15th April 2019
It seems the answer to that question is yes, if new research is anything to go by. The Tech Impact ‘19 Report by IQBlade recently revealed that introducing business intelligence to a firm results in a 24 per cent increase in sales.
The company came to this conclusion by analysing the data and performance of the firms on the Sunday Times Fast Track 100. It looked at which technologies the different companies were using and compared their performance.
For instance, average sales for companies that are using business intelligence and data visualisation software were £39 million. By comparison, those who don’t use this kind of software generated sales of an average of £24 million.
If you’ve been unsure about how business intelligence software could benefit your company, this might be enough to sway you.
The reason it’s so useful is because it presents data in an easy to understand format, helping you to make sense of all that information and as a result make better decisions.
Solutions Review pointed out that 61 per cent of the companies on the Sunday Times Fast Track 100 are using business intelligence and data visualisation software. That’s 3.5 times more than other UK companies in general.
What’s more, companies that use data analytics are roughly 100 per cent larger in size than those that don’t. All of this indicates that investing in business intelligence software would be worthwhile if you want your company to grow.
Speaking to Information Age, IQBlade CTO Ben Abraham commented: “Businesses that are better able to identify patterns and trends within data are better positioned to take advantage of opportunities and mitigate threats.”
He added that it’s therefore “not surprising” that the companies using this kind of software have eight per cent higher sales growth over the three year period they analysed.
If you’re interested in exploring business intelligence and data visualisation at your company, tap into the expertise of software consultants in Leeds to help you decide which solution is best for your business and how its best to implement it.
The Information Age article also revealed that app development and productivity-related solutions were identified as other key drivers of growth.
According to the research, only 17 per cent of companies in the UK currently use app development technology, however, those that do generate 22 per cent more revenue than those that don’t.
Mr Abraham also predicted that by the end of 2020, the gap between the companies investing in this kind of technology and those that aren’t will have widened even further.
Earlier this month, Spend Matters identified some of the top trends to watch within the area of business intelligence. Among them were data privacy, cloud-based analytics and natural language interactions with data.
Data storytelling and data democracy were also included in the news provider’s list. The idea behind both of these trends is communication, whether that’s data scientists being able to explain elements of the data to stakeholders, or others in the business improving their data literacy so they can make a greater contribution to the data conversation.