An Effective Business Intelligence Strategy is the Key to Business Success, Says IDC

25 Aug 2008 – Sydney, Australia. A recent report from analyst group IDC reinforces that a key factor contributing to the performance of organisations is the ability to manage the explosive growth of information.

The report titled, ITEyewitness: Keys to a Successful Business Intelligence Strategy shows that the creation of a Business Intelligence Competency Centre (BICC) is the strategic answer to enterprise-wide information overload. A BICC is the centre within an organisation that provides guidance and vision to the enterprise as it deploys BI solutions and creates BI success.

“Today’s markets are faster moving, more diverse and more competitive than ever before. Data generation continues to skyrocket on a daily basis fuelled by new technology innovations such as RFID chips, nanotechnology, grid computing and video streaming,� said Melissa Martin, Senior Market Analyst, IT Spending and Vertical Markets, IDC.

�One of the key factors that contribute to the successful performance of organisation is the ability to manage this explosive growth of information that society is experiencing. The enterprise must empower all stakeholders with the right information and at the right time. A clearly defined, purpose-built business intelligence strategy can support this business need,” concludes Martin.

The report provides guidance on how to establish a vision for an enterprise-wide business intelligence strategy. It highlights the key issues for leaders to consider before embarking on a BI implementation, including steps on establishing a successful BICC.

IDC research shows the benefits of a successful BICC are numerous and can include:

  • Increased usage of data / business intelligence
  • Increased collaboration among business units
  • Increased business user satisfaction
  • Increased decision making capabilities and speed
  • Increased information analysis and business agility
  • Increased standardisation of business practices and processes
  • Increased level of data quality
  • Forum for repeatable results
  • Decreased staff time wastage looking for information
  • Decreased software costs
  • Decreased risk of project failures
  • Better understanding of the value that BI brings to the organisation

ITEyewitness: Keys to a Successful Business Intelligence Strategy also contains a buyer case study of the evaluation, design, architecture and implementation of an in-house BICC at utility provider, Sydney Water. It highlights key milestones achieved during the process and develops an in-depth roadmap for the project. The study evaluates the results and the benefits for the utility provider to-date, and provides a forward-looking vision for future expansions of its BI capabilities.

About IDC

IDC’s Digital Marketplace Model and Forecast provides worldwide and regional data for a wide range of Internet categories and activities. Traditional Web 1.0 categories include Internet users, devices using the Internet, Internet buyers, and B2C and B2B eCommerce. Web 2.0 categories look more closely at what Internet users are doing online, with breakouts by activity and gender. The database also includes a detailed look at online advertising spending worldwide. Forecast data for the 2008-2012 period is supplemented by historical data from 2006 and 2007. The Web 1.0 categories include detailed information on more than 40 individual countries.