CEOs who lead with data-driven decisions are 77% more likely to achieve business goals. (Deloitte, 2019)
Cloud analytics is the fastest growing BI segment, expected to expand to $65.4 billion by 2025. (MarketsandMarkets, 2020)
Only 37.8% of businesses report being data-driven organizations. (NewVantage Partners, 2020)
73.4% of organizations see adoption of big data as an ongoing challenge. (NewVantage Partners, 2020)
Pun intended, the data is conclusive on the importance of data! It’s also clear that many organizations struggle to harness their data. This makes business intelligence a way for companies to set themselves apart in the coming years.
Like many businesses, you may have a handful of important spreadsheets and databases like a CRM, an operating system, etc., but like many businesses, those assets aren’t working together.
It is important that your data points speak to each other and ensure they’re communicating what they should to YOU. This kind of visibility can alter the course of your business.
Although the value of data points differs among organizations, if you’re just beginning your data journey, we consider these insights to be the most important ones you can glean:
- Customer Satisfaction Rate
- Turnover Rate
- Competitive Analysis
- P&L Factors
Business intelligence strategies can help you understand these insights.