Forbes Insights Study Shows Data Governance Key to Realizing Full Value of Business Intelligence

Qlik-sponsored study shows fewer than half of companies feel they
have obtained full benefits, with governance identified as crucial factor to
unlock additional value

Singapore –  November
1, 2016 – Qlik®,
a leader in visual analytics, and Forbes Insights today released results
from “Breakthrough Business Intelligence: How Stronger
Governance Becomes a Force for Enablement,” a global
study revealing that while Business Intelligence (BI) is yielding important
benefits for the vast majority of surveyed companies most feel there is more to
come.

The survey of more than
400 senior IT and business professionals showed that 45% of respondents rate
their BI program as yielding “very significant” benefits, while a further 36%
rated the benefits as “significant.”

Even so, issues such as
less-than-optimal adoption rates, lingering silos, multiple “versions of the
truth” and data security mean that only 48% felt they had achieved the full
potential benefits of their BI programs.

The solution identified
by the survey is better governance to ensure consistent, reliable and optimized
results. This governance includes such key points as standardizing definitions
and formulas, improving data security and enabling secure access. Through these
measures, better governance can actually empower individuals within the firm to
utilize data independently to achieve their goals.

“Governance requires a
really fine balance – governing to the point where consistency is assured, but
flexibility remains,” said Mike Saliter, VP, Global Industry Solutions, Qlik.
“There is no perfect formula, but finding the right governance level within
your organization’s culture is a critical component to making the most of BI
opportunities.”

•    Four out of five organizations (81%) report that they are
experiencing “very significant” (45%) or “significant” (36%) business benefits
from their BI programs. These findings are consistent across different
industries and geographies

•    Three out of four respondents (76%) said the benefits of BI are a
mix of tangible and intangible, but are always substantial. Specific benefits
include improved customer metrics, accelerated time to market, stronger product
and service mixes, enhanced brand valuation and recognition, and higher
profitability

•    Executives recognize the importance of governance in BI, as over
three quarters (78%) say data governance is either vital or important to their
BI operations, and two-thirds (65%) say governance is a useful means to empower
end-users to uncover new insights

·  Going forward, the structure of BI will feature:

o Less IT control

o An increase in standalone, independent BI
functions

o Greater structure, planning, and governance;
fewer ad hoc characteristics

o A greater mix of centralized/decentralized
approaches

For more information,
download the report at www.forbes.com/forbesinsights/qlik_bi/ and
tune in to our November 1st webinar, “Governance: Enabling Analytics
Insight with Powerful Returns.”

The insights and
commentary found in this report are derived from both a survey and qualitative
interviews with senior executives. In July/August 2016, Forbes Insights, in
collaboration with Qlik, conducted a robust global survey of 437 senior
executives from a range of industries in North America, Europe and APAC.

Forbes
Insights is the strategic research and thought leadership
practice of Forbes Media, publisher of Forbes magazine and Forbes.com, whose
combined media properties reach nearly 75 million business decision makers
worldwide on a monthly basis. Taking advantage of a proprietary database of
senior-level executives in the Forbes community, Forbes Insights conducts
research on a host of topics of interest to C-level executives, senior
marketing professionals, small business owners and those who aspire to
positions of leadership, as well as providing deep insights into issues and
trends surrounding wealth creation and wealth management.