Research from analyst firm IDC suggests that the competitive value of business analytics is increasingly being recognised amongst local companies.
"Organisations across ANZ have spent a lot of time and money on capturing, storing and managing data. Moving forward, these companies need to start developing this data into meaningful 'intelligence' by offering it to a broader spectrum of users, as well as leveraging forward-looking predictive analytics to drive competitive advantage in their respective market," says IDC NZ country manager Ullrich Loeffler.
According to IDC, the move of Business Analytics into broader mainstream adoption can be attributed to three key drivers.
The first is that business intelligence has become more pervasive.
“The performance, availability, and user interfaces of BI solutions in the market have improved significantly over the years,” says Loeffler.
“This enables deployment of decision support and automation functionality to a broader spectrum of users. In turn, it has raised the visibility of BI across various departments and most importantly, at the boardroom level, which has helped to break down the information silos that tend to persist in organisations moving down this path.”
Another factor is the CFO's office has been one of the key stakeholders in the evolution of Business Analytics.
“The finance department is starting to see the benefits of budgeting and planning tools as part of a broader performance management framework to drive operational efficiency throughout the organisation”
Finally, more advanced and sophisticated forms of analytics offerings such as risk management, resource optimisation, and demand forecasting are actively being implemented by certain organisations in the region.
“Some of these deployments are embedding components of the analytical functionality into operational applications in what IDC sees as early signs of a shift towards its vision of Intelligent Process Automation - enabling front-office employees with better decision-making power to direct increase revenue and cut costs.”