The Tech Impact ’19 report from IQBlade, which analyses the UK’s fastest growing companies and the technologies behind their growth, found 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, allowing them to make more informed decisions and drive growth. Market leaders profiled in the report include Tableau, Progress Software and QlikView.
Using data intelligence to grow your business and gain competitive advantage
Ben Abraham, CTO at IQBlade, explained: “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 8% 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 makes comparisons with other UK companies outside of the list to build up a picture of what technology stacks are working. It shows that high-growth companies using business intelligence technology are growing three-and-a-half times faster than UK companies in general, demonstrating the value of it.
“When we look at the tech stacks of some of the UK’s fastest growing businesses compared with other companies, we can start to build a picture of what technology is proving pivotal to growth,” Ben added.
How can you make better use of your data?
Other technologies identified as key drivers of growth include app development and productivity-related solutions. Although just 17% of UK companies currently use app development technology, those that do are generating almost a quarter more (22%) revenue than those who don’t. Investments in productivity solutions, on the other hand, are also paying off, with companies using the technology recording 20% more sales in 2018 and a 3% higher growth rate for the past three years compared with those that don’t.
“This research has uncovered an interesting pattern of growth behaviour.” Ben continued. “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.”
