As data being considered as the next big thing in most aspects of our lives, business intelligence (BI) tools, which help to properly analyze and visualize these incredibly large chunks of information, are also getting their fair share of praise.
With more information we have, the more critical it becomes to properly understand it. And this is where BI tools shine at their best.
According to International Data Corporation (IDC), a global IT market researcher, the global revenue from data analytics and BI will surpass USD $189 billion this year, a 13-percent increase from 2018. The upward trend is expected to continue and reach a projected $USD 247 billion by 2022.
These are very high numbers and justifiably so: data analytics is adding big value to organizations that opt to adopt it. Data-driven companies are 23 times more likely to get new customers and once they get customers they are six times more likely to turn them into loyal customers, McKinsey Global Institute said.
Some executives are even more dramatic in their prediction. According to a Forbes articles, 79 percent of enterprise executives said that failing to embrace data would lead to the extinction of companies.
Despite the clear advantages of using data, there are still many organizations that struggle to jump on the bandwagon of big data. In our previous article, we discussed how between 70 and 80 percent of all BI integration projects fail. Feel free to click here and find out why that happens and how to avoid falling short during a BI project.
With the popularity of data growing, BI tools, such as Microsoft Power BI, which can not only help to visualize, but also manage and analyze information providing key business insights are expecting to ride high.
With the World Bank projecting the global economy to slow down in 2020, getting competitive advantage will be crucial for companies around the world. The proper use of BI and data analytics should become the tools of choice for everyone looking to continue making profits in the near future.