• Explore. Learn. Thrive. Fastlane Media Network

  • ecommerceFastlane
  • PODFastlane
  • SEOfastlane
  • AdvisorFastlane
  • LifeFastlane

12 Business Intelligence Statistics That Prove The ROI Of Data Analytics

Businesses use Business Intelligence (BI) as an essential tech-driven data analyzing process for informed decision-making.

It encompasses utilizing software and services to collect, store, scrutinize, and present actionable data.

Business Intelligence (BI) allows businesses to identify trends, patterns, and insights that bolster operational enhancements, boost efficiency, fostering growth. Efficient BI solutions are imperative as companies increase their data generation. 

Nowadays, businesses are primarily driven by data. They derive readily available data from diverse sources like social media, mobile devices, and the Internet of Things (IoT). Companies must efficiently gather, access, and analyze vital information to maintain competitiveness in this fast-growing, data-driven environment. 

Key Takeaways

  • Business intelligence (BI) trends emphasize the increasing integration of artificial intelligence and machine learning, enhancing data analysis and predictive capabilities.
  • Cloud-based BI solutions are gaining traction. They offer scalability, flexibility, and cost-effectiveness compared to traditional on-premise solutions.
  • Embedded analytics within BI tools are evolving, enabling real-time, data-driven decisions directly within business workflows.
  • The growing importance of data quality management ensures data accuracy, completeness, and consistency for reliable insights.
  • Advancements in data visualization and using natural language processing (NLP) in BI tools make data more accessible and understandable for a broader range of users.

Top Business Intelligence Statistics You Should Know

Many businesses worldwide are increasingly adopting Business Intelligence (BI), a practice that significantly impacts their outcomes and efficiency. From startups to multinational corporate establishments, businesses can leverage BI to transform their operations and gain a competitive edge. 

By facilitating the identification, accessibility, and interpretation of vast data sets, BI streamlines business processes with remarkable ease. Here are some astonishing statistics that prove why Business Intelligence is worth the investment:

Business Intelligence Statistics Showing its Market Growth

  1. Fortune Business Insights reported that the global BI market is valued at $29.42 billion in 2023, and its worth is expected to reach $54.27 billion by 2030, with a growth rate of 8.3% annually over the forthcoming years.
  2. A study by Research and Markets revealed that the Mobile BI segment, a significant contributor to BI growth, will grow at a Compound Annual Growth Rate (CAGR) of 19.57% in upcoming years.
  3. It further stated that the US and China, the two largest global economies, have the highest Business Intelligence market growth rate. While the mobile BI market in the US was approximately $2.6 billion in 2020, China's BI market is anticipated to grow at a staggering CAGR of 18.7% and reach $5.2 billion by the year 2027.
  4. Cloud analytics is the fastest-growing segment of Business Intelligence, with a 23% CAGR. Its market value is projected to increase from $23.2 billion in 2020 to $65.4 billion by 2025.

Business Intelligence Statistics Highlighting its Increasing Utilization

  1. According to Deloitte, CEOs who make data-driven decisions have a 77% higher success rate.
  2. Companies that use business intelligence in their day-to-day operations have five times faster decision-making capabilities (BetterBuys).
  3. Sisense conducted a survey that revealed that since the onset of the pandemic, 49% of companies have increased their use of BI analytics.
  4. It also reported that 52% of software companies will leverage BI tools to improve their operations and grow their business.
  5. According to the Wisdom report, global business intelligence adoption rate is estimated to be 26%.
  6. Another study shows that in 2023, 33% of large-scale business enterprises hired candidates with expertise in decision intelligence.

Business Intelligence Tools with Highest Usage Rate

  1. Microsoft Power BI ranks as the most utilized business intelligence, with a market share of 36.53%
  2. Microsoft Azure is another tool that's rated high. According to Dresner, 44% of organizations believed that Microsoft Azure is essential to their business operations.

These business intelligence statistics show the increasing utilization of BI in various industries. More and more companies will be using the capabilities of BI in the upcoming years to manage their data and drive business growth.

Reasons for the Increasing Adoption of Business Intelligence

Let's explore the key reasons why businesses of all sizes are progressively embracing Business Intelligence (BI):

Better Decision-making

Business Intelligence (BI) empowers businesses with critical data insights for enhanced decision-making. A study conducted by Dresner Advisory Services revealed that 87% of these entities perceive BI as integral to their overall strategic process, highlighting its significant value.

Increased efficiency

Businesses experience enhanced efficiency by automating numerous reporting and analysis processes enabled by BI. This strategy conserves valuable time and resources. Research from the Aberdeen Group reveals a significant advantage: businesses equipped with BI are 2.7 times more apt to make near real-time decisions than their counterparts without it.

Competitive Advantage

BI can provide a significant competitive edge by enabling businesses to identify trends and opportunities before competitors.

Customer Engagement

By offering in-depth insights into customer behavior and preferences, BI equips businesses to fine-tune their products and services for optimal alignment with customer needs.

Revenue Growth

Leveraging Business Intelligence (BI) to identify growth opportunities and fine-tune pricing strategies can bolster businesses' revenue.

What Are the Important Business Intelligence Technologies?

