Some analysts have predicted that business intelligence (BI) is past its peak, but recent studies indicate that the technology is still rapidly growing in popularity.
A recent survey by CIO Magazine revealed that 87 percent of IT departments plan to have the same or higher budgets in 2013. Nearly 40 percent of respondents cited BI and analytics as a priority, behind mobile and cloud computing strategies. In addition, 36 percent said their IT departments plan to increase spending on business process management, while 31 percent listed social media and collaboration programs as a main focus.
Business intelligence solutions have become extremely important to company and IT decision-makers in the United States. According to a Gartner survey, effective knowledge management and collaboration tools are overtaking cost-efficiency in importance. As a result, more companies are turning toward BI applications to analyze their finances and project future sales.
Analytics is one of the most important capabilities of business intelligence solutions. BI apps can transform data – and particularly big data – into useful, easily viewable information. When used correctly, BI analytics can help a variety of departments, including:
- Financial and accounting professionals can make the best business decisions to reduce overall corporate costs.
- Sales teams can use BI to project which products will be popular in the future, and which items are likely to lose the company money.
- It can help marketing teams analyze what the most effective advertising strategies are.
- IT departments can use BI to predict what new technology is likely to achieve the fastest return on investment.