Gartner predicts the business intelligence (BI) market to exceed $6 billion by the end of 2022. About 43 percent of small and large-scale businesses in the IT industry have adopted BI and are reaping its full-scale benefits. According to Forbes, the future of BI platforms holds more promise for businesses with little room for bottlenecks and interface challenges. This makes it convincing for businesses of all sizes and industries to invest in business intelligence platforms. This article delves into business intelligence companies and their benefits.
What is business intelligence?
Business intelligence can be defined in many different ways. The term business intelligence itself is an umbrella concept comprising business analytics, data mining, data visualization, data jobs, and infrastructure to help organizations make data-driven decisions. BI collects, stores, and analyzes the data produced by a company’s activities and is an effective solution to manage data from various sources. It also compresses a company’s data sets into a single view, creating comprehensive reports and KPIs for operational efficiency.
What are the benefits of working with a business intelligence company?
Business intelligence companies can offer various services to businesses of all sizes and industries. Some general BI benefits are described below.
Decision-making without using actionable insights from BI tools can churn minimal impact for your business. Business intelligence companies can access fast and accurate information, enabling the decision-maker to leverage valuable insights from various data sources, including marketing and sales analytics, customer relationship management software, and supply chain data.
Often, managing these insights can be daunting, as businesses may have to create data silos to manage data sources independently. This alternative can lead to duplicates, make data inaccurate, and stifle the decision-making process. A business intelligence company accommodates all your data sets regardless of their peculiar formats, encryption features, and business rules.
Increased Operational Efficiency
Business intelligence solutions can help answer questions like “which of our consumer products are gaining the market or growth rate from our notable clients?” Business intelligence software solutions can also compare past and current data sets to identify places your business is lacking in and the areas with opportunities for profit margin growth. That way, you can evaluate your business operations according to the insights to enjoy a competitive edge in your industry. Larger organizations can also perform a competitive analysis of their various markets. The dashboards make it easy to tell which market segments you’re losing and how business managers can ramp up operations.
Personalized Customer Experience
Keeping up with today’s customer expectations can be a daunting task, so that’s why it’s important to properly listen to customers. You can do this by using consumer insights that help you understand your patrons and their needs as they change. This is when a business intelligence company can help. They use advanced business intelligence software solutions that feature real-time dashboards, which present real-time analytics of your buyers’ behaviors and pressing demands. This way, you can personalize your customer experiences.
Informative Market Trends
Effective businesses stay on top of market trends, paying attention to how taste and preferences evolve. Understanding these trends well using BI applications can be a great way to detect the best-performing market segment. Businesses need to secure unparalleled access to these data sets, establish their positioning on the market, and ensure business continuity.
Knowing the market is one thing; understanding the trends well enough to tell where the next billion-dollar market or growth will come from is another. Business intelligence is deeply rooted in analytics that can help businesses achieve the latter. It can also leverage these insights to model best- and worst-case scenarios, choosing options with a high ROI guarantee.
All in all, the BI industry is home to several innovations for executives to transform business data into actionable insights to grow and expand their businesses. Investing in efficient business intelligence systems can be a great way to make your business data-driven.