The US Fortune 500 firms are losing a total of £125m a
year from poorbusiness intelligence, says a
survey.
Research commissioned by business intelligence firm
SeeWhy Software among 218 operational executives says business
intelligence systems are failing to improve operational performance
or impact decision making at firms.
Although many organisations have deployed business intelligence
tools, the majority fall short in meeting expectations, said the
survey.
The survey said 76% of respondents were forced to make decisions
before the information they needed was available.
In addition, 66% said business intelligence data is either out
of date or arrives too late to be of any use, and 63% believed that
business intelligence reports end up being simply reference
documents that are only consulted to justify decisions already
made.
And 74% did not receive any kind of report that provides
predictions about potential problems, with 78% not receiving any
reports about potential business opportunities.
The average cost to a business for these failures was almost
£250,000. By extrapolating this annual average as representative
across the market, the survey indicates that the Fortune 500
companies are losing around £125m a year in missed business
opportunities, as a result of inadequate business intelligence.