Why Business Intelligence Solutions Are Necessary For Any Organization?


Business Intelligence (BI) is a technology-driven process that helps companies analyze and use the data for their future business decisions. BI software analyzes historical and present data in easy-to-understand and intuitive formats such as graphs, tables, and charts.

Business intelligence analytics are used across various sectors such as BFSI, Healthcare, IT & Telecommunications, Retail & Consumer Goods, and Others. It is used to collect, store, and analyze historical and current data of any organization. It provides various tools to present all the present findings and data in visual formats that are easy to understand and share.

How Business Intelligence (BI) helps to grow an organization?

Business intelligence tools aid in growing organizations with technical data and making new business strategies to grow at a significant growth rate for a longer period. BI tools provide past and current insights into the business.

Business intelligence helps organizations to gain competitive advantages by providing precise and factual data to improve performance. BI tools help to improve supply chain management by monitoring the activity and communicating results with suppliers and partners.

Business intelligence tools enable the side-by-side analysis of data under different scenarios for better results and presenting these results in compelling and informative visualization of data like maps, charts, and graphs.

Generally, organizations have data warehouses built for entire warehouses which hold subsets of business information for individual departments and business units. Big data systems are used as landing pads for BI tools, analytics data for unstructured and semiconstructed data, especially for sensors data, log files, and others. These tools provide deep analysis and help to uncover hidden patterns and insights in their databases and connect a wide variety of data sets and systems including spreadsheets.

What is the Future of Business Intelligence?

With the rapid 5G internet penetration and the increasing use of Internet of Things (IoT) solutions, the adoption of Business Intelligence tools and software is going to increase in the coming years.

Organizations are adopting new technologies and services to improve overall work efficiency and productivity for better year-on-year growth and results. The awareness of using various types of business intelligence tools is growing among organizations as it provides statistical and predictive analysis. This increasing awareness is going to play an important factor in any organization to perform better and to gain an advantage over the present and upcoming competitors.

Future of AI in Business Intelligence

Nowadays, Artificial Intelligence (AI) is gaining a lot of traction as now it is used in almost every industry to increase the productivity and efficiency of any company organization. Using Artificial Intelligence in supply chain can bring a new shift in Business intelligence by providing predictive insights. These insights can help an organization to make better decisions.

With the integration of automation using Artificial Intelligence, companies can increase the effectiveness and the power of business processes. Machine learning enables AI systems to examine the data and underlying trends to make strategic and more informed decisions.  AI helps in accelerating the data analysis process and delivery of Insights.

There are some major global organizations that provide business intelligence solutions and services that can be integrated on-premise as well as on cloud-based ones. Organizations such as Microsoft Corporation; Cisco Systems, Inc.; International Business Machines Corporation (IBM); Oracle Corporation; Google LLC; Amazon Web Services, Inc.; SAP SE; geniSIGHTS, Pvt. Ltd.; Salesforce, Inc.; Rackspace Technology and others offer analytical solutions for various enterprises size.

With the ongoing trend of adopting cloud-based software and solutions for easy storage and access to all the data on one platform. The global business intelligence market size was valued at around USD 20.55 billion in 2021 and is projected to reach USD 42.50 billion by 2030, expanding at a CAGR of around 12% during the forecast period, 2022 – 2030.

The growing need for big data analytics for taking critical business decisions within a short period of time is driving the need for the adoption of business intelligence tools. The need for business intelligence solutions is rapidly growing, as organizations are focusing on expanding their business across the globe.

The increasing demand for data visualization tools for business analytics with the integration of AI and IoT solutions can open up new pathways for the market players and the rising need for creating new insights from unused data can create new opportunities for the market in the coming years.

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