Business Intelligence - Hottest in Recession
BI was made for economic slowdowns, and over the coming year it may get a chance to show its stuff.
There are no dips in BI market. Business intelligence (BI) is made for times like these. While those who manage by “gut” slash like fools, the smart ones enter the sterile field like surgeons. Those with BI know exactly which organs to repair and which to remove. At least that’s how it’s supposed to work.
Companies like MAIA Intelligence that have done a good job of BI will kill the competition. BI thought leaders are extremely copious confident about BI’s usefulness and the industry’s health.
Companies that understand their customers and their suppliers use that knowledge to negotiate skillfully, and use knowledge of their products to reduce service costs have a big advantage. BI makes it possible.
BI is better appreciated when its benefits (both tangible and intangible) are visible. It may then be easier to attract good people to BI projects and to keep them.
The wonder days have gone. One can’t spend money like crazy to catch a few customers. One really has to think about which customers he wants and which products will carry him through.
Where BI gets the attention it needs, it’s already preparing companies for the storm. Big strategic questions have taken the spotlight. Companies are reusing operational data to one-up the competition with better marketing and branding.
One medical-equipment reseller has combed through data to figure out how to improve sales with kits. For example, those who order an endoscope may buy it in a kit that includes other items that similar customers often want along with the endoscope. A kit’s contents vary. Physician groups may get one slightly different from one offered to hospitals. Meanwhile, a pharmaceutical-testing firm is using BI to help package summarized data for across-the-board comparisons.
Several huge venture capital has gone into BI companies recently. Recent technology priority lists show BI at the top. If you cut costs, you don’t cut top priorities, you cut the lower ones. That’s where BI is to stay & shall be the #1 priority for CIOs in coming years.
There is no question of BI project being pulled out or cancelled due to cut in costs and recession.
Buyers say that it’s more important than ever to see what the data says. “They say they’ve had the tools for years and haven’t been able to make them work.” Ease of use is the new rule. 1KEY BI reporting & analytics software is easy to use, learn & implement.
New inquiries are in a big hurry to cut back operations, but they want to be smart about it. They want BI to quickly come up with a single view reporting from disparate data sources. Perhaps operational BI is must than none.
It’s astounding that people go into a BI project without looking at the power dynamics in an organization. Who’s going to use this stuff? If we’re competing with Little League and seat-of-the-pants, no one’s going to look at BI unless the big guy does.
Good data doesn’t necessarily lead to good decisions. They know the facts. There are three main reasons people do anything: fear, greed, and sex. BI projects may be this year’s black lingerie.
Making organization learn to love BI will be one thing any 2008 slump will do for B.
Posted on March 3rd, 2008 by Vikram Kole
Filed under: Business Intelligence, Emerging Trends
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