Businesses nowadays have access to stockpiles of data that were not easily available before. But technology offers a powerful way of making sense of what these data points suggest and convert them into insights and workable business intelligence KPIs that companies can use when making decisions for actual business situations. Using its analytical features, business intelligence tools dig deep into data sets to derive relevant information about everything — from driving revenues with sales intelligence to leveling up human resources with analytics to framing strategic plans for possible business expansion. We’ve prepared this compelling collection of business intelligence software statistics and trends to keep you informed and updated of this software’s current and upcoming directions, which could prove crucial in how you leverage business intelligence tools to your advantage.
From its initial versions called decision support systems (DSS) database that first came out in the 1960s, business intelligence tools had undergone far longer and more extension developments compared to other software technologies in the world today. As more and more businesses discover the value, benefits and vast applications of the best business intelligence tools today to every facet of their operations, it is very likely that the current business intelligence software market size is bound to further grow exponentially in the coming years.
Key to the continuing expansion of business intelligence software market share is the rising number of affordable business intelligence software for small business and startups. Small companies are integrating BI into their business strategy, primarily through SaaS. The market is expected to observe increased demand for virtual business intelligence software owing to its cost-effectiveness and efficient delivery methods.
For years, results of many business intelligence software research consistently include business intelligence as among the top IT priorities of businesses, especially among CIOs. From the many business intelligence software facts we continuously collect, we’ve selected these as the most relevant to you as business owners:
For the recent and upcoming years, the expansion of the business intelligence software market will be driven primarily by the increasing adoption of data analytics across the world, the rising popularity of the cloud delivery approach, and the burgeoning volume of business data. More than ever, organizations need to understand the fundamentals of business intelligence software to stay competitive.
Business intelligence platforms are also known to make a company more customer-oriented, agile, and competitive. Together with today’s new genre of lighter, easier-to-use, and faster BI apps, business intelligence has become a must-have business tool, already similar to other basic business systems like CRM platforms.
Compared to other business apps, business intelligence tools have the capability to boost revenue growth and help improve profit margin, which is why it is regularly included in most IT spending priorities, which include other business-critical solutions like ERP software.
Business intelligence software in big data continues to be a major focus among BI vendors and users. The future of big data and IoT is one of the major factors that drive the use of the cloud in accessing business intelligence and analytics. Likewise, as more work continues to be done outside the ‘traditional’ workplace, the global demand for mobile business intelligence capabilities continues to rise as most studies indicate. Here are some key business intelligence software trends that businesses must consider:
With the increasing intricacy of the business intelligence landscape, knowing and understanding current market developments and upcoming trends are necessary to support efficient decision-making in business. It is becoming more crucial to adopt the latest best practices and get to know the top business intelligence solutions to better address the demands of business digitalization and competition.
In general, the purpose of business intelligence to businesses is to give them a competitive advantage. It should provide them with an improved understanding of the various factors that influence market trends and help businesses to take timely, knowledge-based actions to outperform competitors and better serve customers. If your business has enormous volumes of customer data but still not using it to improve performance and profits, now is the time to invest in business intelligence software solutions.
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