There have been some major changes in the business intelligence landscape in the past five years. With new technologies and platforms emerging, businesses can gain insights into their data in ways that were not possible before.

Be it IT companies, the healthcare industry, or the retail industry; BI is being used everywhere to leverage maximum benefits. And in the next few years, it will attain new heights. As per a recent stats, the BI market is estimated to grow by $41 billion at a CAGR of 12% in 2026.

Read on to know what the future of business intelligence holds and what you can expect out of it in 2022.

Self-service BI

Self-service BI is becoming more and more popular as businesses seek to empower their employees with the data they need to make the right decisions.

By providing employees with the ability to analyze data on their own, companies can save time and money while also increasing decision-making accuracy.

Although businesses need to strike a balance between self-service policies and those that require employees to work closely with data analysts, the benefits of self-service BI tools — such as automation, faster access to information, and improved ease of use — can help drive performance.

• Data Cognition

Business intelligence is growing more important as data grows. And as data sets continue to grow, cognitive engines promise a way of managing them without losing sight of what’s essential.

These powerful tools leverage machine learning and artificial intelligence, which can identify patterns in your company’s information.

They’re designed to help manage the deluge of data, and their popularity is only going up as big-data projects continue growing at an astounding rate.

With a compression rate that is five times faster than before, these cognition engines can store huge amounts of data in models with significantly less space.

Thus, the future of business intelligence seems to be brighter where companies can better analyze their data.

Also Read:  Top 7 Business Intelligence Consulting Companies (Updated List 2023)

• Natural Language Processing

Natural language processing (NLP) is a field of computer science and linguistics that deals with the interaction between computers and human languages. In particular, NLP focuses on the ability of computers to understand human language and extract information from it.

This area of research has become increasingly significant in recent years as businesses and other organizations have sought to use big data.

By using NLP techniques, companies can gain insights into customer sentiment, product performance, and other aspects of their operations by analyzing data that is stored in unstructured form.

Big data allows NLP to “understand” the vast quantities of information being transmitted today, enabling businesses to process more data and gain greater insight.

• Collaborative and Integrative BI

Collaborative and integrative BI refers to businesses’ increasingly working together to share data and insights. By collaborating with other companies, organizations can better understand their operations and the operations of their competitors.

This type of BI also allows businesses to identify new opportunities for collaboration and create synergies to improve their performance.

In addition, the future of business intelligence refers to the trend of companies integrating their BI solutions with other systems to obtain a complete view of their data.

By business intelligence integration with other systems such as ERP and CRM, businesses can gain a more holistic view of their data and make better decisions based on that data.

Hence, you can comprehend that the future of business intelligence is more promising than ever to produce data-driven decisions.

• Prescriptive Analytics

Prescriptive analytics is a relatively new field that focuses on providing recommendations to businesses based on data. By using prescriptive analytics, companies can better decide what actions to take to achieve specific goals.

In addition, one can also use prescriptive analytics to identify potential problems and opportunities.

By analyzing data and identifying patterns, prescriptive analytics can recommend specific actions that businesses should take to improve their performance.

This type of analysis can be beneficial for companies that have a lot of data and require help figuring out what to do with it. Also, business intelligence consulting can help you better understand your business goals.

• Increasingly Integrated Systems

As technology continues to evolve, businesses find that they need to integrate their systems in order to be successful. This is particularly true in business intelligence, where new tools and methods are constantly emerging.

By integrating different systems, businesses can get a complete picture of what’s going on within their organization and make better decisions.

• Business Intelligence-as-a-Service

Source

One growing trend in the business intelligence world is the move to Business Intelligence-as-a-Service. This approach involves using cloud-based tools and services to get the benefits of business intelligence without investing in or managing any infrastructure yourself.

It can be the best option for companies that don’t have the resources or expertise to set up and run their BI system, and it can also be a more cost-effective option in some cases.

Thus, business intelligence consulting services can help them achieve business goals efficiently.

