There are many types of companies taking advantage of business intelligence software. While it may now seem natural that such technology is part of the mainstream, Reseller News recently noted that it has made progress after once being constrained to large corporations.
Usage cases improve
Reseller News noted that the adoption of business intelligence technology by mid-market firms was not predicated on one monolithic change in the industry. Instead, a number of adjustments occurred to create conditions ideal for its spread. According to the source, firms including small to medium-sized business have begun to realize that their data reserves are already well-suited to business intelligence. Without the need to create a new data collection method or purchase information from an outside vendor, companies can be more amenable to a new BI program.
The source also noted that new BI dashboards are more powerful than previous offerings. The new software can display information from a variety of sources, quickly and easily. According to Reseller News, it is now easy for data scientists to create dashboards than ever before. Rather than having to calibrate key performance indicators between each development event, users can plug in data and see strong results quickly. These benefits are the same, regardless of institutional scale.
"Every business, regardless of the size, has to make decisions," New Zealand-based analytics expert Nick Carter told the news provider. "Better decisions can be made by processing more information."
New methods of usage
Armed with large data reserves and powerful new technology to monitor it, companies can transform their operations. Innovation Excellence recently profiled a powerful new usage case for data systems. According to the source, firms can now perform a connected series of analyses jointly called "competitive intelligence." This is a combination of views, some centered on the company itself and others focused on competitors and the business environment. The overarching objective is a helpful view of the marketplace that could boost competitiveness.
The source noted that, to make a competitive intelligence project thrive, firms must make it a priority in the budget. Making sure the processes are not hidden in the larger budget of a section like marketing is important to maintaining control over the system. Innovation Excellence noted that the project could be a target for budget reduction if given to a section to shepherd. The source suggested that the instigator of the project should continue to steer it personally.