Business Intelligence (BI) & its tools are the first priority of startups to moderate level businesses, this really helps enterprises to streamline workflow. It is not simple to build up the leading company, for establishing the new business one needs to apply a lot of effort.
To run the startup businesses it is really mandatory to manage the things in a better way and this is somehow possible with BI.
As per the Dresner Advisory Study latest report (2020 Self-Service Business Intelligence Market Study), 62% of respondents weigh that self-service Business Intelligence (BI) is important for current and upcoming businesses.
Microsoft Teams, Microsoft SharePoint, and Jira are the most common business collaborative frameworks that are extensively used by current audiences, integrated with Self-Service BI platforms. By utilizing the BI, users can effortlessly produce, manage, and share business insights.
From 2017 to 2020, BI considered as a powerful tool for a startup to high-level organizations. Let’s read some principles which are found in the study.
- Currently BI is profoundly essential for businesses. It is recognized as the 6th most important tool among diverse technologies.
- In comparison to previous years, it is one of the trending technologies of 2020 and is extensively used by businesses.
- Finance, BICC, and Executive Management department, Marketing & Sales professionals are broadly making use of this software.
- 60% of R&D team experts weigh Self-Service BI profoundly crucial for their on-going projects.
- 48% of all businesses weigh BI either “critical” or “important” to their work.
- The bigger organizations that have more than 10K employees having high demand for BI.
- Microsoft SharePoint has been the most fancied enterprise collaborative framework. Similarly, Microsoft Teams is growing from 5th to 2nd position in rankings for 2020, and Jira holds 3rd position.
The Business Intelligence (BI) software industry is swiftly rising, it is the top software category in terms of market size. As per Gartner, it is expected that the global revenue of BI will grow up to $22.8 billion by 2020, and Reuters reports additional growth to $29.48 billion by 2022. The BI market is flourishing and as per that, BI solutions demand will also grow in various industries.
Benefits of Business Intelligence
The list of Benefits of Business Intelligence for small to medium enterprises is quite long. Here a few of the game-changing benefits of BI are mentioned that really helped many businesses in attaining a good position.
Business Intelligence enables entrepreneurs to extract useful information from unstructured data. It also allows access to multiple data including sales data, customer, contact list, etc, which finally helps in answering the business-related questions.
BI allows the organization to transform every employee into a decision marker and this really helps small businesses that work with merest human resources. Through BI any small business employee can do the work of multiple employees.
BI tools save the employee time which is spent on data entry and manipulation, this software can easily handle such boring tasks in a very easy manner and apart from this it also frees the employee to focus on other business-specific tasks.
Authentic Customer Profile
In order to proceed with further services, it is really important to target or prefer perfect buyers. Determining the persona of a buyer is one of the foremost tasks as this helps in targeting the intelligent audiences. By utilizing various social platforms small businesses can promote their platform up to the next level and in this task BI tool really helps the business as it allows them to closely target the perfect buyers and this finally helps in choosing the best.
Invest On Core Parts
Small businesses have limited funding and that’s why it is really important to invest in the safe site sometimes for this it is vital to acquire smart budgeting. BI software supports business people to predict better cost, by enhancing the company’s finances transparency the tool helps in Identifying cost-cutting areas.
Easy To Understand
BI software easily explains the business-related stats and for this, it represents the results in the form of advanced visual features that permit entrepreneurs to portray survey results and general data in the form of pie charts, colorful graphics, and other types of visuals. In comparison to plain text visual types of data are quite easy to understand.
Business intelligence software includes one outstanding feature that permits users to export and share data and this helps in sharing the business data with team members. BI also allows access to the data in real-time.
Top 10 BI Tools Mostly Preferred by Enterprises
There are numerous excellent BI tools but few of them are extensively preferred by many small to moderate level enterprises and those are:
- IBM Cognos
- Yellowfin BI
- Zoho Analytics
- Microsoft Power BI
- SAP Crystal
- ZAP Business Intelligence
Yearly Study on Business Intelligence (BI)
Key takeaways from the Dresner yearly market study report
In 2019, the largest consumer of BI technology was the banking (13.9%) sector. Discrete manufacturing makes up 11.3% whereas professional services and process manufacturing both take up 8.2%, the government uses 6.8%. Other industries like education, healthcare, retail, energy, mining, etc. make up 51.6%.
In 2019 respondents who responded that BI is critical to their operations jumped from 10% to 18% additionally 30% stated it was very important. Only 13% said it was not important at all.
Cloud BI’s value continues to stimulate in 2018 and is expanding in 2020 too, the majority of respondents consider BI as an important element for analytics approaches. The study found that between 2017 & 2018 the mean level of BI increased from 2.68 to 3.22. The following graphic shows Cloud BI’s growing importance between 2012 and 2018.
In 2018 over 90% of Sales and Marketing teams said that Cloud BI applications are important to get their task done. The study found that Cloud BI value in upcoming years will grow more and more. Sales & Marketing and Executive Management Business increasingly rely on cloud-based applications and services.
Industries Using BI
In 2018 BI adoption doubled and year by year its usage is increasing. The study analyzed the last seven-year BI data and after that notifies that the usage of this software is gradually increasing on the graph and in futures it is suspected to grow more and more. In 2018 the level of Cloud BI awareness and adoption was mainly increased.
In 2018, Industries like Financial (62%), Technology (54%), and Education (54%) have the highest Cloud BI adoption rates and as per the growing adoption rate in 2020 the BI adoption rate will also get increased in other industrial sectors.
Top Industries Using Business Intelligence
Numerous industries prefer BI as this helps businesses in growing and also resolve many hard tasks like data configuration.
Retail Industry: The retail Industry mainly uses the BI to recognize the customer’s needs and to gather the authentic leads from the other social platforms. It also helps in keeping an eye on inventory stocks.
Food Processing Industry: In food retail or processing industries environmental sustainability is the uppermost preference for any business and this includes healthier and safer ingredients, environment-friendly food packaging, and eco-friendly distribution mediums. BI allows food industries to recognize sustainable methods and this can be done by business data and requirements.
Pharmaceutical Industry: The global pharmaceutical industry mainly faces issues related to expired medicines and other products. BI tools allow pharma companies to lessen the distribution of products (with expired dates) and this is done by analyzing the data.
Oil & Gas industry: Business Intelligence and other related technologies can acquire insights from geological data to discover the area of oil and gas collaterals that’s why the oil and gas industry extensively uses BI.
Fashion industry: To determine the customer’s needs and requirements the fashion industry heavily relies on Business Intelligence (BI) and other data-powered technologies, this also helps in analyzing the global trends.
For current and upcoming future of Startup to moderate level companies benefits of Business Intelligence (BI) tool can be the game-changer, this software not only helps in analyzing the data but can also predict the risk rate and this can really help the businesses in making the strategies accordingly.
Technology is moving at a very stimulated rate and SMEs must cope with developing new trends. Customer behavior is determined by numerous factors, including the characteristics that describe the business operations.
Developing Business Intelligence software looks to be the optimal solution that will secure any sort of small business from falling behind and quickly adapting to emerging business trends.