Business Intelligence Market Takes Off

Business Intelligence and Analytics

Business intelligence and analytics have become increasingly important tools for companies.

By organizing and analyzing a company’s data, in the context of third party and government information as well, BI and data analytics specialists help executives find the connections between performance and data that can be difficult to recognize from printed reports and gain the insight they need for smarter decisions.

For those considering the field, there is data to suggest what future opportunities might be. Start with the industry as a whole. According to research firm MarketsandMarkets, the BI platform market will be worth $14.2 billion by 2019. That represents an estimated compound annual growth rate of 9.7 percent from 2014 to then.

With the enormous rise in the data generated in organizations, business intelligence and analytics industry have been rapidly growing. Business intelligence and analytics solutions offer attractive opportunity to the organizations that are yet to be fully embraced. These solutions help the companies to analyze structured and unstructured data generated at various sources and transform the same into useful and meaningful insights. Organizations now look for these solutions in order to solve their business problems that also help them improve their overall business performance and stay competitive in the market.

The aid the platforms offer will be particularly important in small- and medium-sized businesses (SMBs), which previously lacked the resources and budgets to develop and implement such systems. As IT departments at companies of all levels find themselves able to make such analytic capabilities available, businesses will find themselves in need of people who know how to use the tools and can provide meaningful insight into the data.

With the increased sophistication of tools has come a market shift in talent, according to SQL ServerPro. Many companies have already matured beyond simply creating data warehouses or reporting facilities. An increase in “simple point-and-click predictive or prescriptive capabilities” will lead more companies than ever to attempt to use analytics to better run their businesses.

However, following historical patterns, experts at American Sentinel think the chances are overwhelming that companies will assume ease of use to be the same as expertise. Think of spreadsheet development. From simple arithmetic capabilities, they can be capable of sophisticated statistical and other numeric forms of analysis. And yet, having tools at the ready doesn’t mean users know how to correctly apply them. Simple mistakes could result in wildly incorrect analyses and disastrous results.

Those studying BI and data analytics should see the combination of platform growth, availability of new capabilities to SMBs, expanded use among large corporations, and the need for expertise as good signs of professional opportunities in the near future.