South African businesses are increasingly relying on technology to improve and drive business strategies, as executives continue to grapple with analytics, according to business intelligence (BI) commentators.
While managing and analysing data is a priority for many technology companies, analysts have noted the phenomenon across a range of industries.
Nick Bell, CEO of Decision Inc, says local companies have moved on from simply accumulating information to a more evaluative approach. "People are asking more questions about their data and being more critical about their information.
"The shift is about being able to make decisions faster and using the right tools and processes to do that," adds Bell.
Jason Haddock, strategic consultant at Saratoga, says the way local companies view and treat data is also changing. "Businesses understand that data is becoming a corporate asset and they realise that they need to take ownership and accountability of it."
Haddock says companies often confuse operational reporting with BI, but efficient data management has changed the outlook for many businesses in their attempts to understand customer needs and devise strategies.
"This is the case across numerous industries that we have noted. We work predominantly in financial services and retail space and there is growing maturity in building data warehouses and analytics," he adds.
Don't look back
Analytics should not be about looking back at information, says Bell, but should rather be used for "predicting, forecasting and planning for what companies want to do".
According to Bell, low business confidence is prompting executives to act swiftly on insights gained from data sets. "What that means is companies need to make decisions but they can't be slow because market is constantly moving. They need to adapt quickly because they need to deliver for the customers.
Haddock notes analytics will not make older companies immune from complex legacies and challenges built up over the last few decades. "For a lot of them, business intelligence challenges are about trying to change the wheels of the bus while it's moving," he says.
Share