Data and the ability to use it has become a clear differentiator whether it’s used for internal process improvements in how work gets done or in a company’s sales & marketing strategy, targeting the right markets with the right products to grow revenue.
And demand for technology that helps you do that is growing quickly. Revenue for business intelligence platform, analytic applications and performance management software was up 13.4 percent worldwide in 2010, according to Gartner Inc.
The devil is indeed in the details. Companies that translate their data into trend information and use that to be more strategic will widen the differentiation gap over the next few years. Technology advances have made analytics capabilities more user-friendly and affordable. The hurdle is to get executives to recognize the strategic value of data and analytics.
Tom Gale is the president of Industrial Market Information Inc. For more information on the product line and geographic analysis IMI can provide to help you hone your strategy, please contact IMI or complete an information request form.
