The deployment of business intelligence and data visualisation software could catalyse a significant hike in sales, according to a new study which claims that businesses without these technologies register circa 24% less sales.
IQBlade's Tech Impact ’19 report looked at the UK’s fastest growing companies and the technologies behind their growth, and found that the average sales for those using business intelligence platforms in 2018 was £39m, compared to £24m for non users.
Ben Abraham (pictured), CTO at IQBlade, stated: “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 higher sales growth over a three year period for those that use it."
Other technologies identified as key drivers of growth, noted Abraham, include app development and productivity-related solutions.
“This research has uncovered an interesting pattern of growth behaviour," he added.
“The average sales difference for those companies deploying certain tech stacks in the past 12 months compared to those that aren’t using these technologies is significant.
“What this tells us is that more investments are being made into the likes of data-driven business intelligence platforms and app development.
"They are making a big impact in a short space of time, and I expect by the end of 2020 the three-year growth gap between those investing now and those that aren’t will be much wider.”