RADNOR, Pa.--(BUSINESS WIRE)--Qlik®, a leader in visual analytics, and Forbes Insights today released results from "Breakthrough Business Intelligence: How Stronger Governance Becomes a Force for Enablement,” a global study revealing that while Business Intelligence (BI) is yielding important benefits for the vast majority of surveyed companies, most feel there is more to come.
The survey of more than 400 senior IT and business professionals showed that 45% of respondents rate their BI program as yielding “very significant” benefits, while a further 36% rated the benefits as “significant.” Even so, issues such as less-than-optimal adoption rates, lingering silos, multiple “versions of the truth” and data security mean that only 48% felt they had achieved the full potential benefits of their BI programs.
The solution identified by the survey is better governance to ensure consistent, reliable and optimized results. This governance includes such key points as standardizing definitions and formulas, improving data security and enabling secure access. Through these measures, better governance can actually empower individuals within the firm to utilize data independently to achieve their goals.
“Governance requires a really fine balance – governing to the point where consistency is assured, but flexibility remains,” said Mike Saliter, VP, Global Industry Solutions, Qlik. “There is no perfect formula, but finding the right governance level within your organization’s culture is a critical component to making the most of BI opportunities.”
Key findings of the survey include:
- Four out of five organizations (81%) report that they are experiencing “very significant” (45%) or “significant” (36%) business benefits from their BI programs. These findings are consistent across different industries and geographies
- Three out of four respondents (76%) said the benefits of BI are a mix of tangible and intangible, but are always substantial. Specific benefits include improved customer metrics, accelerated time to market, stronger product and service mixes, enhanced brand valuation and recognition, and higher profitability
- Executives recognize the importance of governance in BI, as over three quarters (78%) say data governance is either vital or important to their BI operations, and two-thirds (65%) say governance is a useful means to empower end-users to uncover new insights
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Going forward, the structure of BI will feature:
- Less IT control
- An increase in standalone, independent BI functions
- Greater structure, planning, and governance; fewer ad hoc characteristics
- A greater mix of centralized/decentralized approaches
For more information, download the report at www.forbes.com/forbesinsights/qlik_bi/ and tune in to our November 1st webinar, “Governance: Enabling Analytics Insight with Powerful Returns.”
About this research
The insights and commentary found in
this report are derived from both a survey and qualitative interviews
with senior executives. In July/August 2016, Forbes Insights, in
collaboration with Qlik, conducted a robust global survey of 437 senior
executives from a range of industries in North America, Europe and APAC.
About Forbes Insights
Forbes
Insights is the strategic research and thought leadership practice
of Forbes Media, publisher of Forbes magazine and Forbes.com, whose
combined media properties reach nearly 75 million business decision
makers worldwide on a monthly basis. Taking advantage of a proprietary
database of senior-level executives in the Forbes community, Forbes
Insights conducts research on a host of topics of interest to C-level
executives, senior marketing professionals, small business owners and
those who aspire to positions of leadership, as well as providing deep
insights into issues and trends surrounding wealth creation and wealth
management.
About Qlik
Qlik® is the leading visual analytics platform
and the pioneer of user-driven business intelligence. Its portfolio of
cloud-based and on-premise solutions meets customers’ growing needs from
reporting and self-service visual analysis to guided, embedded and
custom analytics, regardless of where data is located. Customers using
Qlik Sense®, QlikView® and Qlik® Cloud, gain meaning out of information
from multiple sources, exploring the hidden relationships within data
that lead to insights that ignite good ideas. Headquartered in Radnor,
Pennsylvania, Qlik does business in more than 100 countries with over
40,000 customers globally.
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