Anyone professionally involved in an industry has a vested interest in understanding its financial dynamics. If you’re in business intelligence, or considering entering the field, then knowing how it’s growing and which tool companies are the emerging leaders is important to career planning and positioning yourself.
Forbes.com contributor Louis Columbus put together a collection of various forecasts and market estimates for both BI and big data, which is a logical driver for the need to analyze and understand large volumes of information. And there is an interesting commonality to them:
Despite the varying methodologies used in the studies mentioned in this roundup, many share a common set of conclusions. The high priority of gaining greater insights into customers and their needs, more precise information on how to best simplify sales cycles, and streamline customer service are common. The most successful Big Data use cases illustrate how enterprises are getting beyond the constraints that hold them back from being more attentive and responsive to customers.
Here are some of the highlights and some directions professionals might consider:
- Salesforce, a major player in cloud-based business application services, thinks that adding BI applications and analytics could increase its total addressable market by an 11 percent compound annual growth rate from 2013 to 2018. BI professionals might look to adding working knowledge of the Salesforce platform and associated BI tools as they develop.
- The global text analytics market, which is part of BI, is expected to hit $6.5 billion by 2020 at a CAGR of 25.2 percent, according to Allied Market Research. If you haven’t noted before, be sure a resume explicitly mentions the various data types you have worked with. Don’t assume a company will know.
- The most common and important uses of big data are customer analytics, operational analytics, fraud and compliance, new product service and innovation, and enterprise data warehouse optimization. As with text analytics, professionals should explicitly mention the use cases they’ve had experience with. When a company looks to hire, it wants to know that a person coming in will have as short a learning curve as possible.
- Three big areas in supply chain management are supply chain visibility, geo-location and mapping data, and product traceability. Supply chain management is a critical area, in general, for BI and a way for companies to improve revenues and reduce costs.
- Three factors driving interest in big data analytics are finding correlations among multiple data sources, predicting consumer behavior, and predicting product or service sales.
The more you know about the market, the better you can prepare yourself. Such insights can help indicate what expertise to emphasize when seeking a job or promoting yourself as well as which technical areas you should focus on as you continue professional development.
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