Corporate data management has never been more critical than it is today. Businesses are creating, receiving and storing more information than ever. Firms that can analyze this valuable resource are more likely to assert themselves as leaders in their respective markets if they leverage this content to make more sound decisions pertaining to their fields.
A recent report by Gartner suggested that business intelligence (BI) and analytics will be building blocks helping companies reinvent business models. Dan Sommer, principal research analyst at the firm, said organizations are moving toward a world in which analytics processes are everywhere. By 2014, these tools will reach approximately 50 percent of users.
“By 2020, that figure will be 75 percent, and we will be in a world where systems of record, systems of differentiation and systems of innovation are enabling IT, business and individuals to analyze data in a much denser fashion than before,” Sommer said. “Post 2020 we’ll be heading toward 100 percent of potential users and into the realms of the Internet of Everything.”
Sommer said that data discovery tools, which are growing three times faster than traditional BI, will reach $1 billion in value by the end of 2014.
BI, analytics revenue on the rise
As more businesses realize the importance of taking full advantage of their data, the use of BI and analytics will only grow moving forward. A separate Gartner report said that global BI, analytics and corporate performance management software revenue surpassed $13 billion in 2012, up approximately 7 percent from the previous year.
Sommer said that the BI software market, after achieving more than 17 percent growth in 2011 from 2010, experienced less success in 2012.
“While this seems like a dramatic drop, it was in line with our forecasts published during 2012,” Sommer said.
Organizations that want to optimize their data management capabilities must ensure they have two areas covered. First, the right BI and analytics tools are a necessity. Second, having skilled professionals on board to use these solutions is also critical. Failing in either effort will result in lackluster results.
Companies that achieve success in securing these requirements will be able to analyze information quickly and effectively, making more informed decisions pertaining to changing market trends or customer expectations. These capabilities will be a major competitive advantage over rivals moving forward.