In The Insights-Driven Business, Forrester reveals that organizations using more and better data to gain business insights are growing at an average of more than 30% annually and creating an increasing advantage for future success. Forrester predicts that as this competitive advantage widens, these insight-driven businesses are set to earn $1.8 trillion annually by 2021.
If you’re uncertain that your organization is a leader in turning insights into action, now is the time to benchmark your BI environment for continuous improvement.
Forrester has developed a five-part benchmarking methodology that they advise organizations to check against periodically to make sure (1) they’re not falling behind the competition, and (2) that they’re not getting so far ahead that they’re alone in their efforts, especially in investment. The benchmarking checklist covers these five areas:
Some organizations may be doing better than they think in the areas above. In Forrester’s 2016 benchmarking survey, only a little more than half (56%) of the respondents reported positive BI ROI.
In terms of investment, top-performing enterprises were devoting an average of 11% of their IT budget to BI, while slower-growing businesses averaged around 8%. This results in top performers (those organizations with year-over-year revenue growth of 15% or more) investing 39% more in BI as a percentage of their IT budget compared to those reporting year-over-year growth of less than 15%.
Want to get Forrester’s five-part benchmarking checklist and see more of their survey results related to maturity, efficiency, and effectiveness? Download a complimentary copy of Forrester’s Benchmark Your BI Environment for Continuous Improvement report today!