Business intelligence is becoming an increasingly important concept in the private sector, especially as firms continue to focus on big data quality instead of the simple consumption of digital resources. Information Management said executives who want to leverage assets to improve operations and benefit their companies need to plan an increased focus on analytics in the coming years.
Most business data, regardless of its origin, has some underlying way to benefit an organization. In time, that value may change long-term strategies and overall operations, Information Management noted. By emphasizing quality early on in the capture process, decision-makers can ensure the resources they accumulate will provide substantial advantages for their firms.
As big data projects become the norm for the private sector, knowing how to use information will provide firms with an advantage over rivals that have implemented ad hoc endeavors. A report by MarketsandMarkets noted that the global big data analytics industry is forecast to expand at a compound annual growth rate of more than 54 percent between 2012 and 2017, eventually generating nearly $14 billion in revenue. This suggests that companies around the world are embracing business intelligence strategies, highlighting the importance of quality over quantity.