Business operations are getting more complex with the passage of time which give very little time for research and innovation. Bigger enterprises are rushing toward winning the competition which will ultimately require lots and lots of meaningful insights. However, with the increasing extent of untidy data, it becomes difficult to analyze it in real time. That is when the firms desperately need technologies using which they can analyze and predict the market trends with a simple click, and Business Intelligence serves this purpose.
Poor data quality and conventional analytics cause the US businesses to lose roughly $600 billion in a year – FathomDelivers
These discrepancies cause the companies to waste their time and effort in trends that are of no value. Business Intelligence technologies help the companies refine, slice, and dice the data to find insightful patterns. Initiated as a vague concept, Business Intelligence has now gained momentum since the evolution of Big Data.
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According to a report by Zion Research, the global Business Intelligence market accounted US$16.33 billion in 2015 and is expected to reach US$26.50 billion by 2021, growing at a CAGR of around 8.4 percent between 2015 and 2021.
Currently, Business Intelligence is one of the hottest innovations in the market across the world which is paving the way for the most cutting-edge technologies that would revolutionize the future. Having said all these, you must also be informed of the major players in this BI domain.
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Major Players Dominating the Market of Business Intelligence
Since the inception of this concept, many of the companies have entered the BI field, among which some are the top tech players like SAS, IBM, etc. According to a recent survey by Gartner, small firms like Tableau and QlikView are trending nowadays with richer BI visualization features.
Some of the major players competing in this domain and their market shares are depicted in the below pie chart.
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How Is BI Making a Difference?
BI and data analytics have changed the way businesses operate with the help of strong visualization techniques that immediately let you look into the trends and facts in your data to make better decisions in real time. Here’s how BI technologies are transforming the business landscape:
- Valuable insights come in handy: Business Intelligence has brought various options to summarize and visualize the information in a meaningful way streamlining the business decisions with the opportunities prevailing in the market. Starting from customer behavior patterns to the political and environmental factors, Business Intelligence enlightens various aspects to give you a clearer view.
- Makes business operations smarter: Integrating BI into business processes allow you to proceed in a profitable direction rather than basing your decisions on vague theoretical grounds. These technologies not only let you accumulate the information but share it across various departments for the purpose of coordination and efficiency improvement.
- Visibility into the data: BI tools provide a great visibility to the facts hidden under the complex and cluttered web of data. BI systems drill deep into the data to find the significant trends that can positively influence the company operations.
- Provides a competitive edge: Information is the lifeline of businesses needed to survive in this cut-throat competition, and having a good BI tool will give you a great way to leverage the information through which your company can stand out from the crowd.
- Business Intelligence acts as a backbone for modern businesses.
- Graphical and visualization abilities make BI tools an essential part of any business.
- Companies deploying BI tools grow faster than the companies that are not.
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Planning to Jump-start Your Career in BI?
If you are planning to launch your career as a BI professional, then this is definitely the best decision you are making this year as BI is trending like anything, making it a holy grail for various aspirants. Why is it one of the most sought-after career options for you?
Numerous profiles awaiting skilled BI professionals: With the expansion of this field, BI is not just limited to Business Analysts. Various other professionals are also required to run BI systems efficiently, which creates a big opportunity for people having the needed skill sets of this field. Some of the prominent job roles that seek for BI-based skills are:
- Business Intelligence Analyst
- Business Intelligence Project Manager
- Business Intelligence Developer
- SQL Server Business Intelligence Developer
- BI Semantic Model Developer
- Business Intelligence Administrator
- Business Intelligence Manager
- Business Intelligence Consultant
Various BI job roles with respective salaries are mentioned in the following table:
|Business Intelligence Manager||$105,832|
|Business Intelligence Architect||$99,299|
|Business Intelligence Developer||$84,043|
|Business Intelligence Consultant||$81,341|
|Business Intelligence Analyst||$71,050|
Attractive paychecks: BI professionals are in high demand withdrawing attractive salaries every month. According to a recent survey, the average salary of Business Intelligence Analysts in the US is supposed to rise 4.3 percent in future, ranging from $118,000 to $171,750 per annum.
Vast future scope: The world has realized the power of BI, and now it is used in almost all industries like software, healthcare, retail, government projects, etc. This scope is going to get expanded in the not-so-distant future, for sure. Hence, entering this domain will be a solid step toward your success.
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What Do You Need to Do to Get There?
From developing software to planning projects, BI spans across a broad array of job roles which require diverse skills including proficiency in relational database management, SQL, basic programming, analytical abilities, etc. However, merely having the theoretical knowledge will not work. That’s why it is very important to have hands-on experience in related technologies. Hence, if you are looking for a BI job, then it is better to have a certification that is going to give you a privilege over other candidates. Intellipaat offers you a wide range of BI certification courses with excellent career guidance by industrial professionals that will take you up to a whole new level in your professional journey.
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