Technology research firm IQBlade recently released their 2019 report that evaluates how UK companies utilize technology to maintain a competitive edge. The report titled Tech Impact ’19: How Technology is Used by the UK’s Fastest Growing Businesses, identified a correlation between companies that leverage business intelligence and those that report higher sales revenue.
Companies that used BI tools reported an average of 24 percent higher revenues than those that did not.
Business Intelligence is a set of tools and strategies used for quickly evaluating and visualizing complex performance data for decision makers. These tools offer easy ways to use predictive analysis through dashboards and simulations. The on-the-fly visualizations are intended to help executives and managers guide business operations and strategy on a day-to-day basis.
IQBlade’s study focused on the UK Fast Track 100 Companies. These companies are the UK’s top 100 performers as identified by the Sunday Times. The report found that 61 percent of these companies used business intelligence tools for decision making. In addition to achieving higher revenues, the BI companies have, on average, nearly double the headcount.
IQBlade also examined how often the Fast Track 100 companies used business intelligence as compared to all other UK businesses. It turns out, the top 100 companies were more than three times as likely to utilize business intelligence.
The outcomes of this report indicate the UK’s top performing companies are not just surpassing other businesses with compelling products and services; they are doing it with more insight. Effective data analysis can drive sales growth, and that growth has a lingering effect. Companies utilizing business intelligence also maintained 8 percent more sales growth over a period of three years.
Industry insiders have long known that business intelligence tools provide a strategic advantage.
Making informed decisions based on analytical insights can give BI users the ability to respond quickly to internal and external influences for continuous improvement of a company’s performance. In light of this report’s findings, it appears the business intelligence advocates are absolutely right.