64% of leaders consider self-service business intelligence solutions are the future
Astounding purchases made by tech giants Google and Salesforce, of Looker and Tableau respectively, have disrupted the global business intelligence industry once again.
While this may come as a surprise to many, research by Statistics MRC had already anticipated the Global Business Intelligence (BI) market to grow from $15.64 billion in 2016 to reach $29.48 billion by 2022.
Pretty wild right?
All this to say, we know that the business intelligence space is growing. But what exactly will the growth of business intelligence solutions impact? And how will it impact business intelligence solution users?
Moving from reactive to proactive decision-making
For one, business intelligence solutions have long supported users in the pursuit of looking at data and figuring out 'what happened'. This means, learning about the past from the data we have.
Moving forward, we anticipate the business intelligence market to meet the next great need users have today. That is, leveraging data to figure out 'what will happen next'. We don't just want to learn from our past, we need predictive data analytics to take control of our futures.
For growing companies, this is great news. With business intelligence solutions capable of generating proactive rather than reactive insights, businesses will be able to uncover new opportunities sooner and make better decisions based on more accurate forecasting.
How are you currently using business intelligence solutions? Is your company making reactive or proactive decisions based on data?
Emphasis on self-service platforms
Beyond the big use cases of business intelligence shifting, the acquisitions of Looker and Tableau also indicate to us that self-service platforms are necessary and prevalent for today's businesses.
In fact, in Forbes Insights research, Analytical Enablement: How Leaders Harness Distributed Business Intelligence to Drive Breakthrough Results, we can see that a whopping 64% of business leaders consider self-service business intelligence solutions to have significant advantages over it's non-self serving counterparts.
The key competitive advantage of self-service platforms is the ability for data experts to accelerate learning and responsiveness without compromising data quality, data management, and data visualization.
With many gaps still to bridge when it comes to hiring data science talent, we can expect businesses to shift their sights to self-service business intelligence solutions. That's because self-service solutions tend to be both data expert and business user-friendly (super easy to use), and it's not a bad thing! After all, the greater number of employees making data-driven decisions in your organization the better.
Interested in learning more self-service business intelligence? Learn more about our integrations with Salesforce, Google Sheets, NetSuite and more.