Business intelligence, big data analytics, and the Internet of Things – are all hot, trending terms among technology researchers and analysts. And while they might make fine dinner party conversation for the rest of us – hot, trendy topics won’t help us run our businesses any better. What will help you run your business better? Putting the science behind these technologies to work within your business. Here’s how.
Grow faster with better business intelligence
We recently uncovered five surprising ways can help your business grow by taking advantage of business intelligence in this blog post. Business intelligence has proven to help companies improve operations, make faster, better-informed decisions, and achieve significantly higher growth rates. In fact, companies providing employees with fast access to data, and easy-to-use analytical solutions, deliver up to 26 percent superior revenue growth than their counterparts.
Pivot as the market changes using big data analytics
89 percent of business leaders believe big data will completely change the way their organization operates. Big data analytics takes business insight to the next level by allowing allow organizations the opportunity to focus on predictive analysis, forecasting future events, uncovering hidden patterns, and allowing you to conduct what-if analyses to predict the effects of strategy changes.
Boost the quality and quantity of data through the Internet of Things
An ever-increasing number of Internet-connected devices allow you to collect even information along the supply chain, and throughout your business operations, from virtually anywhere, adding to the quantity and quality of the data you acquire. Business intelligence and IOT are a dynamic duo when you utilize both tools together. IOT has helped businesses better understand consumer generated customer data, optimize supply chain production, increase profitability, and forecast new business trends.
The combination of business intelligence, big data analytics, and the Internet of Things provide enormous opportunities for companies across all industries – provided they are equipped to leverage existing opportunities. By collecting real-time information on all aspects of the business, delivering the sophisticated tools to analyze that data, and connecting with any mobile device, your company has the ability to quickly, simply, and flexibly grow its success.