The Case for Modern BI: It’s All About the (Many) Benefits
Even in times of disruption and uncertainty, business intelligence (BI) helps companies make informed decisions about key issues, develop successful strategies, and improve performance by enabling them to gain valuable insights through the analysis of historical and real-time data, market trends, and other fact-based evidence that is relevant to their business.
And because BI is so widely used, it is no longer simply a “nice-to-have” option; it is a requirement for staying competitive.
Yet, a growing number of organizations worldwide are asking whether their existing BI tools and processes can keep pace with the rapidly evolving needs of their business.
A 2020 IDG survey of business leaders in multiple countries found that more than half (53%) were looking to upgrade or replace their current BI tool within the next 12 months, while only 26% of respondents said they had no plans to do so during that timeframe.
Without additional context, those numbers don’t tell the whole story, nor do they fully explain the struggle that many organizations are currently facing with traditional BI.
In the same IDG survey:
- 93% of respondents agreed that data silos make data exploration challenging at their organization
- 88% said their organization’s data is not being utilized as fully as it could be
- 78% reported that BI and analytics at their organization are currently chaotic, with multiple solutions scattered across many different teams
Modern BI for All™ is not only uniquely equipped to help enterprise organizations overcome those problems but provide what at least 90% of respondents in the survey rated as a top priority or very important for improving business outcomes: self-service BI, and integration of multiple data sources.
The ROI of Modern BI
For many organizations, modern BI leads to significant financial gains. Forrester Research recently conducted two studies to assess the business and financial benefits that companies could realize by adopting Modern BI for All, with the first focused on enterprise companies, and the second on small- and medium-sized businesses.
In both studies, Forrester interviewed several organizations with years of experience using Domo to determine how moving from traditional BI to Modern BI for All had affected their businesses.
Forrester then used that information to create a composite company for each type of business, run financial analyses, and identify key benefits.
According to both studies, organizations that adopt Modern BI for All see significant business improvements, including increased revenue opportunities and reduced operating costs.
Forrester found that enterprise organizations realized an additional $5.3 million in net profit from increased revenue, reduced operating expenses by $2.2 million, generated more qualified leads without increasing their marketing budgets, and saw a return on investment (ROI) of 434%.
Small- and medium-sized businesses experienced benefits (through increased revenue and lower costs) that added up to $2.51 million over three years versus expenses of just over $563,000, for a net present value of $1.94 million and an ROI of 345%.
Even the unquantified benefits were impressive. Among enterprise organizations, Modern BI for All increased executive confidence and helped organizations create a culture of insights-led decision making.
What the Best Modern BI Tools Deliver
The quintessential modern BI platform delivers in three areas key to achieving the outcomes businesses want in today’s data-driven world.
The first key unlocks data through a powerful integration system. By being able to quickly and safely connect data from thousands of sources and multiple platforms, you can begin to gain new, reliable insights, enabling you to make more informed business decisions.
The second key makes data instantly accessible to everyone in your organization, from any device. The result? A culture more apt to innovate, because it’s comprised of people that now have the freedom to see where their data curiosity takes them.
The last key provides the ability to take action on data insights quickly. It’s as simple as mobile alerts, but also as dynamic as the intelligent app expressly designed to be easily leveraged by an entire business ecosystem.
Harness the power
The real power of Modern BI for All is its ability to shift the way your entire organization thinks about data—and the value you get from that data, because it lives in a system designed to make integrating, sharing, and acting upon data easy.
Modern BI for All takes a democratic approach to data access and insights, empowering everyone to uncover insights in real time to inform better decision-making.
To get started on your Modern BI for All journey, check out this collection of resources, or watch this demo.