There are recent reports that establish the fact that Business Intelligence platforms have a bright future in the business world. With the recent acquisition of two major data science companies, Looker and Tableau, it is evident that every business is stepping up its game by going for advanced technologies. These analytical tools closely match with the relevant audience persona.
Business intelligence (BI) is an essential tool of the current era. BI and analytics tools are most sought out by organizations to streamline and optimize their performance in the current competitive market. The BI market’s global forecast is reported to reach up to $26.88 billion by 2021.
Many notable acquisitions have taken place in the Business Intelligence space. Stitch, Periscope, Tableau, and many more have been acquired in the analytics tech stack. Thus there is a constant race in the future of BI for enterprises. With all this happening in the tech world of BI, many startups have shifted their focus towards incorporating Business Intelligence Solutions.
Here’s how BI technology and data analytics is changing the business landscape.
Business Intelligence has made way for easy to access analytic data. It has provided many options to consolidate and envision data that help in making the right business choices. These analytics comprise a resultant formed by a set of parameters like customer behavior, demographics, consumption pattern, sentiment analysis, emotional analysis, ecological factors, market segmentation, and many more. These elements aim to give an unmistakable clarity to streamline the way of approach in the current market scenario.
Sets Business Ablaze
BI integration helps to put an end to guesswork and instead make decisions based on concrete facts. This reliable data can get rid of your theoretical moves. They combine data from all departments and enhances the efficiency level of work and the output derived.
Since BI tools gather data from all sources available on the web, it provides precise processed information. In addition to that, it drills down to explore the trends that can be favorable for the business operations.
Market trend is an ever-changing phenomenon filled with constant challenges. The access to the right information at the apt time can work wonders for your business. Having an integrated BI can give you that extra mileage so that your brand gets established and ensures it stays that way.
For any data-driven company who is convinced that data is the future, then Business Intelligence solutions are the key to success. Not any Business Intelligence tool will do, but the metrics matter. Key Performance Indicators (KPI) are necessary to come to a conclusion, and these factors differ from business to business. You need to identify which metric is suitable and essential for your business.