Knowing what to do faster than the next guy is one of the things that gives best performing companies an important competitive edge. That’s the take-away from a benchmarking survey by SAP on business intelligence and analytics.
According to the data provided by more than 400 businesses, firms that are truly embracing the value of advanced business intelligence and analytics are out-performing their competitors significantly. What makes the difference?
- Best-run companies align BI strategy with overall business strategy. According to the survey, companies that have their landscape architected with a thorough understanding of business and technical requirements have on average 80% higher revenue per employee. Plus, companies that undertake higher strategic and informational projects have – on average – double the revenue growth than lagging peers.
- Top performers embed BI in all business processes Enterprises with flexible information systems have 24% higher usage of business intelligence to manage their business processes. Survey respondents that have higher usage of BI to manage business processes have on average 63% higher information access through BI tools.
- Leading companies improve business insight. Companies that have enhanced business user access to information, have 10% more timely information to create actionable insights. Operations with easy-to-use self-service analysis tools have 38% more reports created directly by the business (not by IT).
- Best performers optimize BI expenditures. Companies that consolidate multiple BI tools into a standardized and enterprise-wide portfolio have 36% lower BI expenditures. And operations that have higher percentage of business users proficient in creating active reports have 34% lower BI expenditures.
- They organize for responsiveness, scale and optimal support. Companies that have a formal BI competency center in place have 11% lower BI expenditures.
- Apparently, more companies are paying attention to the performance benefits top performers reported. According to the data:
- Organizations are spending on user adoption rather than technical implementation
- They are moving to a flexible enterprise-wide architecture at a lesser cost
- Further adoption of advanced and predictive analytics is planned
- And In-memory analytics is drawing more attention