Business intelligence (BI) is the application of business analytics, data analysis, visual analytics, analysis tools, and methodologies to help organizations in making more data-driven decisions.

BI, on the other hand, can assist businesses in making better decisions by displaying current and historical data within the context of their market.

BI is a method that employs a variety of resources to assist businesses in collecting, analyzing, presenting, and integrating data in order to promote actionable insights for business development.

The business intelligence industry has developed into a multibillion-dollar industry over time.

Industry experts will use BI to provide success and competitor benchmarks, allowing the company to operate more efficiently and reliably.

Analysts can quickly identify industry trends that can be used to boost sales or revenue.

Business intelligence applications use analytical functionality to delve deep into sets of data to extract valuable information about almost everything.

Visual analytics, data quality management, and self-service business intelligence are the top three BI trends.

Here are some statistics to help you understand why Business Intelligence is essential for your business:

• More than 46% of businesses now use a BI tool as a key component of their business strategy
• 90% of sales and marketing teams consider BI to be a critical tool for getting their job done effectively
• More than 51% of companies that use BI tool have improved their financial performance
• Businesses who use business intelligence and analytics have a 1300% ROI on average
• By 2022, the global business intelligence market could be worth $29.48 billion
• In only three years, a company that introduces a BI solution will see a 127% return on investment (ROI)
• Over the next three to five years, data/analytics, cloud, and IoT are expected to have the greatest impact on businesses
• Microsoft Azure is the cloud-based BI services provider of choice for 82% of cloud-based BI adopters
• There will be 2.72 million jobs needing different data science and analytics skills in 2020
• By 2023, the mobile business intelligence market could be worth $16 billion
• By 2021, 75% of major companies will have a Chief Data Officer
• Big data, according to 85 percent of business executives, would fundamentally change the way they do business
• Organizations lost an average of $15 million a year in 2018 due to poor data quality
• More than 46% of small businesses use the virtual communication services of business intelligence tools as a key component of their business strategy
• In 2020, the manufacturing industry has the highest cloud BI adoption rate at 58 percent, followed by financial services and business services at 40 percent.
• The top five most relevant BI technologies and projects are reporting, dashboards, data integration, data warehousing, and data planning
• Because of the increasing deployment and demand for BI analytics tools by large enterprises
• North America is the leading region in the global embedded business intelligence software market
• The demand for data engineers is expected to rise at a rate of 50% per year

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