When it comes to achieving success, enterprise community of today is relying a lot towards ensuring that they have all the best of intelligence and most importantly have such intelligence which can drive better synergies for their network and provide them with better answers to their challenges. This is what business intelligence is all about.
Hitachi Data Systems Corporation (HDS), today announced research results revealing that almost half of the firms surveyed in Asia Pacific believe that big data can improve revenue by 25% or more, with HDS projecting a potential US$250 billion revenue increase among the more than 500 companies surveyed. However, more than half of firms have made little or no progress in their big data strategies.
Owing to its time critical usage and applications, over the past many years, business intelligence or BI applications have become an integral part of an enterprise scheme of IT infrastructure and are critically placed to drive better profitability for the enterprise future ahead.
“Today, most organizations have a limited data-capital ‘budget’ that prevents them from realizing the full potential of the information they hold,” said Neville Vincent, senior vice president and general manager, Asia Pacific, HDS. “Staff members long for more information and realize its revenue potential, but lack access to it. It is time for C-level executives to ensure cultural alignment throughout their organizations, and to treat data like a capital asset that can bring a significant impact to their business.”
“Our vision is for businesses of all shapes and sizes to use advanced technologies to realize the value of their organization’s data. Members of the IT department need to be involved in the business planning cycle much earlier and more tightly integrated to the business in order to deliver essential information and insights to the people who can use it to drive business innovation and realize incremental income,” added Vincent.
As enterprise of today, prepare for utilizing better technology, BI is crucial for making accurate and informed business decisions for small and big enterprises that are trying to move up the value chain with the help of technology.
It is important to note that, until recently the whole of BI segment was an area which was limited to the office by the constraints of an organization’s internal network. Today it has moved much beyond just a mere application for an enterprise towards actually being embraced by a larger group of employees within an organization ecosystem.
And hence, in this type of scenario, getting information across to these workers becomes very important if an enterprise looks forward to avoid mobile employees making critical decisions based on simple and plain guesswork and guide those same employees to make informed decisions based on research and ground work being done by such BI applications.
It is true that in today’s competitive environment, there are a number of enterprises that are of the usual opinion that – this is the way things have always been done in the past, so why should they change now?
The reasons for slow adoption of big data strategies are diverse. Respondents cite poor internal communication and information sharing as well as a lack of in-house skills and software. Nearly two-fifths say their company’s big data strategy has not been well communicated. The limited take-up also flies in the face of the wider belief that effective use of data matters; more than three-quarters believe it is critical to success.
Telecommunications (67%), consumer goods (57%) and financial services (52%) industries are leaders in recognizing that big data can greatly improve their understanding of customer needs. However, more than 60% of the firms in the financial services and consumer goods industries haven’t started any big data programs. Healthcare and life science are lagging further behind; 72% of them haven’t started any big data programs.
However, on the other hand, the innovating minds within some enterprise segments are always gaining a competitive edge by looking at new opportunities and doing away with outdated business procedures which are giving little intelligence. In such scenario, business intelligence is clearly the way forward and great enabling tool for the enterprise community.