Business Intelligence Software Trends for 2022/2023: Predictions You Should Be Thinking About
Business intelligence (BI) assists companies in collecting, analysing, presenting, and integrating data to facilitate valuable information for business growth. Over time, the business intelligence industry has morphed into a billion-dollar enterprise. More and more companies undergo digital transformation in response to industry demands. At present, we produce more data daily than previously. Therefore, according to business intelligence statistics, any business effectively applying the information extracted from market data will surely benefit. Of course, the big companies in any industry know this.
We understand the value of BI to your company’s growth. And so, we have hand-picked some of the most relevant business intelligence statistics for 2022.
BI and analytics software market worldwide
Eye-Opening Business Intelligence Statistics
Here are some highlights to assist you in understanding the importance of it all:
By 2023, over 33% of large-sized businesses will practice decision intelligence.
Data analytics makes decision-making 5x faster for businesses.
Self-service business intelligence is crucial for 60% of research and development departments.
The global business intelligence market will grow to $33.3 billion by 2025.
Most businesses adopted business intelligence in 2020.
The top three business intelligence trends are data visualization, data quality management, and self-service business intelligence (BI).
7 out of 10 businesses rate data discovery as very important.
71% of buyers prefer Microsoft Azure as their number one vendor.
See? Business intelligence is crucial nowadays.
How Can Business Intelligence (BI) Help Businesses During the Time of Crisis?
The pace and scale of the crisis have made one point obvious: the traditional wait-and-watch strategy for optimising operations will not work. Companies should make data-driven decisions to devise strategies to empower employees, navigate through the crisis smoothly to earn clients’ trust and loyalty, stabilise operations, and optimise costs – none of which is possible without BI.
Let’s look at these benefits in detail:
1. Discover opportunities for boosting growth
By removing barriers between siloed data sources, BI can help match data from thousands of datasets and provide forecasts that are not only accurate but also timely. Such information can enable historical data analysis, helping companies uncover growth opportunities – even as sectors plunge.
2. Find areas for reducing costs
By identifying unnecessary costs and redundant processes, BI can list areas of business that can yield the maximum cost savings while highlighting avenues of business that require investments – such as digital workspaces, business continuity, or remote workforce.
3. Make informed decisions to minimise risks
By connecting to a wide array of data sources, BI can provide the figures, information, and facts to help companies make informed business decisions and reduce potential risks.
4. Accelerate speed to normal operations
BI provide a fast and simple overview of data from across the company – which can easily go unnoticed. By incorporating sophisticated data analysis tools and technologies, BI can maximise correlations, patterns, and trends and helps employees to make data-driven decisions.
In our crisis-ridden world, technologies like BI can bring a lot to the table: they enable companies to understand the problems they are facing, assess gaps in their systems and processes, remodel their business, make the right decisions, and protect growth and profitability in the long run.
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