Business Intelligence is one of the oldest divisions of Data & Analytics. In 1958, Hans Peter Luhn published his (now) world-renowned article on ‘A Business Intelligence System’. This would later become the grounding for how Business Intelligence is understood and used in companies across the globe. Within this article, Luhn identified how technology could be used to cleverly analyse data instead of the process needing to be done manually. It is unlikely that Luhn could ever have comprehended how crucial his model for Business Intelligence would become. But with the creation of the internet in 1983 and its subsequent evolution, the amount of data produced which can be compiled and analysed is almost unfathomable – 2.5 quintillion bytes every single day. In 2020, there was 44 zettabytes of data in the world, and this is expected to increase to 175 zettabytes by 2025. While not all of this data will be used for analysis by businesses, a large percentage of it will be. By using specialist tools and technology, this treasure trove of information can be efficiently analysed and then transformed into digestible insights. From large corporations to smaller SMEs, Business Intelligence, data capture and analysis form the solid basis of decisions made by business leaders.Business Intelligence has been fast-trackedIn 2020, 54 per cent of businesses agreed that cloud-based Business Intelligence was vital to their success, compared to only 10 per cent in 2012. This vast increase has been closely linked with the coronavirus pandemic which swept the globe in 2020. As many businesses were forced to become online-first, the most streamlined process which enabled teams to continue working, creating, and selling efficiently was through the adoption of Business Intelligence tools, such as SaaS products, embedded analytics, and data visualisation. With the use of such tools, businesses have found their decision-making processes to be five-times faster. The future of Business IntelligenceThe Business Intelligence market is expected to hit record highs of $33 billion by 2025. While most firms have adopted some sort of Business Intelligence tool, it is expected that a third of large-scale organisations will take this one step further by 2023. AI, Machine Learning, and complex adaptive systems are suspected to be the next investment for the business giants of the world. In recent research undertaken by BI Survey, the three most important Business Intelligence trends expected to be seen in 2022 are data quality/master data management, data-driven culture, and data governance. All three areas point to two key messages: In 2022, businesses are looking to gain further access to good quality, reliable data to see a consistent trend of positive decision making. This in turn will improve audience and demographic understanding and ultimately help to drive more conversions. In 2022, the creation of a data-first culture will be the top priority for most business leaders. All members of staff, regardless of job title, will be encouraged to understand and recognise the value of data and the role it plays in the success of the company. Both messages rely heavily on the implementation and evolution of Business Intelligence. From the easy compilation of huge datasets to the creation of easy-to-read, digestible information, which is accessible to the whole team, it’s clear that the need for Business Intelligence in 2022 will only grow. If you are interested in working within Business Intelligence, or are seeking BI specialists to help grow your company’s Data & Analytics abilities, take a look at our latest Business Intelligence jobs or get in touch with one of our team today who will be able to help.
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