UK companies that deploy business intelligence and data visualisation software get an average of 24 per cent more sales than those that don’t, new research has revealed.
IQBlade analysed the UK’s fastest growing companies and the technologies behind their growth, finding that the average sales for those using business intelligence platforms in 2018 was £39 million, compared to £24 million for those that don’t.
Business intelligence and data visualisation software is used by businesses to make sense of data and display it in a digestible format. IQBlade noted that market leaders include Tableau, Progress Software and QlikView.
Ben Abraham, chief technology officer at IQBlade, explained that business intelligence platforms have become particularly valuable in the age of big data, where patterns and trends can not only be difficult to identify by other means, but effectively impossible.
“Businesses that are better able to identify patterns and trends within data are better positioned to take advantage of opportunities and mitigate threats, so it’s not surprising to see eight per cent higher sales growth over a three-year period for those that use it.”
IQBlade’s report, which is based on the Sunday Times Fast Track 100, also made comparisons with other UK companies outside of the list to build up a picture of what technology stacks are working. It showed that companies using business intelligence technology are growing three-and-a-half times faster than UK companies in general.
Other technologies identified as key drivers of growth include app development and productivity-related solutions. Although just 17 per cent of UK companies currently use app development technology, those that do are generating almost a quarter more (22 per cent) revenue than those who don’t.
Investments in productivity solutions are also paying off, with companies using the technology recording 20 per cent more sales in 2018 and a three per cent higher growth rate for the past three years compared with those that don’t.
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