Real-Time Business Intelligence: What the Global Market Looks Like?

“Different verticals need different terminal retention rates for them to have successful businesses. If you’re on e-commerce and you’re retaining on a monthly active basis, like 20 to 30% of your users, you’re going to do very well. If you’re on social media, and the first batch of people signing up to your product are not like, 80% retained, you’re not going to have a massive social media site. [...] What you need to do is have the tools to think, ‘who out there is comparable’ and how you can look at it and say, ‘am I anywhere close to what real success looks like in this vertical?’”

 – Alex Schultz, VP Analytics & CMO Meta

Unlike the bygone decades, the contemporary business world is competition driven with a rat race to be the best. As said by Alex Schultz above, tools are the basis of success in any business. 

What Makes Real-time Business Intelligence Difference from Traditional Business Intelligence?

Real-time business intelligence allows you to make instant decisions and is essential for a company’s growth.

The RTBI enables your company to receive data in real-time with the help of direct accessibility of the operational system. With a new approach to data analytics, the modern business can tackle and process a huge amount of data. Let us read forth to know how the contemporary business understanding differs from the traditional ones.

Different Stages of Business Intelligence and Business Analytics

The entire process of business understanding can be divided into four different stages:

Following are the four stages of business analytics:

1. Descriptive Analytics – It comprises of data examination which is manually performed through pie charts, bar charts, line graphs to know ‘what happened?’. E.g., survey collation results, social media usage of handles such as Facebook or Instagram for likes.
2. Diagnostic – The managers consider the outcome to establish the reasons which contributed to the concerned event, i.e., to know ‘why it happened?’, with the help of diagnostic analytics. E.g. When a company loses a customer, diagnostic means determining the factors which resulted in the event.
3. Predictive – After a certain event has taken place in your business, the post diagnostic phase involves getting actual insights to predict ‘what will happen?’ whether or not the changes are brought. Future outcomes are thus predicted by using the data from database.
4. Prescriptive – This analysis is primarily about steps which can be taken to ensure more positive outcomes and prevent the bad ones. Here the advanced technologies like AI help in automated decisions.

How Big is the Global BI Market?

With its pre-set methodologies and processes, Business intelligence has brought a significant amount of positive changes in the current global market trends.

The Global Business Intelligence market which was at USD 23.1 billion in 2020, is expected to grow to a whooping USD 33.3 billion by the year 2025 at a Compound Annual Growth Rate of 7.6%. The average cost of Business Intelligence software comes to about USD 3000 per year. Artificial Intelligence, Data Security, Data Visualisation are some of the top BI trends in the current business world. According to Reuters, the global revenue of BI is expected to rise to USD 29.48 billion by 2022. Nearly 72% of the organisations today find BI extremely vital for their everyday operations, the retail and wholesale industry lead the list.

Analysing the Importance of BI as per the industry’s percentage of respondents:

Looking at the growth and incorporation of the BI in organisations, it will continue to grow at an exponential rate. In such a competitive scenario, NAVOMI ’s business intelligence tools would serve to take your company to newer level of remarkable outcomes and benefits.