What is Business Intelligence Software?
Business Intelligence Software is a type of application software that equips users with the ability to retrieve, analyze, transform and report data to source business intelligence. The applications generally read data that has been previously stored, often – though not necessarily – in a data warehouse or data mart.
Business Intelligence Software Market Size
According to grandviewresearch.com, the global business intelligence software market size was valued at USD 24.9 billion in 2018 and is expected to witness a CAGR of 10.1% from 2019 to 2025. Large organizations have adopted the “Big Data” approach to organize internal and external datasets.
Advantages it Brings to the Enterprise
Benefits of the use of business intelligence software include:
- Faster reporting, analysis or planning.
- More accurate reporting, analysis or planning.
- Better business decisions.
- Improved data quality.
- Improved employee satisfaction.
- Improved operational efficiency.
- Improved customer satisfaction.
- Increased competitive advantage.
- Adoption Challenges
But Why is it Difficult?
Some of the reasons why organizations find it difficult to embrace business intelligence software include:
- Lack of a well thought-through strategy
- Poor data quality
- A lack of clarity towards what indicators should be measured
- A shortfall in tools to serve ‘self-service analytics’
- Too expensive, or too hard to justify
- Difficulties in harnessing data from disparate data sources
- Weak interactivity and collaboration tooling
- Sluggish data performance and responsiveness to data queries
- Lack of companywide adoption