Business intelligence (BI) is a powerful tool that can help companies identify opportunities for growth and success.
BI
software collects and presents business data in easy-to-use formats, such as reports, dashboards, tables, and graphs. This allows business users to access different types of historical and current, internal and third-party data, as well as semi-structured and unstructured data, such as social networks. By analyzing this information, users can gain insights into their company's performance. The term 'business intelligence' was first used in 1865 by author Richard Millar Devens.He quoted a banker who collected market information before his competitors. Since then, the adoption of BI has been driven by the return on investment that companies expect to gain from better use of data. Executives and decision makers are increasingly recognizing the need to digitize their processes in order to gain a competitive edge. Organizations of all sizes are increasingly turning to BI solutions to modernize their data-driven processes. A survey found that 70% of business leaders agree that analytics has changed their industries, at least moderately.
54% of them also said that business intelligence is “critical” or “very important” for their current and future strategies. The technological needs that drive the adoption of business intelligence are becoming more apparent. Data quality management is the first priority for most companies today. Other trends such as data-based culture, data governance, and data warehouse modernization are also among the top 10 trends related to BI drivers. Companies need the right tools to add business information from anywhere, analyze it, discover patterns, and find solutions. By understanding the business drivers behind BI, companies can unlock its potential and use it to gain a competitive edge. Business intelligence is an invaluable asset for any organization looking to stay ahead of the competition.
By understanding the key drivers behind its adoption, companies can unlock its potential and use it to gain a competitive edge. With the right tools in place, businesses can collect data from multiple sources, analyze it quickly and accurately, and make informed decisions that will help them succeed in today's digital world.
