The conversation about the future usually entails flying cars being a possibility in the next 20 years, over and over again. And as exciting as flying cars may seem, for companies and businesses, Business Intelligence adoption is the future everyone should prepare. Unfortunately, many have not, and more are still reluctant to change.
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China’s Momentum Gain
More than a year has passed since the outbreak in Wuhan, China. In October 2020, as NBC News reported, China became the first country to grow its economy. Now, as South China Morning Post reported, China is finally showing signs of regained momentum-retails grew 32% above the predicted rise, and industrial production increased by 35%.
Overlooking the passage of time, and other important confounding factors, let's revisit this article's business intelligence theme. It is important to note that China has increased its usage of Business Intelligence and other forms of technology transformation. South China Morning Post reported that President Xi Jinping aims to be the AI leader by 2035. A report sampling data from the IDC discovered that China's Business Intelligence market reached US$490 million in 2019.
Why Business Intelligence?
With the sudden surge of newly added variables caused by the pandemic, business was not as usual- it was, and still is, challenging to navigate and analyze the current status-quo. Companies had, and still have, troubles forecasting demand, optimizing the supply chain, analyzing customer behavior, etc.
It is no wonder that Ancona et al.’s study (2020) found a changing trend of "Human only and Machines only" towards "Humans and Machines." McKinsey also found that technology transformations including Business Intelligence adoption impacted 59% of respondents towards realizing new revenue streams, 68% towards existing revenue increase, 76% towards reduced costs, and 79% towards improved employee experience.
Business Intelligence has been known to solve complex issues and help with efficiency. From previously mentioned example, it’s also possible that BI positively correlates with China’s momentum gain.
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The Time is Now
In 2016, McKinsey wrote a deep analysis of Indonesia’s US$150 billion potential economic impacts by unlocking its digital opportunity. In the report, across sectors such as industrials, retail, government, transportation, etc., Indonesia lagged behind its peer countries. To solve for the locked digital opportunity, McKinsey believes innovative business processes-such as adopting Business Intelligence to advance efficiency- is necessary.
With considerable evidence implicating the benefits of Business Intelligence- especially in navigating the current pandemic and the possible correlation of China's fast momentum gain and BI use- it's tempting to implement BI immediately. It is especially true to do so in Indonesia, where Business Intelligence could significantly leverage your company and give a competitive advantage. Unfortunately, many companies are struggling to adapt—cue in Kitameraki.
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