BI solution also provides essential campaign metrics like customer acquisition cost (CAC), cost per lead (CPL), and campaign click-through rates (CTR) required for a successful marketing campaign. MarketingĪ business intelligence solution allows your organization’s marketing team to develop better marketing campaigns with a higher return on investment (ROI) through easy access to data from current and previous campaigns. Below are some departments where the use of BI has increased. BI is mostly used for generating and producing new prospects that will aid in the expansion of the firm, as well as enhance profits and overall turnover. This method is perfect to ensure that company managers, corporate leaders, and even startup owners make informed business decisions. This is made feasible via business intelligence tools, which process big data sets from many sources and deliver insights in visually appealing ways that are easy to grasp and distribute. What is Business Intelligence?īusiness Intelligence is a technology-driven process that helps transform data into actionable insights, thereby allowing companies to make more strategic business decisions.īusiness Intelligence enables firms to swiftly extract meaningful insights from old and current data. In both of these critical tasks, BI is a valuable asset, that’s why we have provided the answer to the much-hyped question – why is business intelligence important for your organization? Before answering the why, let’s quickly understand what is BI all about. Organizations must be flexible in today’s business environment to keep ahead of the competition and cater to a constantly changing consumer base. According to Datanyze, the global market size of the Business Intelligence industry is 236,320 companies, and there are 273 companies producing Business Intelligence technologies.Factors such as rising competition, intense technological R&D, and a growing trend of data proliferation are aiding the market’s expansion in the country. According to the same report, North America is predicted to have the largest market share in BI from 2020-2025, due to the presence of key industry players in the area.