Delivering 1301% ROI from what you don’t know?
1st August 2019
According to research done by Nucleus Research back in 2014, organisations utilising Business Intelligence solutions and services saw an average 1301% ROI on every dollar spent! Five years on and the advancements in analytical technology and human skill for improved decision-making capabilities have only further amplified these spectacular returns.
There is no doubt that today’s business intelligence technology, especially when combined with the right level of skilled resource, will achieve incremental improvements beyond expectation. However, on average only 10% of business data is currently being used in any type of business analysis due to concerns over quality. Adding to the challenge, most analytical projects are still executed in silos, owned by individual departments like Marketing or Sales.
If you consider that most end to end commercial processes span several business functions, its safe to say that the real ROI from business intelligence will be the result of its holistic application across the company.
Let’s look at a simple example of a new customer acquisition process; We start by understanding our target markets, who our potential customers are, how to attract them and take them on a journey starting with positioning our offer and ending with negotiating and closing the deal. In this highly summarised process, how many functions can you count? As many as five functions are part of this method and all in some way will need to know the same business intelligence.
Reflecting on this example how would you describe the decision-making process in your business? Is it done on gut feel or assumption? Installing a data-driven mindset through all functions to achieve the company’s overarching strategy is where your 1301% ROI will come from.
It might sound overwhelming but think about the long-term risks if strategic decisions continue to be made on what you don’t know?
Having been part of a data-lead transformation in a Fortune 500 organisation and experiencing the tremendous positive impact to results and cross-functional efficiency first hand, this is undoubtedly a key survival step for any business wishing to stay competitive and relevant.
Join us on Sept 7th to meet Eddie Jones, Head Coach of England Rugby, to hear how he’s delivering a fact-based decision-making model for the upcoming Rugby World Cup in Japan.
CI Group is a collective of smart marketing agencies delivering success across sectors. Pearl Analytics, the newest member of the group, can help you better understand your business transformation. Contact Robert Mol to find out more about our Analytics offering.