendors aggressively
market their capabilities in this area, so revenue growth is as much a function
of vendor push as a demand pull.”
devise an efficient and nimble way to track data and make more accurate
projection for the overall health of their business. So, with this in mind,
what can the right Business Intelligence, Analytics, and Performance Management
software truly do for a company? Why is it worth the shift in dollar spend?
- Better data means an increased ROI. In today’s constantly changing economy and global
competitiveness, no one can afford for data generation to take days or weeks.
Companies need to process information rapidly and with as little staff cost as
possible. By automating the process of data generation and providing managers
with transparent information, companies automatically cut costs but also
identify other areas of their business where they should focus dollar spend,
improve processes, or adjust resources to provide a better service or more
effectively sell a product. Improved decision making capabilities and ways to
improve processes to build customer loyalty can make the difference between a
company succeeding or failing in today’s fragile marketplace.
- Better Data means better cost control.
We’ve all seen the case studies where companies saved millions by using their warehouse space better,
or outsourced staff and seen an impact on the bottom line. But what about the
company that installed a new BI system and suddenly realized that the rebate
incentive plan their marketing company had been issuing for the past five years
was actually costing them money? What about the company that began using GIS
based analytics and instantly saved money on repair and maintenance of their
transportation equipment? Accurate timely data provides that big picture and
drill down capability so that the management team can better understand what
the right choices are to better run the business.
- Better Data Means a
Let’s face it. The economic downturn of 2008-2009 left us all feeling a bit
uneasy about the economy as a whole. We saw large institutions need financial
assistance from the government, and many of those we knew lost jobs. Investors
are still a bit skittish today, and we all have a collective feeling of wanting
to rebuild. While no one can predict the future with 100% certainty, companies
can strive to ensure that they are making smart decisions with their capital
investments to produce good results. In a global market, staffing costs,
material investments and management of our businesses can make the difference.
Profitability is essential to survivability. The right tools to forecast
expenditures and revenue stream, ensure the right amount of staff are hired and
trained, and equipment and warehouses are being used to maximum capacity has a
direct impact on profit, investment potential, and a companies’ ability to
With the increase of BI, Analytics and Performance
Management software on the rise, it is evident that it is viewed as a pinnacle
competitive advantage for companies in the industry worldwide. What steps are
you taking to ensure that your company will maintain its edge and have the
information it needs to thrive?