Why should CIOs get serious about Data Analytics and Business Intelligence?
I saw an interesting piece of research recently, looking at the priorities of CIOs. One of the most significant findings was that CIOs consider Data Analytics to be the largest driver of transformation at their organisations, closely rivalled by Cloud Computing. The findings further revealed that large organisations typically spend over 12 per cent of their turnover on enterprise IT; representing a significant investment.
Business Intelligence (BI) and Analytics are crucial tools for businesses as they allow them to derive value from the data they house. Here at Concorde, we really value how analysing data and using BI can aid businesses to make informed decisions about their IT and software estate, aid superior Software Asset Management (SAM). Through BI, businesses can look at how future projects will impact on their IT expenditure and software licensing position before taking the decision to embark on, for instance, a virtualization project, or a move to the cloud. This then enables them to make decisions that align with the broader goals of the business.
CIOs should look towards BI to give them the information they need to justify IT expenditure. BI can allow businesses to identify possible overspend, and indeed underspend in their IT budget; highlighting potential areas of non-compliance that may necessitate extra cost in the long run. Many businesses still do not realise they are paying over the odds for software that they rarely use, or that they are in a position of non-compliance. This is where BI and Analytics can save businesses serious money by avoiding fines levied by vendors during audits. For example, many of our customers have uncovered significant savings and been able to actively control their software spending with our Core Control solution, which makes use of holistic BI from across the IT estate. Additionally, BI can reveal other insights, for example, paying two software providers inadvertently due to non-permissioned downloads; continuing to pay for a service long after the business has finished using it; or paying for more logons to a service than are needed or are being used.
Businesses and CIOs alike must also understand that BI and Analytics are not just a one person job. To maximise value from their data, employees must work together to understand what they are trying to achieve and use solutions that deliver the data they need. This is especially important for CIOs who are seeing their role develop in the business from simply the leader of the ‘IT department’, to one that underpins service delivery.
How are you using Business Intelligence to derive value from your enterprise’s IT? You can share your own top tips and experiences in our LinkedIn group, or over on Twitter – or if you are looking to find valuable savings, why not give us a call.