Also Read: 8 Data-Driven Benefits of Microsoft Power BI tool, which makes it A Blockbuster

• Data Proactivity

Data proactivity is an essential concept in data analysis. It means that instead of relying on humans to bring you the information, your computer will show it to you when needed — whether through visualizations or notifications.

Hence, the future of business intelligence becomes more proactive, as it’s no longer necessary to search for information actively.

You will either receive this insight passively or be alerted directly in your inbox so that you can take appropriate action on the data points presented before yourself.

In short, business analytics is becoming less “human-facing,” as it takes cues from machine learning algorithms that analyze large sets of collected pieces.

• Network Advancement

The software technologies that power business intelligence are doing more with data, and new networking structures have emerged to handle these massive troves of information along with their flow into or out of the company’s systems.

Also, the cloud has become a significant player in today’s business world, where third-party companies offer services to individual clients and help them manage their intelligence data. But behind this wall, you have advances like network virtualization.

Engineers are finding new ways to deploy hardware architectures and automatically scale with data volumes. New technologies like container architecture also help this process.

Top Ways BI Can Help Make Data-driven Decisions

• Identify ways to increase profit

With the right data, businesses can determine where they need to increase profitability. Using BI tools, companies can quickly identify areas where they’re losing revenue and make informed decisions on the fly.

For instance, if a business recognizes that its most profitable customers are spending less money than last year, it may offer them discounts to drive sales.

• Analyze customer behavior

You can use data from BI tools to identify customer patterns. Businesses can better predict purchasing behaviors and identify gaps in their product offerings.

For instance, if many customers who purchase Product A also purchase Product B, the business may consider increasing its marketing efforts to emphasize this fact and encourage more sales.

• Compare data with competitors

Comparing your business results with those of competitors can help you make strategic decisions.

BI tools provide in-depth reports that allow a company to measure its performance against its competitors to make informed decisions about how well it is meeting profitability and growth targets.

You can also get in touch with business intelligence consultants to understand competitors’ data better to surpass them.

• Identify existing issues

You can use BI tools to find clues about potential performance issues within the business. BI tools can help identify patterns that indicate an existing or emerging problem using historical data.

For instance, if a company sees that retention rates are low for Product A but high for Product B, it may re-evaluate its marketing strategy around Product A.

• Spot market trends

Companies need to stay on top of emerging trends and issues that may affect their business to remain competitive. BI tools can provide reports that allow a company to identify changes in the market and adjust accordingly.

Using BI tools, companies can keep an eye out for new opportunities and prepare themselves before they’re needed, such as identifying a drop in profit and revising the profit margin.

Bottom Line

Within the next few years, BI will become more accessible to everyone. This change is already happening, and it’s changing how we do business as an organization by empowering employees with data-driven decision-making skillsets.

Hence, every member of the organization will be able to apply analytics and generate actionable insights from their data, empowering them to make informed decisions crucial for your company’s success.

But to do so, you need the right business intelligence consultants, which ValueCoders specializes in!

The post The Future of Business Intelligence: What to Expect in the Coming Years appeared first on ValueCoders | Unlocking the Power of Technology: Discover the Latest Insights and Trends.

Business intelligence is nothing but the set of methods, architectures, processes, technologies, and applications to transform raw data into more meaningful insights. It helps companies to make the most appropriate decision to achieve success and desired objectives. If you don’t know, the global market of business intelligence is predicted to expand from 23.1 billion in 2020 to $33.3 billion by 2025 at 7.6% CAGR.

Here is an infographic showing “Expert decision making with BI Consulting Services”

How does BI Analytics help in business enhancement?

Business intelligence reflects the process of converting raw data into useful information. But, it may not be helpful if you don’t know how to work according to the business requirements and overcome business barriers such as big data or information overloading. 

Therefore, we are more focused on business intelligence consulting services to get help from experts and boost the business outreach. The services act as a systemic structure of business intelligence integration that allows companies to get BI solutions and consulting services to grow their business amazingly. It helps in resolving issues of data problems, big data, information overloading, and many more.

