In a recent Forrester Research study on 2011 software spending trends, Business Intelligence (BI) ranked as the top priority. Advanced analytics, collaboration solutions, and SaaS (Software as a Service) were also noted as important and growing trends.
After years of being led to believe that their existing systems gave them insights that were “good enough,” I think it’s great that businesses are becoming increasingly aware of the power of predictive analytics and the speed and economy of cloud-based SaaS or on-demand software. These are both transformational developments.
Most solutions still don’t go far enough, though. Traditional BI focuses on only 15% of the total cost of doing business, especially in manufacturing, where 85% of the costs are tied up with expenses related to production: people, plants, equipment, and technology. This category of costs — Cost-to-Produce – is a gold mine of opportunity for businesses who know how to unlock the value hidden there. The platforms upon which traditional BI programs are built are fundamentally different from–and do not communicate effectively with–the 20+ other business systems many companies juggle, such as Manufacturing and Operational Intelligence, among others.
The right solution can go beyond the typical boundaries of BI. IQ-Fusion is one of them, with a unifying architecture that transcends those limitations and plays nice with other disparate systems. Its built-in analytics and complementary remote collaboration platform make it a total, closed loop Enterprise Performance Management that allows companies to identify hidden value while getting more out of existing systems.
The bottom line? If you’re considering an upgrade or investment in BI this year, good for you, you’re one of the ones who “get” it. Just one thought: consider first whether the software you want to buy will help you leverage your existing investments. Or, does it mean ripping and replacing everything you’ve already got in place? (That’s not your only option anymore.)
