To begin the discussion on why it’s now a mandate for businesses to adopt business intelligence and how to effectively evaluate the adoption – let us talk about what is business intelligence?
Business intelligence is essentially a tool that transforms data into actionable insights. It is a collection of methods, architectures, strategies, and technologies used to turn raw data into relevant information. This information is then used to facilitate effective and strategic decision-making in businesses.
Speaking of business intelligence adoption – there’s clearly a lack of it. But it shouldn’t be the scenario. Why?
Here are some facts to back the statement:
- Gartner has forecasted the Global revenue of the business intelligence and analytics software market to grow to $22.8B by 2020.
- Zion Research has stated that the Business intelligence software market is growing at a compound annual growth rate of 8.4% (2016-20121) and is estimated to reach $26.5B by 2021.
In spite of the aforementioned, Business intelligence adoption is at 30% in the majority of businesses.
Business Intelligence Adoption
As we witness the lack of adoption of business intelligence across organizations – it is evident that businesses ( irrespective of their sizes) are not leveraging the data they’re producing. Business intelligence is packed with tools that can bring in greater insight into businesses – reveal hidden patterns and unveil what has never been understood.
Currently BI is rampantly creating revolutions across industries. But one facet where it generating maximum waves is the – customer behavior. It does so by predicting buying outcomes. The more businesses know about their customers, the greater is their efficiency towards serving them.
How can Business Intelligence impact your organization positively?
- Business Intelligence can help in determining the return on investment for the marketing strategies of your business. This is imperative – now more than ever before. The market is now saturated with tools that claim to market (grow) your business. And to know what works and what doesn’t – there cannot be a better method than BI.
- There’s way too much data available for businesses to chew on. Need not mention, if processed in the right manner – it can reveal tons of relevant facts and patterns. This is why you need Business intelligence. It helps you to navigate through the sea of data that is growing at an exploding rate.
- Business intelligence also comes into play when you’re trying to form a powerful sales strategy. It helps in undergoing business research that will, in turn, lead to anticipate objections if any.
- The best part about Business Intelligence is that it is crucial and beneficial to executives and owners both. It helps you to make more informed decisions than ever before and thus achieve formidable heights in a fragile market.
How to Evaluate Business Intelligence Adoption?Here are 5 ways for you to Evaluate Business Intelligence Adoption
#1. The number of Unique Userswebsite’s landing page. Once that is done – find out the % of people who have the data access and actually use the analytics tool. There are high chances that this percentage of people will below. As per a Gartner report – in 2017- only about 32 per cent of employees in an organization had adopted analytics.
#2. Average Session Duration
eCommerce brands deploy an excellent way of telling if their business is getting traction or not – it is to determine how much time individuals spend on the landing pages of their websites. The good part? You can do that too by evaluating how do users spend time while they are logged onto the Business Intelligence platforms. Evaluate whether they view dashboards, enter queries, or click on interactive charts to identify whether they’re actually involved or not.
You can also gain insight by checking the average session duration of individuals. If it’s low – the reason maybe they’re coming across problems with the usability of the tool. In this case, you should be giving them additional training on how to use the tools and then elaborating what results you expect out of them.
All this will tell you how much value users are gaining from the Business Intelligence set up in your organization. Remember to always encourage users to keep making the best use of data and experiment with the features they have.
#3. Report Execution Time
One aspect that never fails when it comes to the evaluation of competency is – the speed of the tool. And the same applies when it comes to BI. Business Intelligence adoption depends on how long it takes for its users to pull insights from it. The lesser the time it takes, the more likely are the users to leverage the tool and generate reports out of it. It will thus be clear how much time is consumed in creating reports and extracting insights.
The niche of your industry has no role to play in this aspect. To prove your competency – you need to be fast. And in order to do that, you have to reduce the report execution time so that better and faster results can be obtained.
#4. Queries Executed
You must invest time and efforts into evaluating who is seeking what kind of information. That means you need to have a clear idea of the reports created and executed queries. Going forward, you can analyze why that particular information is useful to a certain team. For instance, an AI-powered chatbot can execute certain queries when every team member is engaged in a crucial task. Hence, chatbot is becoming a growing software development trend to utilize business intelligence. With Business Intelligence Chatbots, customer support is available for your clients 24×7.
#5. Number of Decisions Made with Data vs. Intuition
Do not miss to track the number of decisions that are data-driven vs. those driven by intuition — and the business results for each. To attain that, have clarity in the data you get. Employ advanced data visualization techniques and restructure your data accordingly.
The aforementioned will help you evaluate how religiously your employees have adopted business intelligence in their routines. Only when you know it, can you employ strategies to maximize its adoption? The first step is to make them aware of the possibilities of Business intelligence and how it can make your organization reach new heights.
About the Author!
Sourodip Biswas works with an expert team of web and mobile app developers at Space-O Canada, a leading software and mobile application development company. He believes that learning is a treasure that will follow its owner everywhere. His work has been published on various distinguished blogs across the web.