Businesses are investing large sums of money into Business Intelligence (BI) software, only to have it collect virtual dust on their systems.
This is according to a new report from financial performance management and business intelligence consultancy firm MHR Analytics, which states that just four percent of all BI software is being actively used. For a fifth of businesses, more than a quarter of their BI software lies idle.
That’s despite the collective $7.8 billion spent on data analytics tools by UK businesses.
There are many reasons this software isn’t being used, from housekeeping issues with IT inventory management and software not meeting expectations, to issues caused by licensing agreements and more.
To make matters worse, businesses are well aware of the benefits they’re missing out on. Nine out of ten organizations in the country believe analytics proficiency will be a competitive advantage by 2023. Those that use BI software are expected to have thirteen times the average ROI.
Most business leaders (64 percent) using BI claim it gives them a competitive edge, as it helps make sense of data, enables faster and more confident decision-making, as well as a quick, self-service access to hidden insights.
“BI software that remains in the cupboard as ‘Shelfware’ is a major waste of resources and business potential. Business intelligence software makes decision-making five times faster through revelatory insights that enable the transformation of an organization,” said Nick Felton, Senior Vice President at MHR Analytics.
“IT leaders need software and implementation partners who understand their needs better, match their exact requirements and are ready to provide the right level of training.”