Business Intelligence (BI) is no longer a novelty for businesses. Once considered only accessible to large companies, BI tools have become a mainstay for businesses of all sizes. As the world consumes and shares more data every year, it has become essential for companies to manage and draw actionable insights from their data. We have compiled a collection of the most compelling and insightful business intelligence statistics, so you don’t have to go and research them yourself!
These statistics offer valuable insights into the current state and trends of the BI industry, as well as the potential benefits and challenges of adopting BI strategies. Let us know which of these impressed you the most!
5 Business Intelligence Statistics That Will Define 2023
The Global Business Intelligence Market is Growing Rapidly
In 2022, the global business intelligence market was valued at USD 27.11 billion. It is poised to grow at about 9% annually and touch almost $30 billion in the current year. The projection for 2030 is $54 billion. There is a huge demand for real-time analytics, which is one of the key drivers for growth.
One in Three US businesses Set to Adopt Decision Intelligence
A recent study has revealed that a significant proportion of large-scale organizations – one-third, to be precise – are set to embrace decision intelligence by 2023.
The study further highlights that the primary reason for adopting this innovative approach is to improve the quality of decision-making. Alongside this, other motivating factors for adoption include reducing costs, improving customer service, and boosting revenue.
Decision intelligence is a cutting-edge process that utilizes data and analytics to help organizations make better decisions.
The Adoption Rate of Business Intelligence Stands at 26%
The adoption rate of Business Intelligence (BI) is positively correlated with the size of a company.
Specifically, organizations with 5,000 or more employees are more likely to have 80% or higher adoption rates.
On the other hand, smaller organizations are more likely to exhibit lower adoption rates. Indeed, 22% of companies with 250 or fewer employees have BI adoption rates of 20% or less, compared to just 2% of companies with 5,000 or more employees.
These findings suggest that larger organizations increasingly recognize the value of BI in generating meaningful insights and driving strategic decision-making processes. Meanwhile, smaller organizations may face challenges in implementing and integrating BI tools due to budgetary constraints.
More Than Half of All Data is Never Utilized
Recent studies by Accenture have shown that a staggering amount of enterprise data goes unanalyzed. In fact, between 60 and 73 per cent of all data generated by enterprises is never subjected to any form of analysis.
This means that a significant portion of potentially valuable insights is left untapped. This results in lost opportunities for organizations to drive growth, improve efficiency, and gain a competitive advantage. Companies must prioritize data management and invest in the necessary infrastructure, tools, and talent to unlock the value of their data. Failure to do so could result in missed opportunities to generate insights that could drive innovation.
Three-quarters of Employees Feel Overwhelmed by Data
A lack of data skills is hindering workplace productivity. Despite the increased availability of data, 74 per cent of employees report feeling overwhelmed or unhappy when working with it.
As a result, their performance is negatively affected, with more than a third of overwhelmed employees globally admitting to procrastinating over data-related tasks for at least an hour each week. These negative feelings often lead to employees avoiding data altogether, with many opting to find alternative methods to complete tasks.
This presents a significant challenge for companies seeking to build a data-driven culture. Reluctance to work with data limits the potential insights and benefits that can be derived from it.
FLIP – The Business Intelligence Tool You Can Depend On
Loved our Business Intelligence Statistics? Then you will love our BI tool even more. FLIP is an innovative zero-code tool that has revolutionized the world of business intelligence and data automation. Designed to cater to the needs of non-technical users, FLIP allows executives and managers to access data and its visualization with ease, without the need for coding knowledge.
Here are some distinct advantages of using FLIP as your business intelligence tool:
- FLIP is super-easy to use and comes installed with customized templates available for multiple industries. FLIP takes minimal setup time and is entirely automated. Just plugin in your data, and FLIP takes care of the rest.
- FLIP offers more than just a zero-code platform; it distinguishes itself with its affordability. While other business intelligence and data analytics tools may incur significant implementation and maintenance costs, FLIP provides a cost-effective solution that is accessible to businesses of all sizes.
- FLIP makes it easy for businesses to utilize their data and convert them into actionable insights. This can help companies drive growth, improve efficiency, and gain a competitive advantage.
- FLIP solves the challenge for companies seeking to build a data-driven culture. FLIP makes data management more accessible and manageable for businesses with automated flows and an easy-to-use interface,
Get Your Free Account with FLIP today and start harnessing the power of data like never before!
What is driving the growth of the global business intelligence market?
What is the adoption rate of Business Intelligence (BI), and how does it vary by company size?
Why are one in three US businesses set to adopt decision intelligence by 2023?
What are some advantages of using FLIP as a business intelligence tool?
Why has business intelligence become essential for companies of all sizes?
What is the significance of the compiled business intelligence statistics?
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