The best of business intelligence is yet to come: An overview of various BI developments that may reshape the future of industries
In simple terms, business intelligence refers to the use of technology for collection of business information, its analysis, and extracting related insights. The importance of business intelligence can be gauged from the fact that the amount of data related to businesses is bound to exceed 50 trillion GB by 2030. This means that businesses will need a higher degree of automation and an advanced kind of analytics. In one word, businesses will need to undergo a rapid transformation to keep up with the changing technological place. In this article, we aim to analyze the developments in the domain of business intelligence that we expect in the next few years.
Statistical business intelligence overview
As far as the Global Business market is concerned, it is slated to expand by more than 33% in the coming three years. This means that there would be an increase in the monetary value of the business intelligence market by about 30 billion dollars. Reacting to this trend, we are seeing that more than 35% of the businesses are employing various tools, creating strategies, and deploying numerous business analyst courses. In the year 2021 itself, the usage of business intelligence tools increased from 18 % to 36%. This is expected to increase to more than 50% by 2025. The maximum adoption rate of business intelligence tools and methodologies has primarily been in the sectors of management and finance. As such, the demand for business analysts is expected to increase by more than 23% by the end of the year.
The growth of Business intelligence
The growth of business intelligence has become unstoppable due to its range of applications in the domains of e-commerce and finance. This growth can also be attributed to the role of business intelligence in speeding up the decision-making processes.
Of late, it has been observed that various kinds of organizations are finding it increasingly difficult to handle vast amounts of data. This is not only affecting their process of analytics but it is affecting the life cycle of their business operations. To counter such problems, business intelligence provides holistic solutions. Not only does it help to efficiently analyze and process data but it also helps in the visualization process. It not only improves business operations but also improves the performance of a business in the long run.
The platform of predictive business analytics
There is no doubt in the fact that businesses want to predict the trajectory of their growth in order to optimize their investment. The reliance of businesses on analytical tools is important. But more important than these analytical tools is the platform of predictive business analytics. Predictive business analytics makes use of AI tools to predict the growth of a company based on some selected variables. Predictive analytics is also pivotal for determining the performance of businesses in the near future. This is done with the help of advanced algorithms and analytical tools. Planning ahead of time enables the business to deal with any contingency situation that may arise in the future.
The theory of hyper-automation and embedded analytics
Hyper-automation of data is all about automating different types of tasks that require a high degree of complexity and are difficult to execute manually with the available resources. Both volume and variety of the available data sources are increasing exponentially. To deal adequately with these data resources, automation in business intelligence is the way ahead. Similarly, the application of embedded analytics to business intelligence would not only help in qualitative decision-making but would also aid in advanced analytics and allied research.
The present state of business intelligence is slowly moving towards mobile BI because it is more accessible than any other workstation. A report by Statista forecasts that more than 75% of the business executives would depend upon mobile BI by 2025. The different features of mobile BI like real-time data analytics, customized alerts, notifications, and network communication make it one of the strongest technological resources in the domain of business intelligence. The cost-effectiveness of mobile business intelligence is also incentivizing different types of organizations to invest in it. Mobile BI not only gives access to business intelligence metrics and dashboards but also enables us to easily update business records and other related statistics.
It is high time that we adopt new and advanced tools of analytics to expand the contours of business intelligence in near future.