Business intelligence solutions have been around for decades now, and analysis has been a common practice for companies as long as the private sector has existed. However, when comparing reporting analytics and big data solutions available today to the intelligence options that were around even 10 years ago, it becomes clear just how quickly the technology is beginning to advance, as well as where it might be a few years down the road.
Organizations that have not yet considered the merits of adopting a reporting analytics tool should certainly do so soon, as the vast benefits are already being enjoyed by a wealth of companies, some of which are likely competitors. To ensure the most efficient operations, compliant practices, sound business process management and effective decision-making possible, reporting analytics should be highly considered in corporate provisioning processes.
Now, one of the tricks to running a successful business is staying a step ahead of the competition, and the time to do this with respect to reporting analytics is here. MarketsandMarkets recently reported that the business analytics market is set to experience massive growth around the globe through the next four years, driven by the need for real-time, predictive and prescriptive intelligence capabilities in the increasingly fast-paced industries of the modern era.
According to the report, the compound annual growth rate between 2014 and 2019 is set to be 10.3 percent, which might not seem like much at first, but considering how the market was worth an estimated $40.8 billion at the beginning of that time frame, this represents a significant increase. By 2019, the researchers expect the business analytics market to be worth more than $66.7 billion, while demand across various industries and even size classifications will continue to push adoption rates and revenues toward more prolific levels.
Don't miss the boat
If all other competitors are effectively refining their decision-making procedures and creating optimized business process management strategies through the use of reporting analytics, those that have not adopted the tools are going to be at an inherent disadvantage. Leaders should recognize the value in optimal reporting and analysis, which tends to be wrapped up in more efficient use of dollars, enhanced protection against compliance issues and smoother BPM.
So, rather than waiting too long and allowing the competition to pass by, consider adopting reporting analytics today.