Why are BI platforms and predictive analytics necessary?
In today's data-driven world, BI platforms and predictive analytics are becoming increasingly important for enterprises endeavouring to enhance their performance. Indeed, new research suggests that the global business intelligence market will grow with a CAGR of 12% until 2024.
The need to make better decisions
In effect, BI entails all the aspects of market intelligence and analytics that enable companies to make meaningful decisions. By transforming unstructured data into critical information, BI allows companies to strategically predict business outcomes. Over the past decade, the emergence of Big Data catalysed the need to make critical business decisions within a compressed period. As a result, BI and analytics have subsequently benefitted from a larger market share. In fact, MicroStrategy estimates that 52% of firms worldwide used predictive analytics to gain contextual intelligence in 2018 alone. Moreover, Research and Markets suggests that this trend will increase steadily over time, alongside the advancement of emerging technologies.
Implementing BI platforms and predictive analytics
Overall, BI has the power to significantly improve financial performance and maximise the utilisation of resources. In addition to this, the tool has the ability to reduce the risk of making inconsistent and poor decisions. Visual BI is one of the most innovative companies offering advanced analytics capabilities. With their analytics tools, users can track and analyse huge volumes of data generated by sensors, social media, and third party data sources. Furthermore, Visual BI allows organisations to integrate this data effectively with enterprise BI systems in order to predict outcomes and drive better decisions. Recognised as an industry expert across various self-service BI platforms, the firm also delivers end-to-end services covering tool evaluation, deployment, user training, administration and ongoing maintenance. Visual BI users can also reap the benefits of AI and complex analytical models in order to drive better business outcomes. For enterprises looking to enhance their data management strategy, implementing a BI platform and predictive analytics is ultimately key.
Are you really making the most of your data? Check out the Top Ten Signs You Might Not Be Using Your Data Efficiently for some guidance