More about business intelligence consulting firms

Now, you have a data analytics report and know about business intelligence but, you still have confusion about how to implement strategies into business operations. This concern raises the requirement of business intelligence consulting companies and getting assistance from professional business intelligence consultants. Key benefits of getting help from business intelligence consulting firms:

• BI Assessment & Technology Consulting
• Data Warehousing Assistance
• BI Analysis & Reporting System
• BI Software Solution Enhancement
• BI Core Analytics
• Dedicated BI Consultants

You will get everything in a complete package to outgrow your business success graph. You must know that technologies exactly work where traditional techniques are no more workable. 

Conclusion:

Be calculative when your business needs outstanding growth and notable progress. So, be ready to connect with business intelligence consultants and understand the significance of advanced BI tools. In this search, ValueCoders will show the right roadmap for incorporating business intelligence into your management.

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BI aims to collect, clean, and enrich structured or semi-structured data and then store it in different SQL databases. Data from various sources is stored in a data warehouse. Its goal is to support business decision-making with reports and dashboards.

To clear up your doubts once and for all, look at the given infographic:

Infographic Showing Big Data VS Business Intelligence War:

Top 3 Open Source BI Tools:

BIRTH:

BIRT was first launched in 2004 and is an open-source analytics platform that helps produce visually appealing reports.

JasperReport:

Written entirely in Java, JasperReport is one of the most prominent and widely-used open-source reporting tools and can use data from any type of data source.

KNIME:

KNIME is an open-source business intelligence testing tool that integrates various data mining and machine learning components. The data can be enriched with the help of various business extensions that can be used here.

As its name suggests, Big Data refers to extremely large data sets that will be complex to manage with conventional databases. In Big Data, we often talk about the 3Vs theorized by Gartner, which are volume, speed, variety.

The strong evolution of the masses of data, the speed at which your data travels, and the diversity of its sources will push us to use powerful tools to exploit all the data for better decision-making.

Top 3 Open Source Big Data Tools:

Hadoop:

Created by Apache, Hadoop is an open-source software framework that facilitates the distributed processing of a multitude of data sets across hundreds of servers that operate accordingly. Many companies have been using Hadoop for a long time to sort and analyze big data.

Open Refine:

OpenRefine is an open-source data management and visualization tool that enables you to quickly clean data sets and transform them into a workable format. Even non-technical users can use this solution. OpenRefine also allows you to create links between data sets instantly.

Cassandra:

Apache Cassandra is a highly scalable NoSQL database. You can monitor large data sets across multiple server clusters and in the cloud. Originally developed by Facebook to meet the need for a database powerful enough for the inbox search function.

Conclusion:

The big data big picture won’t replace your existing BI system, but it does provide unique opportunities if you manage to combine the richness of both technologies. It will expand your data view, allowing you to analyze much more detailed and complete data.

Now, if you are also thinking of doing your next project using any of these technologies, you can contact ValueCoders for business intelligence integration or big data application development.

The post Big Data VS Business Intelligence: Must Watch Differences Between The Two Platforms [Infographic] appeared first on ValueCoders | Unlocking the Power of Technology: Discover the Latest Insights and Trends.

According to Statista, the revenue of the Business Intelligence Software segment is projected to reach US$23,258.94 m in 2021, and the market value to reach US$31,849.01 m by 2025.

Why Choose Business Intelligence Consulting?

Business Intelligence (BI) is among the most critical technologies that a company should always work on. It analyzes the data and business information. In more simple words, it lets businesses learn about any trend or process affecting performance, and it predicts what you have done wrong in the past and how you can improve it in the future.

An essential factor in business intelligence is the technology and the ability to create business intelligence dashboards. The right business intelligence company will exhibit more actionable data, give clear insights, and facilitate strategic decision-making. 

