According to a new study UK research company IQBlade, Business Intelligence adoption can result in a 24% increase in sales. The market intelligence provides announced the findings in its latest Tech Impact 2019 Report which focuses on the Sunday Times Fast Track 100 businesses. The overall goal of the report is to reveal the technologies with the biggest impact on the success of British businesses and comparing others that are not using new technology systems.
Businesses seeking to gain the edge over other competitors and continually grow successfully requires a complete understanding of their customers, partners, their competitors and what opportunities are available. The Tech Impact 2019 report investigates how technologies used by Fast Track 100 businesses are influencing their overall performance level.
The report includes:
A summary of the technologies used by companies within the UK
Technologies utilised by the fastest growing businesses in the UK
A detailed analysis of what strategies the fastest growing businesses are using compared to other UK companies.
Insight into key technology, its impact and an overall analysis
General profiles of the fastest growing companies and their associated technologies.
According to the report, average sales of businesses within Fast Track that utilise BI and data visualisation software was £39 million, compared to £24 million to companies that didn’t use the same technology. The study also showed that the average size of companies using data analytics was higher by nearly 100%. In total, just over 60% of fast track companies are currently using BI and data visualisation technology solutions. The overall percentage of fastest growing companies in the UK using these innovative tools is over three times higher than other general businesses in the UK.
Studies have proven that data analytics can create a competitive edge for businesses. Implementing the capabilities of analytics, along with a strong focus on innovative specialist tools are the driving forces behind creating a competitive advantage. Recent developments in technology, the progress of cloud analytics and distributed storage have further strengthened the case for implementing data analytics into a business. These advantages have created a wider adoption of analytics into wider industries.
The study also showed an 8% difference between companies utilising BI and other businesses that don’t over a three-year timescale. Fast Track businesses that do take advantage of this growing trend can experience on average a £15 million increase in sales every year. The report indicates that Progress Software is the most popular Business Intelligence tool used by fast track companies, with the integration of 26%. A further 14% are using Tableau Software, 8% are utilising Qlik and an additional 7% have implemented IBM Cognos.