There's no doubt that business intelligence is becoming an increasingly important aspect of running a company successfully, and the latest reports only highlight this growing trend. Gartner recently released a report on BI growth in 2013 ahead of the annual Gartner Business Intelligence and Information Management Summits taking place in May and June in Sao Paulo, Tokyo and Mumbai.
Slowed growth still bodes well
"Overall, just like last year, the market is shifting gears, which is keeping growth in the single digits," said Gartner's research director, Dan Sommer. "At the same time, paradoxically, we're at the cusp of a series of tipping points, which will facilitate unprecedented interest and adoption of analytics."
In 2012, the BI market brought in $13.3 billion in revenue, and 2013 saw an 8 percent boost to $14.4 billion in sales of BI solutions, data analysis tools, mobile BI and other software. The report also showed that analytics is moving away from silos, making it easier for companies to share information across departments and even with other businesses.
Handful of factors slowing growth
The report highlighted companies' ability to harness big data for analytics purposes as a major factor that slowed growth of business intelligence last year. According to Gartner, while big data saw gains in 2013, the investments were not made in traditional areas of business analytics, such as silos and infrastructure.
IT budgets also held many companies back, as funding for these departments remained stagnant throughout the year. The majority of funds spent on IT (59.5 percent) went to BI platforms, while advanced analytics had the least amount of funding with just 7.5 percent.
The right software makes the difference
Business intelligence can be a daunting prospect for companies looking to expand this useful technological tool beyond their IT departments. Panorama took this into consideration when designing the latest product offering, Necto 14. This BI solution provides numerous functions and features that help users piece together information without needing an IT expert by their sides.
With Necto 14, employees can form teams and solve problems together. The software not only offers collaborative tools, but it can suggest which data users should be looking at depending on the parameters of their assignment. Then, they can easily turn the analytics into infographics that lend themselves to presentations, making it easier to explain a new policy or strategy that was formulated with business intelligence tools.