Today’s business intelligence technology is changing by the day. Are you keeping up? Whether you built your current analytics solution in house or used a third-party vendor, chances are it will inevitably become antiquated (if it hasn’t already).
As we head into the new year, take a good look at your analytics and determine if you need an upgrade or a full-blown rebuild. Don’t simply stand by and let your solution languish. Dragging your heels could cost you more than you think in the long run.
Here are 5 ways bad BI could be hurting your company:
Eighty-four percent of end users want analytics within the applications they’re already using—but 66 percent say they have to switch from their usual business applications to separate tools to get what they need. This “swivel chair effect” wastes up to two hours of productivity per worker each week (and aggravates end users).
Embedded BI isn’t just about pleasing your end users. By adding sophisticated features such as embedded self-service analytics, 64 percent of companies have been able to reduce the number of ad hoc requests that created backlogs for their developers.
Poor User Engagement
Over 80 percent of application teams say they were able to increase the time spent in their applications just by adding or improving the embedded analytics.
Embedding sophisticated analytics capabilities (not just basic dashboards and reporting) means companies are 84 percent more likely to charge more for the analytics in their applications.
Lost Ground to the Competition
Seventy-eight percent of software vendors offering paid commercial applications charge more for their embedded analytics. For companies that don’t charge for analytics, 55 percent said they can’t do so because their competition already has a stronghold—and they need analytics either to keep up or catch up.