BI is the combination of collecting data, analysing it, and reporting it in a way that is simple to understand. Businesses that make use of BI are more likely to make faster decisions and to land in the top quartile of financial performance within their respective industry. Although knowledge about the benefits of Business Intelligence are widespread, many sophisticated BI tools have been inaccessible to SME’s due to the immense costs associated with collecting data and maintaining an in-house data scientist to correctly analyse it and convert it into usable information.
Desperate to take advantage of the same tools as larger corporations, SME’s are demanding self-sufficient Business Intelligence tools to allow for business-led, self-service analytics. With more intuitive interfaces, more sophisticated data preparation tools, improved integrations, the increasing availability of BI training courses, and a distinctly lower price for BI solutions, here's what to expect coming:
Complex data analytics is becoming more cost effective, and therefore more accessible. With a rise in competition throughout the BI software market, this trend should continue, offering SME’s the opportunity to gather, analyze and interpret data, draw detailed analytics and discern trends, filter useful information from the raw data and automate data mining for quicker turnaround. Sending employees for BI training is also more affordable than employing an in-house data analyst.
Business Intelligence platforms have become commodities, and have eliminated the need for businesses to possess complex analysis skills to process and utilise raw data. Most BI solutions on the market allow for data processing to be handled in the back-end of the software, so that the data can be displayed visually in the front-end. All that is required of the business, is to link the relevant sources of raw data to the BI software solution.
Remote Storage on the Cloud
Previously, in order to conduct BI effectively, it was necessary to process large amounts of data on company servers. With the large volumes of data being processed, there has been a shift towards cloud-based BI solutions. A cycle emerges where the demand for more data to be processed causes more server farms for cloud storage to be built, reducing the price of storage-per-gigabyte and resulting more demand for storage through increased usage.
What does this mean for the future?
The greater accessibility of BI solutions allows SME’s to have an affordable means of conducting Business Intelligence that makes meaningful data insights accessible, and positions everyone as their own ‘data scientist’. Want to reap the rewards of the changing landscape of the BI software solution industry? Get your BI training with JBI today!
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