Business Intelligence Blog – Is this a tech fad or here to stay? What will the future look like and how important will it be in the organization of the future?
Especially for small and medium-sized businesses with tight budgets, it is important to know if they need to invest in business intelligence technology to stay competitive or if it is not necessary for the success of the business.
Business Intelligence Blog
In this blog post, we will look at the future of business intelligence, its adoption among organizations, its needs, and the real benefits or lack thereof for businesses today.
Why You Need Business Intelligence And Data Analytics At Leadership Level
The market for BI tools bodes well for the overall direction of the business intelligence market, which is expected to double in the next five years.
The business intelligence market in 2020 is estimated at $21 billion. By 2026, this amount is expected to grow to $41 billion with a CAGR of 12%.
The strong growth the market has seen has largely been driven by adoption from both large and small businesses – although many SMEs have largely lagged behind.
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If current trends continue, as expected, the market will grow again as business intelligence solutions become an integral part of business operations of all sizes.
As with many new technological advancements in the business world, it is often the larger companies that have the resources for their adoption efforts, and this has proven to be the case with the use of business intelligence.
Globally, BI adoption across all organizations stands at 26%. In organizations with more than 5,000 employees, the percentage rises to 80%.
Key Benefits Of Business Intelligence
Much of the adoption of business intelligence revolves around the role of analytics and big data—mainly using these two things to improve business processes and performance through data-driven decision-making.
In 2020, only 27% of companies consider their work environment to be data-driven, but more than half of organizations say that cloud business intelligence is important or very important to their initiatives.
Quite tall; there seems to be a clear understanding that BI is a major disruption to business and something that is recognized as an important part of business operations.
Ways Business Intelligence Can Help You Optimize Your Operation, Delivery Of Goods
A report released in early 2021 found that business intelligence is fast becoming a key offering, with 41% of BI vendors reporting an increase in customer demand for data capture and analytics software.
There is a clear movement towards business intelligence adoption among those who have not yet invested in BI, with many planning for the short and medium term.
As BI tools and technologies become more accessible, affordable, and mainstream, usage will grow significantly, especially related to cloud offerings.
Top 5 Business Intelligence Trends In 2021
The most important aspect of business intelligence driving its widespread adoption is its use to aid decision making.
BI can be used in all departments in the company, be it marketing, logistics or HR, which means that the technology is flexible and universally applicable.
In fact, companies prefer to invest in BI because it applies to all businesses, and although it will benefit some stakeholders more than others, its use as an aid to decision-making is everywhere.
What Is Business Intelligence? A Deep Dive Into This Data Driven Field
61% of IT teams have improved after applying business analytics; the market leader has seen a 44% increase; R&D 39%; software development and finance 38%; sales 37%; and surgery 35%. Cloud platforms are growing in popularity
The use of analytics in business is now a necessity – it also happens that the technology required to achieve a significant level of analytics capability in business operations is more expensive and easier to implement than years ago.
This is largely due to the use of cloud data centers to offer software as a service to small and medium businesses.
Ways Business Intelligence Consultant Can Help You Realize The Potential Of Your Data
Today, SaaS is the most important way for companies to use new technologies and is especially popular among small and medium-sized companies because it does not require an on-premises server and can be expanded with greater flexibility.
A 2018 survey showed that 64% of ERP software is delivered via SaaS through the cloud, followed by 21% with cloud ERP on a dedicated private server and finally only 15% using a more traditional local server for ERP. Analytics will continue to leverage business intelligence
Despite all these benefits for business intelligence in recent years, the maturity of analytics among many small and medium-sized businesses is still surprisingly low.
Infographic] Benefits Of Business Intelligence
87% of companies were classified as having low analytics maturity in a Gartner study, while NewVantage found that only 27% of companies in 2020 consider their work environment to be “data-driven”.
Although this may be an indication of higher corporate expectations, there is a clear trend that many organizations are still using many technologies in non-standard ways.
At the same time, companies have a clear understanding of the need to implement business intelligence solutions for initiatives, indicating that investment in BI technology will remain a priority aspect of digital transformation for at least the next few years.
How To Get More Out Of Business Intelligence
More than half (54%) of all companies say that cloud BI is important or very important to their current and future projects.
While the adoption of cloud BI technology is high, using data to ensure that it is of good quality, accessible and actionable is something that generally proves more difficult for companies to succeed.
As organizations invest more in making better use of data, BI will play a more important role in leveraging that information.
How Machine Learning Aids In Business Intelligence
Business intelligence and related analytics and AI solutions have seen increasing adoption among organizations over the past three years.
This improvement is the result of several factors – the most important of which is the recognition that the effective use of data and analytics is a key competitive factor for organizations today.
As companies continue to adopt a data-driven approach to operations, the need for business intelligence tools will only increase, as evidenced by the tremendous growth of the market.
The Growing Importance Of Business Analytics In 2021
The future of business intelligence is likely to continue to grow rapidly until it becomes an integral part of almost every business in the country.
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Timo Elliott is an innovation evangelist and international conference speaker with over 23 years of experience working with business intelligence tools. You can find popular business intelligence blogs at timelliott.com.
What Is Business Intelligence?
In his regular posts, Timo explores innovations in analytics and social media, and his blog covers topics such as big data, collaborative decision making, and social analytics.
The business intelligence blog also includes some funny cartoons that explore some of the pain points in analytics and BI.
Boris Evelson is a business intelligence expert and principal analyst at global research and consulting firm Forrester Research. Boris has over 30 years of experience in enterprise software and application implementation, management consulting and strategic consulting.
What Is Business Intelligence And Why Does It Matter To Entreprises
Boris’s posts cover best practices for building BI infrastructure and applications, such as BI business cases, architecture options, organizational structure, and vendor selection.
BI Guru is the business intelligence blog of Maloy Manna, an expert in business intelligence and data warehousing. He has extensive experience implementing business intelligence and data warehouse solutions for several Fortune 500 companies.
The business intelligence blog covers data quality and related disciplines, including data management, master data management, business intelligence, big data analytics, and data science.
The Tremendous Power Of Business Intelligence & Ml
Check out our business intelligence blog here for an unbiased look at the importance of data quality.
Howard Dresner is a former Gartner researcher and is currently president, founder and head of research at Dresner Advisory Services. Howard has been in the industry for over 32 years and has published two books on the subject.
Perceptual Edge is a company founded by Stephen Few, a leading expert in data visualization and information design. This business intelligence blog covers presenting and sharing data in a business environment and has some great tips for creating best practice data visualizations.
Top 5 Reasons To Use Business Intelligence For Sales
BI Scorecard founder Cindi Howson has been using, implementing and evaluating business intelligence tools for over 20 years. He advises clients on business intelligence strategies and vendor selection and is a frequent speaker at industry events.
The BI Scorecard business intelligence blog is full of valuable content and is updated regularly. Take a look and you may find one that suits your business needs.
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