According to Mordor Intelligence, the Business Intelligence (BI) Market
was valued at USD 20.516 billion in 2020 and is expected to reach USD 40.50 billion by 2026. And this is not accidental, as more than 46% of small businesses used business intelligence tools’ virtual networking features as a core element of their business strategy as it is said in Grand View Research, 2019
. What is more, Deloitte’s 2019 report
showed that companies with CEOs that spearhead data-driven decisions are 77% more likely to achieve business goals.
Several decades ago dozens of detailed operational and other kinds of data were not readily available. But with the development of technology and digitalization in general we now have a lot of powerful solutions that can help make sense of all that unstructured information as well as convert it into relevant insights and ready-to-apply business intelligence KPIs.
Business analytics helps the owners of the enterprises to better understand trends throughout their market niche and customers, detect various patterns in activities and dig deep into data sets to derive relevant insights about everything — from sales and trend prediction to corporate training and talent acquisition. Business intelligence tools also make it possible to prepare data for analysis and consolidated reporting and create multiple project dashboards and data visualizations. All that together leads to smarter tactical and strategic decisions for further business expansion or multiplying revenues.