The ability to exploit data in a myriad of different ways is key for successful organisations in the information age. According to a report by consultancy McKinsey, "One of the trends that will help shape businesses and the economy over the coming years is leveraging information in new ways. Organisations can do this by using information to make smarter decisions and to develop insights that create competitive advantage and new business models...
The spend by retail banking institutions on business intelligence (BI) IT in North America, Europe, the Middle East and Asia-Pacific, will reach £4.5bn by 2012, up from the £2.8bn in 2006, says analyst Datamonitor.