Earlier-generation business intelligence (BI) creates challenges — enterprises are transforming only 40% of their structured data and 31% of their unstructured data into information and insights, according to Forrester data. Business leaders have deployed new approaches and technologies to address these limitations, including agile BI and big data — but they still come up short when pursuing them as two separate paths.
To turn customer insights into actionable data, business leaders must upgrade to a systems of insight that combines BI best practices, writes Forrester in new research. This will require a massive strategic shift — moving from IT to BT, becoming customer-obsessed, and emphasizing business agility — but the payoff can be tremendous. For example, online retailer Stitch Fix’s system of insight allows the company to turn customer preferences into insights that are projected to drive sales past $200 million this year after only four years in business.