Business Intelligence empowers businesses with intelligent analytics, data visualization tools, data synergy, and ease of using data. It has helped businesses to achieve their strategies, improve KPIs, and end to end interaction with the customers. The business intelligence market is growing rapidly and reported overall revenue of US$20.5 billion in 2019 and is expected to touch US$40.50 billion by 2025 growing at a rate of 12% annually. Business Intelligence has its application in modern enterprises across various business functions:
- Operations: Businesses can use BI platforms for automating repetitive and manual time-consuming tasks such as report generation as well as for enterprise system integrations. This, in turn, provides the CRM data directly to the hands of the marketing team through interactive dashboards that give valuable insights for timely action and enable businesses to enjoy the competitive advantage.
- Research and reporting: Various BI platforms like Tableau helps businesses to analyze and manage data for research and reporting models. These platforms ensure incredibly high-security standards for businesses.
- Financial Analysis: BI gives a deeper insight into the performance of the business at various levels from the productivity of each team, top-selling items and products, income generated by a specific department, and various other aspects as well. This signals organizations about sudden financial drops and enables them to fix the issues before they incur huge losses.
- Performance Management: Business Intelligence measures and interprets the performance of various data sets including technology effectiveness, employee performance, the ratio of employee performance to technology effectiveness, customer value engagement thus enabling the organization to capture each aspect of the performance.
- Customer experience: BI has proven to enhance customer experience by providing personalized services. Thus companies attempt to gain deep insights into customer behavior with the help of BI tools that enable businesses to establish personalized interaction with the customers and enhance their satisfaction levels.
- Marketing: Business Intelligence helps the marketing analytics team in automating the reporting process, empowering the marketing team in devising regional, and customized digital marketing campaigns by analyzing customer behavior. This in turn leads to higher conversion rates and improves customer retention and satisfaction.