First off, let’s look at some statistics to understand the worldwide impact of business intelligence. Recent estimates from MarketsandMarkets show that the global business intelligence market is predicted to reach $33.3 billion by 2025 with a CAGR of 7.6%. (MarketsandMarkets, 2020). The global mobile business intelligence market is also witnessing tremendous growth and is likely to reach $29.6 billion by 2027 at a CAGR of 18.9%. (Global Industry Analysts Inc., 2021). According to a 2020 report by Allied Market Research, along with big data, the worldwide business intelligence and analytics software market is predicted to reach $420.98 billion by 2027, growing at a projected CAGR of 10.9% from 2020 to 2027. (Allied Market Research, 2020).
A 2019 survey from Grand View Research showed that more than 46% of small businesses were already using business intelligence tools’ virtual networking features as a core element of their business strategy. (Grand View Research, 2019). Paired with business intelligence, the global server market for HPDA, or high-performance data analytics is slated to grow at a CAGR of 21.8%, reaching $193 billion in 2027 from $48.6 billion in 2020. (Global Industry Analysts, Inc., 2020). As of 2020, the global BI adoption rate stood at 26% with cloud analytics as its fastest-growing segment (360Suite, 2019; MarketsandMarkets, 2020). In order to understand how business intelligence can truly transform the competitive edge of your business, please contact IT support Joplin.
Why is Business Intelligence Important?
1) Gain better customer insights
The primary driver in the adoption of Business Intelligence is its ability to closely monitor and analyze current customer buying trends. With the help of business intelligence, companies can understand the core motivations and driving factors behind their customers’ purchase decisions. These insights can be instrumental in designing better products and introducing product improvements to meet and exceed customer expectations.
2) Better visibility into business operations
Business Intelligence allows for a significantly improved degree of transparency in business processes and standard operating procedures that allow for enhanced control. Insights driven by business intelligence can help companies easily identify areas for improvement and allow organizations to be proactive.
3) Get Actionable Insights
Business Intelligence systems can help companies detect key organizational trends. These insights can also allow organizations to closely understand the implications of various organizational processes and changes, allowing for more sensitive and informed decision-making.
How Business Intelligence (BI) Can Change Your Business
Improve Competitive Intelligence
BI helps businesses hone their competitive edge with true leveraging of their data and driving data-driven decisions. BI solutions render data and information equally accessible for all authorized users and allow them to leverage the benefit of strategic intelligence from a centralized data warehouse. For the most strategic business tools that suit the needs of your organization, please contact Managed IT Services in Joplin.
Improve Market Intelligence
Strategic Business Intelligence also allows companies to have easy access to market intelligence and better analysis of the data with BI tools. This makes spotting trends, buying patterns, customer insights, customer behavior, and market trends much easier. With centralized access to all information, businesses have the ability to be more strategic and responsive to changing market conditions. This also allows business owners to be more deliberate with production planning, optimize resource usage, and reduce wastage.
Data stored in multiple locations and formats makes data analysis and reporting a highly complex and even time-consuming procedure. Integrated BI tools help businesses integrate all the data present in different silos in the workplace and mainline them into your dashboard with real-time data powering a comprehensive status of the business.
Business Intelligence Trends to Know in 2022 & Beyond
The integration of AI and BI will allow organizations to capitalize on deeper data insights and enable better decisions. This could potentially enable businesses to identify and automate many business and IT processes at a rapid pace while maintaining scalability and agility. This will, in turn, allow them to analyze humungous datasets with minimal human intervention, reduced scope of error, and at very high speeds.
BI has traditionally been used to drive evidence-based decision-making based on historical data. But the application of Business intelligence tools in real-time analytics could be a game-changer. This immediate analysis will enable real-time decision-making, while also recording the data to develop standardized business responses and strategies for future endeavors. Live dashboards will facilitate easy access to relevant information for timely responses to all issues.
Hyper-automation is likely to be a top strategic trend in 2022. Business Intelligence Automation will empower organizations to automate the processing of massive amounts of data. With efficient automation of the maximum data collection and management processes, companies can easily accelerate their Business Intelligence Management outcomes and handle complex analysis with minimal need for coding or programming. For strategic Business Intelligence Consulting, please reach out to Joplin IT Consulting Services.