According to a report published by Fortune Business Insights, the global business intelligence market size was estimated at USD 24.05 billion in the year 2021. This market size is projected to grow at a Compound Annual Growth Rate or CAGR of around 8.7% during the forecast period of 2021 to 2028 and is expected to reach USD 43.03 billion.
Now when technology is evolving at a phenomenal rate, it has become crucial for enterprises to adopt Business Intelligence solutions to make decisions that are data-driven for making efficient business operations. To maintain a balance between digital and physical competencies to develop robust business models.
Businesses now need a more clear idea of data than ever to stay competitive. This is why they are increasingly employing BI tools. Some estimates show that around 50% of enterprises are already using BI tools to make informed decisions. Cloud computing and Big Data are the driving force in the adoption of BI solutions in the company.
The biggest reason that companies are looking forward to the adoption of Business Intelligence solutions is the losses caused by poor data quality.
Did you know that US businesses lose around USD 600 billion every year(according to a report by FathomDelivers) due to poor data quality and conventional analytics processes?
To adopt Business Intelligence tools, enterprises need skilled, trained, properly qualified, and certified professionals to carry out Business Intelligence analysis. This has made a surge in professionals looking for business intelligence courses to make a career in this domain.
Let us have an overview of Business Intelligence and how you can learn it.
What is Business Intelligence?
Business Intelligence is the process of technical and procedural infrastructure that includes the steps of collecting, storing, and analyzing the data produced by a business. It includes the processes of data mining, descriptive analysis, process analysis, and performance benchmarking. BI is basically meant to parse all the data that is generated by a company and help you to present reports in a user-readable format, performance measures, and the latest trends to enable management professionals to make smart decisions.
Software companies provide BI solutions to enterprises that wish to utilize the data to the fullest. BI tries to solve the problem of ‘garbage in, garbage out’ by performing analysis of the data in real-time and presenting it with the help of dashboards and providing quick metrics, and supporting informed decisions.
Businesses find it beneficial to incorporate business intelligence solutions as it provides complete and accurate information so that they can make better decisions and solve complex issues efficiently.
Business Intelligence helps organizations in making data-driven decisions by blending best practices of data visualization, data mining, business analytics, and infrastructure.
Business Intelligence provides you with a comprehensive view of data that enables you to drive change, adapt to market changes and meet supply demands, and also eliminate inefficiencies. It enables companies to determine employee productivity, raise profit share, identify business growth opportunities, eliminate wastage and minimize costs, and determine risks and threats.
How does Business Intelligence make a Difference?
Data analytics and Business Intelligence have drastically changed the ways businesses function. They have transformed the business landscape to provide the following benefits:
- Business Operations have become smarter with real-time data analytics and incorporating BI into the solutions
- Valuable Insights are Readily Available: with strong data visualization techniques, it has become easier to present meaningful insights in impressive formats. This way, you can streamline your business decisions with a clear view of data to the opportunities in the competitive market.
- BI is at the core of modern businesses
- BI tools have become an integral part of businesses due to their graphical and visualization capabilities
- BI provides a competitive edge to your business by providing you with the best ways of leveraging the information
- BI tools offer great visibility to the hidden insights embedded in cluttered data. These systems dive deep into the massive data sets to come up with significant trends that impact the business positively
Career choices with BI in your skillset
There are many profiles waiting for you if you possess a sound knowledge of Business Intelligence tools. They are:
- Business Intelligence Analyst
- Business Intelligence Developer
- SQL Server Business Intelligence Developer
- Business Intelligence Project Manager
- Business Intelligence Administrator
- Business Intelligence Semantic Model Developer
- Business Intelligence Manager
- Business Intelligence Consultant
Business Intelligence Developer Skills
Business Intelligence Developers have a wide array of job roles, from planning projects to developing software. The roles and responsibilities that you need to fulfill as a BI Developer requires you to possess a specified skillset.
BI processes are entirely tech-based, so you should possess a sound background in technology. You also need to possess significant experience working with BI tools and also familiarity with databases. Though the roles and responsibilities of a BI Developer vary according to the different project requirements, there are some skills that are crucial to this role. They are:
- Knowledge of Databases, SQL/NoSQL queries, OLAP, or Online Analytical Processing cubes
- Experience with BI tools that include experience in Python, data visualization libraries, data integration tools, ETL/ELT processes, warehouse architecture, and data formatting
- Skills in Business Analysis
- Knowledge of data analysis
- Debugging and troubleshooting knowledge is required in every stage of software development, such as planning, designing, developing, deploying, and maintaining the application
- Software engineering skills because modern BI tools are generally multiplatform that can be accessed via web browsers, mobile devices, and desktop applications as well.
How to Acquire the Skills in Business Intelligence?
Well, you can go through YouTube channels or read ebooks that are available on many official websites. But something that may trouble you is where to start from and what to head towards. Generally, people end up messing with everything and getting confused regarding the domain.
It is highly recommended that you take up an online training course from a reputed institute such as Simplilearn. By taking up this course, you will get to learn the basic concepts of data visualization, data mining, data infrastructure, business analytics, and also business intelligence best practices.
Enroll Yourself Now!!