In the last number of years, there has been a growing buzz around the adoption of Business Intelligence (BI) and an organization’s level of maturity (for even the smallest businesses) living in the new Data Economy.
For the first time in history, companies are starting to discover how to monetize their data with minimal overhead. The meteoric rise of XaaS and Cloud economies going mainstream, has resulted in a new paradigm for all businesses large and small to focus on the incredible access to data driving the decisions of industry leaders. In 10 years, “Data interactions went up by 5000% between 2010 and 2020 (Source: Forbes).” This phenomenal growth has driven businesses to move towards consolidated enterprise systems where mission-critical data can be easily accessed, managed and refined to respond to market changes.
Business Intelligence and ERP are no longer unreachable acronyms only for the business elite. Not only are these systems both affordable and designed for today’s everyday business, BI and ERP are necessary solutions to grow a business in a climate where data rules the roost. Not so long ago BI and ERP implementation projects followed a waterfall approach typically chained to a 5 year plan. In today’s new data economy, organizations need to take an Agile approach ensuring their teams can keep up and pivot with shifting priorities and trends, that in many cases, occur daily! As businesses of all sizes jump on the ERP bandwagon at exponential rates, a more integrated BI strategy has become part and parcel of the ERP vision in an organization’s digital transformation journey.