With the BI Market expected to grow from $13.9B to $20.8B over the next 5 years it is critical for businesses to adopt a business intelligence strategy and not get left behind by competitors.
The figures provided by MarketsandMarkets estimate a CAGR of 8.3% from 2013 to 2018. With this in mind we question whether Cloud BI is a viable option to help businesses succeed with their business intelligence strategy.
Many organisations have invested BI and analytics to help turn their fortunes and boost profits. A recent report by Deloitte found that “96% of respondents said that analytics will become more important to their organisations in the next three years,” and this is true in many ways as BI can be used in many ways dependent on how you set your goals and expectations from it.
This article shows how Texas Parks and Wildlife Department use a business intelligence strategy to effectively manage and promote the use of millions of acres of park lands and waterways. Additionaly, this post demonstrates how McDonalds are using BI and analytics to improve store drive-through patterns and experiences and to test new cooking processes and equipment.
In adopting a business intelligence strategy with Cloud BI there are several benefits a business will gain as explained by Jayson DeMers (@jaysondemers) in this article. “As cloud technologies are becoming more common, the popularity of cloud-based business intelligence software is picking up quickly. Cloud-based software has seen a spike in popularity because of its flexibility and convenience. Cloud-based platforms tend to have a considerably faster deployment time than traditional software.”
With Cloud BI, Coca Cola could have avoided an issue with their business intelligence strategy. This blog by Ed Burns (@EdBurnsTT) talks of Justin Honaman, Customer Insight Director and VP – “Dealing with the difficulties associated with disparate databases and software systems was the chief problem during his time at Coca-Cola, which lasted from 2003 until 2013.” With Cloud BI they could have dealt with the data from disaperate databases and systems more easily and faster, meaning the ten year timeframe they experienced difficulties with could have been reduced.
As businesses get easier access to data and information a business intelligence strategy is needed as IT advances further. We recommend Cloud BI as a solution but don’t just take our word for it. This article overviews BI and analytics right now and recommends “Use analytic tools that are easy to use… and think about using cloud computing as a way to send out analytics.”
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