Today's companies can examine nearly anything through business intelligence. The big data movement has knocked down whatever barriers prevented IT users from delving into certain information reserves. This has helped push BI into new fields and roles, unlocking its latent potential and turning it into an enterprise must-have. Even small companies or those in fields with heavy restrictions on data use are becoming emboldened by utilizing the latest wave of advanced BI tools, diving into analysis and reacting to both internal and external figures. This process of increased data use is becoming normal, meaning firms that avoid it could end up falling behind their competitors.
Finance joins the revolution
The financial sector is one of the closely-regulated industries that has begun to integrate analytics to improve operations. According to a recent Aberdeen survey, this adoption has many potential benefits. The source noted that companies in this market are primarily interested in learning more about their clients. More than half of survey respondents noted that their inability to collect details about the consumer market spurred them to adopt business intelligence strategies. These companies included bankers, insurance providers and investment firms. Making the right offer at the right time is the crux of achieving financial success; according to Aberdeen, BI can help users draw more value from each client.
Introducing new tech initiatives can depend on projected return on investment. A promising ROI can convince even skeptical enterprise leaders to reach for the checkbook. The survey found that leading BI users in the financial field had notably more success attracting new business than competitors with a weak BI presence. Total revenue growth was also linked to analytics use, with more experienced operators again coming out on top. These are the types of figures that IT workers can use to demonstrate the potential value of analytics processes and investment in the needed technology.
Improving data use
Analysis of data is not a static field. The processes responsible are becoming more effective all the time, with one of the latest innovations being the increased use of unstructured big data. This can prove vital for companies that want to become more aware of their clients' behavior patterns. While the structured data that resides in customer accounts can provide part of the story where interests are concerned, the addition of unstructured contextual sources can connect the dots, unlocking novel insights that would have otherwise gone unnoticed. It is a good time to figure out what mysteries analytics projects can solve.