Decision intelligence is currently attracting plenty of investment around the world. But why? Read on to discover more about this burgeoning AI-powered strategic tool
In our hyper-connected digital world, it’s hard to get through a single day without hearing the word ‘data’ at some point. Whether it’s being bought, sold, stolen, or protected, one thing’s for sure – everyone wants it. And why wouldn’t they? More data means more knowledge and more knowledge means more power.
By 2025, it is projected that there will be a staggering 181 zettabytes of data created, captured, copied, and consumed around the world. And it’s only when you consider that one zettabyte is equal to a trillion gigabytes that you start to appreciate the seemingly endless number of decisions this amount of data could inform.
Increasing access to these ever-growing oceans of information has prompted many organizations to change the way they do business and adopt a digital data-led strategy – and this has given rise to the most modern form of business intelligence (BI).
What is business intelligence?
Modern business intelligence (BI) describes the process of using technology to collect, analyze, and display digital data in a digestible format, before using these analytics to make better-informed business decisions.
The BI process is widespread throughout the business world. In the 2020 Global State of Enterprise Analytics report from analytics software provider MicroStrategy, for example, 94% of respondents said data analytics is important to their business growth.
The same report showed just how useful BI is proving to be for the organizations that are able to use it. 64% of respondents said that the use of analytics had improved efficiency and productivity, with 56% saying that it had led to faster and more effective decision making.
What’s the problem with business intelligence?
While it’s one thing to gather and view this data, understanding and manipulating it, then presenting it in a way that a layperson can understand, is another.
This gap in technical know-how, combined with a lack of data culture within businesses, creates significant issues around accessibility. The aforementioned report also showed that while 80% of managers have access to data and analytics, only 52% of front-line workers can say the same.
Furthermore, a survey conducted by New Vantage Partners (NVP) in 2021 found that 92.2% of respondents identified people, business processes, and culture as the principal challenges to becoming data-driven.
Without company-wide visibility and accessibility, data can become siloed within departments, which can limit a business’s overall view and hinder its agility when reacting to changes in the industry.
So how can businesses harness the true power of big data quickly and effectively enough to respond to trends as they happen – and even