What Do You Know About Business Intelligence?
If you don’t know much about business intelligence (BI), that’s okay. What’s important is you’re open to learning how BI can help grow your business, which means you’re more than likely ahead of your peers.
Honestly, BI isn’t a difficult concept to understand. Simply, think about it this way: BI solutions assist businesses with analyzing business data — that’s as much as you need to know.
Businesses are always gathering data, but they’re not always processing it, which, in the grand scheme of things, isn’t good for businesses looking to improve their bottom lines.
Unstructured data leaves too much money on the table. In other words, businesses not using BI solutions to increase their bottom lines aren’t taking full advantage of the opportunities BI solutions can provide.
With the cloud, it’s easier now than ever before to adopt BI solutions. SMBs no longer have to purchase additional hardware to convert unstructured data to structured data.
BI solutions are providing real-time data to users throughout entire organizations. Instead of targeting decision makers at the top, BI software is more often than not accessible to various departments.
There are plenty of businesses in numerous markets looking to leverage what the BI market as a whole has to offer.
The proof is this: The global business intelligence market size is set to exceed $26.50 billion between 2016 and 2021, according to a Zion Market Research (ZMR) report.
One industry where investments in business intelligence solutions have become essential to driving business growth in agriculture.
Over the years, farmers have been turning to BI solutions to help their farm field operations grow.
For example, at a high level, many farmers are using BI software to help with boosting their yields, which improves the overall financial performance of their farms.
Many farmers are seeing a positive impact from using BI software to improve their farm operations. Instead of being unaware of how business operations are impacting their bottom lines, many in the agriculture industry are now seeing what can increase market share, productivity, and profitability.
In fact, globally, there’s been a continued interest in analytics software geared toward the agriculture analytics market. For example, the global agriculture analytics market size is expected to grow from $585 million in 2018 to $1,236 million by 2023, at a compound annual growth rate (CAGR) of 16.2% during the forecast period, according to a report published by MarketsandMarkets.
Basically, the reason why the market has been growing so much is there’s been an increasing need to improve farm productivity and associated farming operations, according to the report. The study also pointed out the growing demand for specialized digital agriculture service providers.
For this industry, BI enables farmers to evaluate crops and determine whether anything should be done to improve a farm’s profitability.
Businesses across the board are investing in BI. Forty-eight percent of respondents indicate cloud BI is either “critical” or “very important,” and current use and future plans for deploying cloud BI continue to grow, according to a Dresner Advisory Services report.
When it comes to the kind of technology, software as a service (SaaS) and cloud computing now ranks 12th in importance among a list of 37 BI technologies under study, up five places since 2018, the report revealed.
Used correctly and BI can help your business grow. Businesses of all shapes and sizes are using BI solutions to improve bottom lines. Agriculture is one industry using BI effectively to increase productivity and profitability, especially when it comes to determining pricing and forecasting. BI technologies can help businesses leaders from all industries making informed business decisions.