Business intelligence is becoming a big opportunity for investors. Excited by the prospect of big data, which can offer deep and unexpected insights to improve companies' success, enterprises have invested heavily in their business intelligence strategies. A recent study by Gartner predicts that the market will continue growing, and revenue will hit $13.8 billion in 2013.
"BI and analytics have grown to become the fourth-largest application software segment as end users continue to prioritize BI and information-centric projects, and spending to improve decision making and analysis," said principal research analyst Dan Sommer. "Mastering analytics on big data will be a key driver for the next economic cycle."
There is a lot to gain here, but an equal amount to lose if companies rely on information that contains poor data quality. If they do have data quality issues, they may not be getting an accurate picture of the state of their firms, reports the Data Roundtable blog.
Businesses have their own magic mirrors, similar to those in the fairy tale Snow White, the source points out. Called dashboards, these reflections are used to gain better insight into the firm's successes and pain points. However, the reflection may be cloudy or outright false if they don't use the most accurate data and will find it difficult to make strategic improvements.