But in the last decade, along with the software as a service (SaaS) revolution, software has become not only more lightweight and powerful but also more accessible. It’s a booming industry – the global revenue in the BI and analytics market is forecast to reach $16.9 billion in 2016. This is a clear sign that more and more companies are transitioning to modern BI platforms to gain an insight into the business.
The business intelligence and analytics platform market’s shift from IT-led reporting to modern business-led analytics is now mainstream. Data and analytics leaders face countless choices: from traditional BI vendors that have closed feature gaps and innovated, to disrupters continuing to execute.
Business intelligence (BI) is a set of techniques or tools for the acquisition and transformation of raw data into insightful information for business analysis purposes. BI technologies provide historical, current and predictive views of business operations. The common functions of BI technologies are reporting, analytics, data mining, business performance management, benchmarking, predictive analytics and prescriptive analytics.