3 Things CEOs Should Remember About Business Data
CEOs are often trained not to expect real-time information. The big data is too big, the processes too slow and the results more questionable than not.
At least that was the overriding sentiment of more than 1,000 department leaders across multiple industries, according to a new survey on BI consumption by Domo. The numbers show that less than half of all BI users are satisfied with the information they currently receive.
Yet, BI remains a popular investment because it can deliver. Gartner Market Research describes business intelligence as the “combustion engine of business” necessary for three major factors: growth, innovation and efficiency. Domo’s findings reflect this attitude, as those respondents with a BI solution were far more likely to claim they have access to the information they need versus those without a solution.
So what gives? After examining the troubling gaps between BI expectation and delivery, we recommend CEOs remember these three things when choosing a solution that will get them the usable, real-time data they need.
1. Get a Dashboard
The most straightforward and visually appealing data is delivered by the dashboard, a digital presentation that lets you monitor the key functions of your organization with a real-time user interface and at-a-glance graphics. Similar to the dashboard of a car, this software arms decision-makers with the insights needed to drive business in the right direction.
Dashboards have become particularly popular among executives. Domo’s survey shows 72 percent of all executives point to the dashboard as the most desirable way to view information. And of all respondents already in possession of a BI solution, eight out of ten wished they could be using a dashboard instead.
2. Go Mobile
With today’s business market revolving around real-time information and understanding, CEOs increasingly find themselves craving for the anytime, anywhere access that only mobile technology can offer for BI.
You don’t want to sell yourself short (or wait too long)—BI user respondents reported using mobile technology (specifically, the tablet) less than half the time they’d prefer. Top executives are continuing to make way for mobile BI, and you’ll want to be on the bandwagon.
3. Don’t Settle
Most BI solutions don’t currently seem to be working well for the C-Suite. Gartner estimates that 70 to 80 percent of all business intelligence projects ultimately fail. And if they’re not failing, they’re likely not doing better than average, according to another study by the National Computer Center.
Given what BI can do if done right, companies shouldn’t settle for anything less than real-time, beautiful, easy data consumption—provided in large part by dashboards and mobile technology. Without this foundation, BI won’t be worth your time. Because while executives and employees increasingly rely on data to do their jobs well, almost nine out of ten professionals from Domo’s survey said BI reports take too long to hit their desks. That lag time is taking a toll on productivity and reliability—only a third of respondents felt they could trust what finally got to them.
Companies need the ability to quickly identify real-time trends, respond to changing market dynamics and glean new insights into customer behavior. Business intelligence has the power to do all this and more, but only if CEOs get smarter results by changing the way they view and experience their big data.