Let's delve into several critical technologies of Business Intelligence (BI) that help businesses transform raw data into valuable insights:

Data Mining

Data mining involves analyzing extensive datasets through statistical and mathematical algorithms. Businesses leverage this technique to identify trends and predict future outcomes, ultimately enhancing decision-making processes. Popular tools in the realm include SAS, Teradata, and Sisense; IBM SPSS and RapidMiner also contribute significantly to these operations.

Data Warehouse

Businesses utilize a data warehouse, a centralized repository for storing data from various sources. This is an efficient solution to manage and analyze large volumes of information. By supporting reporting and analysis efforts, which are an integral part of business operations, data warehouses facilitate accessibility and comprehensive scrutiny of datasets. Cloudera, BigQuery, Microsoft Azure SQL, and Snowflake are commonly used data warehousing tools.

Data Visualization

It is a process that helps convert and present data graphically in charts and other visual representations, facilitating businesses' interpretation of their datasets. Tableau, QlikView, Zoho Corporation, Sisense, and Power BI are critical tools for this type of data visualization.

Dashboards

Dashboards offer businesses real-time performance monitoring and data-driven decision-making by providing information on key performance indicators (KPIs) and other metrics. Customizable to display relevant business-centric data, they serve as an invaluable resource in strategic planning. Klipfolio, Geckoboard, and Cyfe stand among the most frequently utilized dashboard tools.

Reporting

Creating templates and formats to present data in a structured manner is essential. It equips businesses with the ability to generate custom reports that cater specifically to their needs. The typically utilized reporting tools are Microsoft SQL Server Reporting Services, SAP Crystal Reports – recognized for their efficiency, and JasperReports – known for their versatility.

5 In-demand Business Intelligence Tools

1. Microsoft Power BI

Microsoft Power BI is a crucial business analytics tool that empowers users to visualize and share data insights. It provides interactive dashboards and equips users with data preparation capabilities. It also seamlessly integrates with diverse data sources. These features drive organizations toward making informed decisions based on robust statistical analysis.

2. Microsoft Azure

It provides a comprehensive business intelligence (BI) tool suite that allows organizations to ingest, process, and analyze data from diverse sources. This capability empowers users as they create interactive dashboards and derive actionable insights, all within a secure and scalable environment in the cloud.

3. Tableau

Tableau, a robust tool for data visualization, allows users to construct interactive, shareable dashboards and reports. Connecting with diverse data sources not only facilitates visual exploration and analysis through intuitive drag-and-drop functionality but also aids in the efficient extraction of insights that drive effective decision-making

4. Oracle

As a leading enterprise software and database technology provider, Oracle provides an extensive suite of products and services, including databases, cloud applications, and infrastructure solutions. By equipping organizations with these offerings, Oracle facilitates effective data management. Furthermore, it propels innovation by strategically empowering businesses to monitor their vast amounts of information, enhancing operational efficiency.

5. Qlik

Qlik, the business intelligence and analytics platform, aids users with self-service data visualization and exploration capabilities. It allows users to consolidate data from diverse sources and helps them create interactive dashboards to uncover insights through associative analytics. It facilitates using these data-driven insights for decision-making processes, enhancing organizational efficacy.

Emerging Trends in Business Intelligence (BI)

In recent years, numerous transformations have occurred in the rapidly evolving business intelligence (BI) field. The data-driven nature of organizations is growing, demanding more effective tools and strategies for BI. Now, let us scrutinize some burgeoning trends in BI that are currently shaping the industry:

Recent statistics reveal that approximately two-thirds of global employees utilize at least one Business Intelligence (BI). This underscores a considerable untapped potential for businesses to exploit BI. What does this suggest? Enhancing their operations and securing an unwavering competitive edge.

Artificial Intelligence in BI

Organizations can harness the power of AI-driven Business Intelligence tools to swiftly and accurately dissect vast data sets. These unearthing insights would otherwise pose a challenge or remain elusive through manual analysis.

Natural language processing, machine learning, and predictive analytics are critical methods of Artificial Intelligence (AI) applications in Business Intelligence (BI) today.

Big Data Analytics

Another emerging trend in BI is that big Data Analytics transforms the organization's approach to data.

Traditional Business Intelligence (BI) tools have grappled to keep pace with the recent explosion of data; this surge in available data has presented significant challenges.

On the other hand, Big Data Analytics tools actively manage massive data volumes. They yield real-time insights–potentially enhancing organizational decision-making.

Cloud-based BI

As more organizations transition their data and applications to the cloud, the popularity of Cloud-based Business Intelligence (BI) escalates.

Several advantages like lower costs, heightened scalability, and effortless worldwide data accessibility, distinguish Cloud-based BI tools from their traditional on-premises counterparts: 

Conclusion

Businesses harness the power of Business Intelligence (BI) as a powerful tool. It provides them with crucial insights into their operations. They then use these data-driven revelations to make informed decisions. From the organization and analysis of data to the reporting of findings, BI involves a broad spectrum of technologies and methods. By utilizing the power of BI statistics, Businesses can better understand their customers, markets, and operations. They can employ BI to discern how they performed in previous instances. 

Essential Industry Insights for Further Reading

Prev
A Guide To Eco-Friendly Packaging Solutions For E-Commerce

A Guide To Eco-Friendly Packaging Solutions For E-Commerce

Next
Delawise Group Review: Divide Your Money For Maximum Trading Returns

Delawise Group Review: Divide Your Money For Maximum Trading Returns

You May Also Like