Business intelligence (BI) and analytical solutions are being increasingly sought out by businesses across the world as a way to tap into their consumer market and maximise revenues; meanwhile, with competition remaining high and the increased ease with which consumers can move between companies, combined with financial pressure, it is essential to maximise efficiencies in every business area. As a result, and with more spending in the BI and analytical solutions market, new forecasts suggest the sector will reach a value of $16.9bn (£11.65bn) this year. Gartner estimates BI sector growth of approximately 5.2 per cent during the 12 months, meaning the entire industry will increase significantly in value.
There are a huge number of changes in the BI and analytic solutions market. Many systems are transitioning from the traditional system-of-record and IT-led reporting models towards more self-service options. As a result, modern organisations are seeking out new and innovative platforms with renewed interest. As firms demand increased flexibility, real-time reporting, in-depth analytical insights and accessibility, numerous startups and small businesses are bringing out solutions to meet these needs.
Ian Bertram, the managing vice-president of Gartner, explained how the market has changed, saying: “The shift to the modern BI and analytics platform has now reached a tipping point. Organisations must transition to easy-to-use, fast and agile modern BI platforms to create business value from deeper insights into diverse data sources. It is no longer possible for chief marketing officers to be experts only in branding and ad placement. They must also be customer analytics experts. The same is true for the chief HR, supply chain and financial roles in most industries.”
Gartner also revealed its belief that analytics remains one of the most critical business strategies, with many companies seeing BI as a central function to most of their operations. The foundation of this view is that, in theory, every organisation is actually an analytics business, with all employees being BI users. This is due to the vast of amount of data being generated and processed to help make strategic decisions in today’s competitive marketplaces.
Mr Bertram explained that if companies are to make the most of modern analytics and BI platforms, executives and leaders have to rethink all the current aspects of their business. This includes transforming any IT-centric processes and considering how modern solutions affect governance processes, organisational models, leadership, roles and responsibilities.
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