IDC expects companies unable to manage data and decision-making silos with intelligence will be unable to understand what happens and to turn their knowledge into competitive advantage. The event is held on 26 October at the IDC Future of Intelligence Digital Forum 2021.
The smarter a business, the better it can make decisions: strategic, tactical and operational. Better decisions obviously lead to better results in less time, reducing the waste of money, resources and bad moods of customers and suppliers. But what does it mean for a company to be intelligent?
The latest studies conducted by IDC worldwide have shown that 83% of CEOs express the need for their organisations to be more data-driven. The 87% of CXO in general states that making its own smart enterprise is now the main priority.
IDC, then, defines business intelligence as the ability of an organisation to synthesize the information it needs to learn, applying the resulting knowledge on a large scale.
What is business intelligence?
IDC explains that the ability to synthesize information is the process of converting data into information and then into knowledge.
The ability to learn, however, refers to the awareness and understanding of the relationships between the various information and knowledge previously developed, as well as their application to a particular problem.
The application of knowledge on a large scale is decision-making support at all levels of the company, from managers to workers, to machines through automation tools.
To be smart, businesses need to exploit technology investments and focus on their own resources. The winning companies on this front are those able to learn continuously and adapt to this learning faster than competitors.
IDC believes it is important for companies to invest not only in the development of their own capacities in the three above mentioned areas (synthesis skills, learning skills and large-scale knowledge provision).
Data warehouse in cloud, knowledge networks and artificial intelligence platforms are some of the technologies that create the foundation of corporate intelligence.
But we must not stop here: companies must develop a corporate culture focused on the use of data, on the collaboration with data and on innovation with data, making this culture a component of their identity.
Why is a corporate data culture so important?
IDC expects that spending on services and data analysis and data management solutions will continue to grow with a double-digit rate.
IDC expects that by 2024 companies that will not be able to control data growth, analysis capacity and the proliferation of decision-making silos will experience a doubling of the poverty of attention with the inability to separate signals from noise, i.e.
On 26 October, live streaming, the 2021 edition of the IDC Future of Intelligence Digital Forum 2021 will address all these issues.