At a Glance
- The global business intelligence market is growing, at a CAGR of 9.1% over a seven-year forecast period, from 2023 to 2030.
- Organisations with more than 5,000 employees have a higher rate of BI adoption, as they have access to larger data sets.
- A BI transformation journey that centralises data from disparate sources into a single digital platform reduces the time and effort previously spent on sourcing and compiling data from departmental silos.
The global business intelligence market is projected to grow from US$29.42 billion in 2023 to US$54.27 billion in 2030. With a compound annual growth rate (CAGR) of 9.1% over the seven-year forecast period, the global business intelligence market is becoming increasingly important across many industries.
Business Intelligence refers to the process of extracting, transforming, and loading (ETL) raw transactional or operational data into valuable information for business analysis, which in turn provides exceptional visualisations and in-depth insights.
Business Intelligence for better business
Despite significant CAGR growth in the global BI market, there is still a gaping hole in the industry. This is evidenced by a survey that found the global BI adoption rate to be 26%.
The survey found that the BI adoption rate of over 80% was mainly in companies with over 5,000 employees. The results make sense, as larger companies have access to larger data sets, that require specialised BI tools for analysis.
The situation may be different for small and medium-sized enterprises (SMEs) as they are often unsure of which metrics to track, leading to missed opportunities for the potential profits that these insights could bring.
BI can address these issues and offer many benefits to organisations of all sizes, including:
- Accelerate report and chart creation. BI and advanced visual analytics improve the data preparation process, empowering analysts and other business users to take greater ownership and responsibility for data preparation, reducing the need for IT support.
- Improve data quality by increasing standardisation and eliminating error-prone manual data manipulation, such as within Microsoft Excel.
- Improve data-driven decision-making by delivering accurate data faster with unparalleled flexibility to view, slice, dice and more.
- Drive competitive advantage by uncovering previously undiscovered marketing and sales insights from data patterns and deep analysis.
How BI transformation can strengthen your organisation
Data shows that more than 50% of teams and organisations express a strong intention to use BI tools, demonstrating the importance of BI in delivering effective solutions. Given that data is power, here are some compelling reasons why your organisation should consider embarking on this transformative journey.
Shareholder satisfaction is often linked to a company’s financial performance. Embarking on a BI transformation journey sends a clear message to shareholders: the company is capitalising on its data assets. This message can instil confidence in shareholders, potentially leading to increased investment and stakeholder satisfaction.
In addition, the process of implementing data transformation will highlight current inefficiencies within the business and data processes. It can identify bottlenecks, redundancies, and areas for improvement, leading to more efficient operations.
Typically, information is scattered across different departments, creating data silos that hinder decision-making. A BI transformation journey that centralises data from these disparate sources into a single digital platform reduces the time and effort previously spent sourcing and compiling data from departmental silos.
According to the 2020 Global State of Enterprise Analytics survey of 500 analytics and business intelligence professionals worldwide, one of the top three concerns preventing most organisations from using data and analytics more effectively is data privacy and security concerns (43%). Using a third-party, cloud-based solution as part of your BI transformation means that state-of-the-art security measures are in place to protect sensitive information.
Spotlight: A Success Story
A profitable lottery company in Asia with a growing, loyal customer base was struggling to visualise its data. The existing solution was not flexible enough to extract the full value from the wealth of sales data available. They needed a dynamic solution that could provide comprehensive insight into sales performance and improve operations.
Recognising the need for a transformational solution, the company had an up-front expectation that Business Intelligence would be part of a wider business transformation programme. The company engaged Renoir consultants for the project, with the primary objective of helping the company develop a system that could generate interactive detailed sales reports to maximise performance and drive sales.
Our subject matter experts introduced and implemented several initiatives including building an automated ETL to load data from multiple sources into a data warehouse, leveraging infrastructure to reduce unnecessary licensing, streamlining data refreshes, and building interactive reports. Our consultants also trained staff with detailed handover instructions, to ensure they could continue to support and maintain their new system.
Helping you unlock the power of data and analytics
At Renoir, we recognise that data and analytics offer organisations a way to accelerate growth and improve efficiency. In essence, companies that leverage their data assets properly will become market leaders.
If your organisation is underutilising data and analytics, our experienced consultants and subject matter experts can identify the best-fit solutions and best practices to implement the necessary changes. We are not just system implementers; we are management consultants at heart, and we are here to help you succeed.
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