Glancing at the future and anticipating the rapidly evolving modern BI and analytics market, it seems that everyone is gaining the benefits out of business intelligence and, once a coveted technology for only the elite class, BI has evolved to the point of mass consumption. From boardroom executives to frontline operation managers, everyone will have an access to a degree of business analytics embedded inside the everyday software they rely on their broader daily functions. This means BI empowers all level of employees to access, analyze, and collaborate on critical business information so they can perform their own analyses and freely share insights with team members.
This is the way the business intelligence market is expanding and every major IT vendor has a stake in this market. According to Gartner, “Global revenue in the business intelligence (BI) and analytics software market is forecast to reach $18.3 billion in 2017, an increase of 7.3 percent from 2016, By the end of 2020, the market is forecast to grow to $22.8 billion.
When we talk about business intelligence, we are referring to advanced BI tools that support greater accessibility, agility and analytical insight at the enterprise level. While business users initially flocked to new modern tools because they could be used without IT assistance, the increased need for a good BI dashboard that can be fully customized will serve as the catalyst for even greater adoption. A customized BI dashboard that can be personalized as per the needs of specific users where users can arrange and access information as per their ease and choose which line of business functions needs to be presented in a summarized graphical form.
As we move to a new world of BI, we see the emergence of more powerful analytics that feature custom drill-through pages, navigation buttons, what-if parameters and other advanced analytics workflow will drive a new flurry of decisions. This is because they hold the immense value to reduce time to insights, turn insights directly into action, and deliver them to a broader set of people in any organization.
Business Intelligence for Everyone!
It’s all about making BI available to everyone, including cake makers, surgeons, accountants, lawyers, and people who have never had access to these analytic functions. So, now we can gauge the importance of BI in every sphere and its necessity.
However, if your organization is like most, you face three main challenges: staying within budget, meeting business needs and efficiently maintaining the solution going forward. An advanced BI can uniquely overcome typical business intelligence solution challenges such as cost, wide-scale adoption, and support. Once implemented, you will be amazed to see how BI can empower your people with business insights and transform them like a business analyst too.