Is your business making the most of business intelligence and data visualisation opportunities? If not, you should almost certainly start. New research has revealed that companies in the UK currently deploying business intelligence and data visualisation tech are seeing, on average, 24% more sales than companies that don’t.
A report by IQBlade examining the technologies behind the UK’s fastest-growing companies found that last year, organisations using business intelligence platforms had a sales average of £39 million, while those that don’t have an average of £24 million.
Most companies are awash with virtual data. Valuable data surrounds them, but it’s only of value if they can collect and make sense of it. Business intelligence and data visualisation software helps organisations do just that. It makes sense of data and displays it in digestible formats.
In the age of big data, business intelligence platforms have become of real value – it’s almost impossible to detect patterns and trends in data without them. Speaking about the findings of the Tech Impact ’19 report, Ben Abraham, CTO at IQBlade, explained: “Businesses that are better able to identify patterns and trends within data are better positioned to take advantage of opportunities and mitigate threats.”
He continued: “It’s not surprising to see 8% higher sales growth over a three-year period for those that use it.”
The report by IQBlade is based on the Sunday Times Fast Track 100, but also pulls in data from other UK companies not included in the list. This allows it to create a comprehensive picture of which tech stacks are working better than others.It clearly shows the value of business intelligence technology, revealing that high-growth companies using it are growing at a rate three-and-a-half times faster than UK companies in general.
By looking at the tech stacks of the country’s fast-growing businesses, the report has been able to identify what technology is proving vital for growth in the UK. The report also looked at what other technologies are helping businesses grow. These include app development and productivity-related solutions.
Currently, just 17% of businesses are using app development technology. However, those that do generate 22% more revenue compared to those that don’t. At the same time, investments in productivity solutions are also proving their worth. Companies using this tech enjoyed 20% more sales last year and a 3% higher growth rate for the past three years compared with companies not using it.
The report has uncovered an interesting pattern of growth. Data-driven business intelligence platforms have the ability to make a big impact in a short space of time – the companies that fail to invest over the coming years will be the ones most likely to fall behind.
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Get in touch to find out about current vacancies or how to find the right business intelligence talent to help grow your business.