Information is something every company owns. It is invisible and, in the past, it has merely stayed in databases rather than producing results for organizations. The value proposition of business intelligence is that it turns this passive asset into something that leaps out and helps firms excel. As technology has improved, these processes have become more common and in greater demand among leading organizations. Soon, it could be strange for a company to not have any access to its information, and there are many powerful and potentially effective BI solutions to choose from. The tables will have turned completely in a matter of a few short years.
The rise of BI
A recent Forbes report by contributor Louis Columbus aggregated the past few months' worth of BI and analytics views from experts. He explained that there are many of these market insights at the moment because IT departments around the world are very interested in making BI work for them. These tend to break down by the specific element of data management technology in question.
- Columbus stated that A.T. Kearney is very bullish in its projections for big data products, with a projected 30 percent compound annual growth rate that will last through 2018. That would create a $114 billion analytics industry, encompassing the hardware needed to keep this content and the software that analyzes it.
- An even more optimistic projection relates to the cloud BI movement. According to Columbus, a survey from Redwood Capital sees hosted technology growing by 31 percent between the present and 2018. Such an improvement will make this type of technology worth nearly $3 billion on its own.
- Some industries are especially interested in BI and big data. Columbus reported that Bain & Company sees financial big data being a $6.4 billion market as soon as next year. The traditional wealth of data among banks could soon be a huge asset in itself.
Working on an ambitious BI program means using the right type of software. Necto 14, for instance, contains a number of features that today's IT departments want. The interface can be accessed through the cloud, meaning it grants the location and device agnosticism that widely dispersed organizations need. It can also generate insights from a huge variety of inputs, delivering much-coveted big data capabilities. While the next few years look strong for business analytics, there is no reason for enterprise leaders to wait. They can purchase strong technology now and help their own causes.