The companies listed below are chosen based on few parameters like (reviews of the company, reputation both online and offline, number of projects and type of projects done so far). All these parameters make these companies different from the other business intelligence companies and well ahead of the competition.

Top 7 Business Intelligence Consulting Companies you should reach out to for consulting Business intelligence to your organization. 

Teradata Corporation

Teradata Corporation is a leading provider of business intelligence consulting services that helps businesses unlock the value of their data to make informed decisions.

With over 40 years of experience in the field of data analytics, Teradata is well-positioned to deliver superior consulting services to organizations of all sizes across industries. It has a team of highly skilled and experienced professionals who have expertise in data warehousing, analytics, data management, and big data solutions.

Teradata is among the best Business Intelligence software companies offering consulting services that are built on its world-class software platform, designed to handle large-scale data analytics workloads. The platform provides a comprehensive set of tools and features that allow businesses to extract insights from their data quickly and efficiently.

Teradata’s Business Intelligence Consulting Services includes;

• Data Integration Consulting Services
• Data Warehousing Consulting Services
• Business Intelligence Consulting Services
• Advanced Analytics Consulting Services
• Machine Learning Consulting Services
• Data Science Consulting Services
• Cloud Analytics Consulting Services
• Big Data Consulting Services

The company’s experience, expertise, and world-class software platform make it a reliable and trusted partner for organizations looking to unlock the value of their data. With Teradata’s consulting services, businesses can make data-driven decisions that lead to better outcomes and improved business performance.

Teradata’s consulting services are also backed by a team of experts who are available round the clock to provide support and guidance to clients.

ValueCoders

ValueCoders is one of the best business intelligence software companies that helps many startups and companies complete their projects through BI strategies, designs, and optimizing BI architectures. 

ValueCoders has been there in this industry for more than 18 years and done over 4200 projects with 2500+ customers. 

BI consultants of ValueCoders help different companies to increase their data-centric environment to derive strategic business value from data of multiple origins. 

ValueCoders Business Intelligence Solutions & Services are further divided into: 

• BI Assessment and Technology Consulting
• BI Data warehousing Assistance
• BI Analysis & Reporting Support
• BI Strategy Roadmaps
• BI Software Solution Enhancement
• BI Core Analytics

Businesseses prefer outsourcing their BI consulting services to ValueCoders because it is one of the best Business Intelligence consulting companies with high expertise and refined BI strategy. ValueCoder’s BI experts are proficient at the latest technologies to serve data solutions to enterprises.

If you want to hire employees for the projects related to the technologies listed above, I would recommend ValueCoders as they have vast experience in Business Intelligence consultancy, and with that, there are experts who have immense knowledge and working experience.

PixelCrayons

PixelCrayons is also considered as one of the best Business Intelligence software companies that helps many startups and companies complete their projects through Business Intelligence tools and techniques. 

PixelCrayons has 18+ years of experience and has done over 11500+ projects with 450+ employees. 

PixelCrayons can benefit your organizations in these areas:

• BI Assessment and Technology Consulting
• BI Data warehousing Assistance
• BI Analysis & Reporting Support
• BI Strategy Roadmaps
• BI Software Solution Enhancement
• BI Core Analytics

If you want to hire Business Intelligence company consultants for the projects related to the technologies listed above, I would suggest PixelCrayons as their experts have immense knowledge and working experience.

Spec India

SPEC INDIA is one of the best Business Intelligence consultancy companies that gives a range of enterprise-level business intelligence and analytics solutions that help you see beyond the data. 

Spec India’s business intelligence services include BI reporting, dashboarding, smart analytics, custom data visualization, data warehousing, and BI consulting to enhance overall business performance.

The Business Intelligence consultants help develop data-driven strategies that provide insights into key areas, identify emerging trends, support your decision-making process, and unlock the hidden value in data.

Their certified business intelligence consultants and BI analysts help companies of any size analyze, collect, visualize data and then transform it into actionable insights.  

What does Spec India offer?

