{"id":6762,"date":"2019-11-28T17:12:54","date_gmt":"2019-11-28T17:12:54","guid":{"rendered":"https:\/\/www.sage.com\/en-gb\/blog\/?p=6762"},"modified":"2026-01-29T11:31:51","modified_gmt":"2026-01-29T11:31:51","slug":"business-intelligence-company-effective","status":"publish","type":"post","link":"https:\/\/www.sage.com\/en-gb\/blog\/business-intelligence-company-effective\/","title":{"rendered":"How business intelligence can make your company more effective"},"content":{"rendered":"
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If you\u2019re a business owner who\u2019s aware of the intrinsic value of business data, it\u2019s likely you know about the hoo-ha surrounding business intelligence.<\/p>\n

You can most probably recite the promises of greater business visibility and the reassurances that a better view into your company\u2019s data will help it thrive.<\/p>\n

But by the time you\u2019ve finished reading this, you\u2019ll be able to go beyond the generic business visibility line.<\/p>\n

You\u2019ll understand why business intelligence is such a buzz term, where it can truly make an impact in your company, and how you can overcome the challenges many encounter in adopting it.<\/p>\n

Ready to get to the nitty gritty of business intelligence? Let\u2019s get to the point.<\/p>\n

\n\tDownload your free copy of Perform at your best<\/a>\n<\/div>\n\n

What\u2019s the big deal with business intelligence?<\/h2>\n

Over the past decade or so, \u2018business intelligence\u2019 has become synonymous with data-driven business management.<\/p>\n

It\u2019s a term that most software providers and retailers use to draw people in, with promises of valuable insight and visibility into your business.<\/p>\n

But why are these insights so necessary nowadays, and why is it so important to have that business visibility you\u2019re constantly told you need?<\/p>\n

An increased need for faster, better business decisions<\/h2>\n

In addition to (and perhaps largely because of) global competition in today\u2019s marketplace, your customers have become increasingly more demanding. They want access to the highest quality products and services, at the lowest prices and in the shortest amount of time.<\/p>\n

Your company\u2019s survival depends on it being agile enough to respond to these forces.<\/p>\n

This includes rapidly identifying and addressing problems, as well as taking advantage of any opportunities that come up.<\/p>\n

Therefore, the need for better, faster and more fact-based decisions is more relevant now than ever before<\/mark>.<\/p>\n

In the midst of these increasingly competitive market conditions, business intelligence promises to provide you with the depth of insight you need to carry out these decisions.<\/p>\n

This ultimately helps to improve your company\u2019s competitive posture and position in the marketplace.<\/p>\n

In fact, according to a survey by professional services firm Accenture, 89% of business leaders believe business intelligence and the big data associated with it will revolutionise business operations<\/a> much like the internet did a few decades ago.<\/p>\n

What\u2019s more, just over 70% of those leaders also believe businesses that are slow to adopt the technology may struggle to compete in the years ahead.<\/p>\n

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Business intelligence is being perceived as a saviour for business owners and managers against the growing complexities of global business practices. It helps them better compete in today\u2019s marketplace by empowering them with insights that enable them to act swiftly to challenges and opportunities.<\/p>\n<\/blockquote>\n

\n\tDownload your free checklist: Five steps to make smarter decisions<\/a>\n<\/div>\n\n

The availability of data and the affordability of new technology<\/h2>\n

Thanks to a flood of ever more affordable technological advances over the past decade, organisations of all sizes are constantly collecting and processing enormous amount of data in small amounts of time.<\/p>\n

The huge strides made by these new technologies (from both a hardware and software perspective) are also reflected in their pricing models, leading to a continuously reduced cost in the ownership and use of such systems.<\/p>\n

In addition to all-out ownership models that often involve large, upfront costs and fees, there are also software as a service (SaaS) vendors that offer the opportunity to rent business intelligence solutions through the cloud for a more affordable, regular fee.<\/p>\n\n

Three reasons why your business hasn\u2019t jumped on board<\/h2>\n

Despite the advantages of adopting business intelligence, you still might be hesitant to jump on the bandwagon. Here, we address a few concerns you may have:<\/p>\n

1. A resistance to the management culture shift<\/h3>\n

Evolving from a traditional management style that had to rely more on intuition to a more contemporary one backed up by newly available data-based evidence can be a disruptive process.<\/p>\n

It may also be difficult for you to relinquish your personal control over making decisions without potentially being challenged by data or information that contradicts what you feel.<\/p>\n

However, as you begin to adopt data-driven decision-making and realise the benefits, the cultural shift will naturally begin to take shape.<\/p>\n

Global competition and a demanding marketplace will be the key drivers that will nudge you towards this approach.<\/p>\n

2. The integrity of big data<\/h3>\n

The data that businesses collect today is not just big, it\u2019s also unstructured and messy. And as the amount of it increases, the traditional means of collecting and processing it become more difficult (think about a spreadsheet, for example).<\/p>\n

It quickly gets to a point where you may be overwhelmed by the amount of data in the business.<\/p>\n

For your company to make a success of this data, you need a way of handling it so it can be converted into actionable insights while maintaining its accuracy and integrity.<\/p>\n

By delaying the adoption of business intelligence solutions, your company will be at risk of having an overflow of incorrect data that is mostly inputted manually and just for the sake of it, without being able to effectively act on it.<\/p>\n

3. Security and privacy concerns<\/h3>\n

You might be hesitant to trust cloud-based<\/a> business intelligence solutions with your company\u2019s data. Perhaps you still prefer private networks or offline solutions because you think they are less vulnerable and will help you avoid the nightmares of data breaches you hear about in the news.<\/p>\n

Most of the security and privacy concerns surrounding online solutions are born out of misinformation or a lack of knowledge. There are also incredibly strict protocols in place to ensure software companies encrypt and secure their customers\u2019 data. They carry hefty fines if they\u2019re not followed.<\/p>\n

And with secure backups in place and the ability to access the system from any place, at any time (and no set physical location for the data), the major risks of information theft, loss and damage are also negated.<\/p>\n

In fact, according to a report by Grand View Research<\/a>, more than 46% of small businesses who have adopted business intelligence use cloud-based tools as a core element of their business strategy.<\/p>\n

Read more about business intelligence<\/strong><\/p>\n