Data-driven businesses are five times more likely to make faster decisions than their market peers, and twice as likely to land in the top quartile of financial performance within their industries. Business Intelligence, previously known as data mining combined with analytical processing and reporting, is changing how organizations move forward.
Since decisions based on evidence are entirely more reliable than decisions based on instinct, assumptions or perceptions, it’s become clear that success is now cultivated from analyzing relevant data and letting the conclusions of that data drive the direction of the company.
Although it’s become crystal clear that data-driven strategy is the way to go, up until recently, access to sophisticated Business Intelligence tools has been restricted to large enterprises and enterprise-level solutions. Only the industry giants have benefited from sophisticated analytics due to the considerable investment required not only to collect the data, but also to maintain an in-house data scientist to translate it into usable information.
But 2017 is the year of change…