In the past, business intelligence (BI) was a privilege of large enterprises who could afford to maintain teams of IT specialists and data scientists.
But in the last decade, along with the software as a service (SaaS) revolution, software has become not only more lightweight and powerful but also more accessible. It’s a booming industry – the global revenue in the BI and analytics market is forecast to reach $16.9 billion in 2016. This is a clear sign that more and more companies are transitioning to modern BI platforms to gain an insight into the business.
What is BI?
Business intelligence (BI) is a set of techniques or tools for the acquisition and transformation of raw data into insightful information for business analysis purposes. BI technologies provide historical, current and predictive views of business operations. The common functions of BI technologies are reporting, analytics, data mining, business performance management, benchmarking, predictive analytics and prescriptive analytics.
“Knowledge is power.”
The famous quote by Sir Francis Bacon still holds true today. The data we create is gathered, sorted and diagnosed to find patterns that allow a business to make decisions that help to be more competitive. Data analytics has become increasingly strategic to most businesses so that every business process is now an analytics process and every professional an analytics user.
This article originally appeared on scoro.com. To read the full article, click here.