According to Gartner, business intelligence companies are on the rise in the United States. In 2012, the American business intelligence and business analytics industry grew by 7%, reaching a total of approximately $13 billion in revenues. By 2016, business analytics and business intelligence companies will be worth a staggering $143 billion, as the most recent estimates from Information Age show.
Clearly, for more and more businesses, the services business intelligence companies offer are too useful to pass up. However, many others are still left asking what exactly business intelligence companies are and what they can do to improve their businesses.
What Are Business Intelligence Companies?
As Tech Target defines it, business intelligence is a broad type of business software and technology that is created for the purpose of storing, protecting, analyzing, and granting access to data in order to give companies the knowledge they need to make better business decisions. Business intelligence companies are the engineers and providers of this software, and, in some instances, they provide advisement based on clients’ data.
What Are the Most Common Services Business Intelligence Companies Offer?
- Improved Data Analytics
- Increased Data Availability
- Data Security
As Forbes writes, the biggest advantage offered by business analytics companies is the ability to see company data and then make decisions based on that data. However, this ability is entirely contingent on the business analytics consultants you work with. Many offer top-of-the-line dashboards, giving you the ability to see your data in a well-mapped-out way. On the other hand, many still use outdated dashboards that don’t give companies the full picture they need to make great business decisions. With a little bit of research, any company can find the business intelligence companies that offer only the former.
Using the enterprise data management systems offered by business intelligence companies often means improving collaboration, teamwork, and overall productivity in your company. BDaily Business News writes that using enterprise data management solutions gives employees access to important client and vendor information on the fly, giving all necessary personnel the data they need to interact with these business partners as needed.
Remember, as Tech Target rightly points out, the role of business intelligence companies is not simply to store and analyze your company’s data, but it’s also to protect that data. Subsequently, as Microsoft writes, the best business intelligence companies make pain staking efforts to ensure the safety and security of your data. Granular permissions, native encryption, surface area reduction, and other state-of-the-art data protection schemes are all put into place by the top business intelligence companies.
As you can see, business intelligence companies offer their clients improved data analytics, greater collaboration and productivity, and great security features. In the end, all of these things add up to your company being able to do better business.