• BI Analytics
• Data Warehousing
• Data Modeling
• ETL (Extract, Transform, Load)
• Predictive Analytics
• Dashboarding
• Cloud BI
• BI Architect
• Cloud BI Migration

BI is among the top features to have in every organization. Every business intelligence company should go for this feature, and if you don’t have Business Intelligence consultants, you can outsource it from Spec India, as they have experts who have immense experience in this domain.

QBurst

QBurst is among the best Business Intelligence consulting companies with a strong focus on new-generation technology platforms. Their Business Intelligence companies assure that you have access to high-quality data, which is relevant, complete, and can help you gain a competitive advantage.

QBurst focus on these areas for Business Intelligence:

• Quality Data Management
• Master Data Management
• Data Modelling
• Data Warehouse development
• Data Migration

QBurst is known for giving the best custom solutions to boost your business as they are one of the Business Intelligence consultants who have expertise in industry-leading DW/BI tools. You can connect with this company if you are finding it difficult to get ahead of the competition. 

Sigma Data Systems

Sigma Data Systems help their clients to optimize their capabilities to leverage different types of data. Their business intelligence services include development and consulting, data visualization, and testing. 

At Sigma, their Business Intelligence consultants help your business overcome all the challenges by giving quality services. Their team of business intelligence experts collects all the data from different sources and makes it worthwhile for your organization.

What does Sigma Data Systems offer?

• BI Analytics
• Data Warehousing
• Data Modeling
• Custom Visualization
• ETL (Extract, Transform, Load)
• Predictive Analytics
• BI Architect
• Cloud BI Migration

Business intelligence (BI) links business analytics, data visualization, data mining, data tools and infrastructure, and best methods to help businesses make more data-driven decisions. And Sigma Data Systems is among those Business Intelligence software companies that know how to link all the tools and techniques to make the best outcome.

eLuminous Technologies PVT LTD

eLuminous Technologies is considered one of the best Business Intelligence companies, as it takes down every challenge pretty easily and gives the best results to the clients. This company is responsible for doing:

• Report and dashboard designs
• Data integration
• Data warehousing
• ETL graphic
• Data Mining
• Data Visualization

eLuminous implements top-notch BI design services via their team of highly experienced Business Intelligence consultants and developers.

Services provided by them are comprehensive and structured. They analyze the entire business processes providing detailed business solutions that are appropriate and insightful. 

All products and work are thoroughly cross-verified and tested, assuring your solution will work the first time around. All these reasons are enough to judge how efficient this company is to consult your Business Intelligence problems.

Datapine

Business Intelligence consulting services provided by Datapine help in the analysis and gain a better understanding from the data of different sources. It can also create professional dashboards visualizing your data that will answer your specific business needs.

What Datapine include in their consulting: 

• Strategic Business Intelligence consulting
• Dashboard creation and design
• Data Management and ETL
• Workshop and Classroom training

Let’s now discuss the key features of Business Intelligence consulting and the reasons why choose BI.

• Faster adoption 
• Effective change management
• Competitive Advantage
• Lower risk
• Maximize ROI
• New Valuable insights

Choosing the best company for consulting Business Intelligence or any other technology is quite tricky, as before working with any business intelligence company, how can you know that, will they be able to give you the desired results? In that case, what most businesses do is look for the reviews of the consulting company, their last few projects, and their reputation in the market. If we look at Datapine, they have done really well to maintain a good reputation in the market. 

You can easily go for this company if you are looking for one of the best business intelligence consulting firms.

Wrapping Up

Many companies in the world are providing Business Intelligence consulting services. Still, only a few are the best because the talent they have as Business Intelligence consultants is among the top in the world. The companies listed above are among the best and can give you the desired results. 

I would surely recommend you three best companies for Business Intelligence consulting companies based on research (parameters chosen: number of projects, reviews, and company history for Business Intelligence services).

• Teradata Corporation
• ValueCoders
• PixelCrayons

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