Business Intelligence increasing intelligent businesses
- According to International Data Corporation (IDC), worldwide revenue of business intelligence will reach $260 billion by 2022 at a Compounded Annual Growth Rate (CAGR) of 11.9% and US is the largest geographic segment for revenue by business intelligence followed by Europe.
- Business intelligence becoming a “need to have” system as its use has become a key to success for any organization.
- According to Forbes, over the last seven years, Operations departments have most increased their influence over BI adoption. 63% of executives, whose companies have adopted AI, report that it resulted in increased revenues and 44% of executives say AI has reduced costs.
- Gartner reports that business intelligence continues to be the fastest growing segment as of April 2019, growing at 23.3%
In this era of information technology, the ability to use business intelligence has become a key to success for any organization. The term ‘business intelligence’ originated in 1989, is a “need to have” system for any kind of business. No matter what business or industry you are in, your business will prosper only when valuable information is extracted from petabytes of data.
So for the tasks such as handling overloads of data, processing them to get required information and making more intelligent and informed decisions, in short for doing the things to get the final and required result from input, business intelligence can be a good choice.
According to Forbes, over the last seven years, Operations departments have most increased their influence over BI adoption. Gone are the days when businesses used to operate as if it was playing cards. Nowadays, no intellectual person makes future strategies for his company by making a perfect guess. Business intelligence is there to have accurate data, updates, and even to predict conditions which are way more reliable.
Forbes also mentioned, 63% of executives, whose companies have adopted AI, report that it resulted in increased revenues in the business areas where it is used and 44% of executives say AI has reduced costs. As BI analyzes every data, it provides organization with that information which is actually needed for improving the current status and correcting the unwanted ones.
The info-graphic based on a report from Boston University has revealed that 47% of professionals claim that poor access to information hampers making decisions. Hence avoiding this, without the need to go through every line of bulky reports, BI gives quicker responses to all the queries.
Large companies deal with large data which can make their goals vague and unclear. So to avoid it, BI makes the campaigns very focused so that the company can target on required points. It makes the job precise and effective. Also, as business these days are growing in high risk environments, it is important to identify the potential risks and try to avoid or minimize them. In doing so, BI again comes to use. Through 2022, deployment of artificial intelligence to augment, streamline, and accelerate IT operations will be a principal IT transformation (ITX) initiative for 60% of enterprise IT organizations, according to IDC.
The increasing use of business intelligence is likely to be seen more in future as well to make informed executive/strategic level decisions backed by data analytics. Some examples of famous companies using business intelligence for pushing overall business to growth include Amazon for optimizing supply chain, Starbucks for observing, analysing and forecasting consumer behaviour/expenditure pattern, and Netflix to provide user fit recommendations.
