Introduction

As businesses across the globe continue to grow in length and breadth, the competition peaks to an all time high. In such a competitive environment, the struggle of the fittest is inevitable. This makes it necessary to device ways and generate an ecosystem in which all businesses thrive and not just survive. The creation of such an arrangement is not going to be easy given the skewed nature of turnover that businesses are associated with. Having said that, it becomes all the more necessary to examine various factors of business intelligence.

An intelligence called business intelligence

In the historic context, business intelligence is nothing new to entrepreneurs. In fact, it has always been a part and parcel of businesses across centuries. Then you might go on to ask what has changed so much that it needs to be studied as a whole new field in itself. The answer is simple. The meaning of the word business has changed and it has changed dramatically. Today business is not just a term, it is a statement and an evolving process in itself.

This process involves the vision and understanding of changing market dynamics beyond the real market which existed until recently. It won't be wrong to say that businesses today exist in layers. These layers are a fabric of real, virtual and a hybrid market. To exemplify the above statement, we may imagine a book shop to be a real market. We may think of kindle as a virtual book market. We can now think of a combined market as one which allows you to read a sample of a book online and order a paperback if you feel it interesting.

Hence, when we speak about business intelligence, we are thinking of a report card of businesses which includes data on variables which affect their performance and the scale of improvisation that they can follow. But to adopt this business intelligence is not going to be easy. One of the important strategy may be to introduce a business analyst course which will lay down a roadmap to predict business trends.

Facts about business intelligence 

As per the extracts of a report from Gartner, the global business intelligence market was worth over $15.4 billion in 2014, an upsurge of 9% on the previous year taken on records. This exclusive definition denotes all business platforms, corporate measures and management modules, analytic reports and advanced analytical algorithms.

This number is predicted to reach 21 billion by 2018, equating to an overall growth rate of 8 percent as per available data.

Analysing the rapidly growing markets in the subcontinent and other regions, the business intelligence market is expected to grow by 8 % to $1.4 billion in 2015.According to recent estimates, the volume of data collected by organizations globally doubles every two years.

Raw and unprocessed data or ‘lack of understanding of the data’ are cited as the main reasons for spiked up costs and could cost businesses 30 percent more than what would have cost them otherwise.

Lack of quality data costs the businesses operating in US an amount which is monthly GDP of an island nation, that is almost 500 billion dollars

How will business intelligence scale up revenues?

The process of understanding the effect of business intelligence in scaling up revenues is under mentioned:

At the first stage, a business will need to understand itself. This means collection of data about the various subsidiaries, the workforce and the managerial capabilities.

The second stage involves data cleansing. This means that we need to filter out unnecessary details and transform our raw data to processed data.

The third stage is the transformation stage. This is where we try to analyze the patterns in the data, plot them suitable and go on to predict future trends.

At the fourth stage, we ensure that the facts and figures that we have collected are easy to understand and interpret for those running the company affairs. For this, we use the visualization techniques. It is here when we plot the variables affecting businesses graphically and examine long term impact. Variables chosen may be planar or retinal for effective understanding.

In conclusion 

By now, it must have become clear that business intelligence is pivotal for understanding business dynamics. It should also be noted that business dynamics follows an unpredictable market curve. If this market curve is to be made predictable, business analyst course needs to be popularised. And for all this to happen, intelligible business understanding is the way ahead.