The global business intelligence and analytics market has seen a large amount of activity in recent years, a new study has indicated.
Research from Gartner found that global revenue in the business intelligence (BI) and analytics market is forecast to reach $16.9 billion (£11.73 billion) in 2016, representing a 5.2 per cent rise from 2015.
The study suggested that the BI and analytics market has now reached the final stages of a multi-year transition from IT-led, system-of-record reporting to business-led, self-service analytics.
Because of this, the modern business intelligence and analytics (BI&A) platform is set to meet new requirements for accessibility and analytical insight. This will help to improve the amount of data and detail available to businesses and improve their efficiency.
How important is analytics to modern businesses?
Gartner believes that analytics has become an increasingly strategic technology for many businesses, turning into a central element for the majority of roles. The organisation believes that every business is now focused on analytics, with company processes and employees now closely tied to analytics.
Ian Bertram, managing vice president at Gartner, said: “The shift to the modern BI and analytics platform has now reached a tipping point. Organisations must transition to easy-to-use, fast and agile modern BI platforms to create business value from deeper insights into diverse data sources.”
In order to meet the time-to-insight demanded in today’s competitive business environment, many organisations now want to democratise analytics capabilities by using self-service technology and the movement could be set to continue rising in popularity in the coming years.
What is different in BI and analytics platforms?
However, there is one key difference between modern BI and analytics platforms and traditional, IT-centric reporting: the amount of upfront modelling required to build analytics content. Creating analytics content via IT-centric reporting includes using IT consolidating and modelling data ahead of time.
In comparison, a modern BI&A platform accommodates the IT-enabled development of analytics content. Analytics is also now moving into more applications and has now developed to the point where appropriate and inappropriate actions can be put in place for specific industry departments.
However, BI is where companies truly determine the full value of their data. Without the right ways of interpreting information, it can be challenging for analytics to truly inform business managers about developments in their company.
BI is designed in order to notice business patterns and trends and allow officers to report on findings, so it is understandable why its value has risen so much in recent years.
Where could BI&A move in the next few years?
The BI&A market has already gone through significant changes in recent years, causing businesses to reconsider how they think about data management.
Along with the growth of BI&A, companies need to rethink how to tackle a variety of cyber threats in the industry, ranging from phishing attacks to general common sense approaches to data management.
With important information now kept on a variety of devices, it is vital that employees are aware of the dangers that come with leaving information unprotected. Encryption should be used on all folders and different passwords must be assigned to key information. Otherwise, companies could be at risk of disclosing vital information to criminals.