An increasing concern for enterprises is how to utilize big data for more informed business decisions, and this year CIO’s are responding by emphasizing business intelligence (BI) tools.
According to a survey by Morgan Franklin, 80 percent of businesses consider data integration and data quality of high importance. In fact, more than three-quarters of the survey’s respondents plan to maintain or increase BI investments this year.
The firm attributed this to the fact that government regulations have gotten stricter over time, forcing companies to raise investments in tools that are capable of providing accurate analytics that are compliant with these standards. Other experts predict that raising investments in these technologies is part of a larger objective to improve strategies through “intelligent forecasting.” Forbes coined the term, asserting that this capability assists business executives in better budgeting and administration of resources, as these decisions can be based in real-time analytics of company data. A BI analyst at Gartner, Rita Salam, explained to Forbes why data quality is such a high priority this year.
“Analytics is the combustion engine of business, and it will be necessary for organizations that want to grow, innovate and optimize efficiency,” she said, “Given its far-reaching impact, it is one of the few software markets that thrive even in adversity.”
Maximum analytical advantages
However, many companies aren’t fully leveraging remote database services for better analytics, particularly of big data. Recent research by Gartner revealed that currently, enterprises only realize approximately 43 percent of technology’s potential in their business. Mark McDonald, Gartner vice president, found this statistic concerning, considering how technology will drastically change the role of IT over the next several years. McDonald explained what Gartner’s research findings means for enterprise priority re-assessment.
“Digital technologies provide a platform to achieve results, but only if CIOs adopt new roles and behaviors to find digital value,” he stated, “CIOs require a new agenda that incorporates hunting for new digital innovations and opportunities, and harvesting value from products, services and operations.”
Several aspects of this agenda include a focus on geographically-specific analytics and mobility. According to Forbes, industry experts expect that BI will increasingly depend on geographic information for improved analysis that realizes potential insight from a source’s location. Additionally, this location intelligence will be fueled by an emphasis on mobile BI, which not only explores the ever-widening sources for generating data, but also the ability to submit and receive data analysis immediately to employees’ mobile devices.
Businesses that seek the assistance of DBA services can ensure higher ROI from technological investments and utilize analytics for more successful strategies.
RDX’s business intelligence and big data experts assist customers in leveraging data contained in large data stores. For more information, please visit our Business Intelligence and Predictive Analytics pages or contact us.