More and more businesses are turning to business intelligence to improve and better monitor operations using real-time data analytics. The International Data Corporation recently released its forecast of the Big Data technology and services market, and the future looks promising. IDC estimated that this sector will be worth $32.4 billion by 2017, increasing in value at a 27 percent compound annual growth rate. This upward trend is a clear indicator that companies may want to embrace business intelligence and all it has to offer. The applications are widespread, allowing organizations across many industries to take advantage of this up and coming technology.
Enhance your company with analytics
Business intelligence does not and should not be reserved for just IT experts, and software like Panorama's latest offering, Necto 14, can make it easier to bring analytics and data-driven operations to every department of a company. Forbes reported that business intelligence can prove useful in a variety of settings, whether it is being used to enhance specific processes or to improve management systems. The Necto 14 dashboard makes it easy to pull the right data and create custom infographics that allow other members if your company to understand the value of the information and how it applies to the business and individual departments.
Look beyond your own data
Business intelligence tools allow you to collect and analyze data regarding your company's operations, but you may want to consider what other information you could use to further enhance the insights. For instance, analyzing consumer behaviors and trends may help point your marketing team in the right direction in terms of new strategies. Comparing your company's data with that of industry-wide information can reveal where your business falls short of national and global averages, and where it surpasses the norm. This may help you to pinpoint strengths and weaknesses, so you can make the right changes to see improvement.
A recent report by UBM Technologies pointed to the cloud and Big Data as being useful in harnessing more information. The use of cloud technology also makes it easier to transfer information and access it from any point, whether via a mobile device or a desktop. Many studies have shown that bring-your-own-device policies are becoming more commonplace, as are those initiatives allowing employees the option of working remotely. Mobile BI tools make it easy for people to analyze data and share it with coworkers whether they're in the office, on a business trip or working at home.