Reimagining Business Decision Making

CIOReviewIndia Team | Friday, 24 July 2020, 02:23 IST

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Making a business decision has for long been entrusted upon the shrewdness of leaders in the event of lack of insights. However, this is getting changed with the evolution of business intelligence. The market is undergoing a rapid growth owing to the advent of artificial intelligence and automation, which are revolutionizing the way businesses use data. Two of the most important trends that have emerged in this domain are data quality management and data discovery. The quality of data and its relevance, combined with enormous volumes of information are the areas of concern to ascertain quality and efficacy in analysis of data and in turn decision-making. According to a report by Mordor Intelligence, the Business Intelligence (BI) market was valued at USD 20.516 billion in 2019 and is expected to become worth USD 40.50 billion by 2025, growing at a CAGR of 12 percent. 

Experts believe that in the near future, business intelligence professionals are going to have better access to a multitude of data sources, providing companies with rich reserves to leverage for anchoring their business decision making. This will be a step ahead as technologies like cloud computing have already brought along cheaper data analysis tools, allowing small businesses to be a part of the BI renaissance. It is due to such technological advancements, that the small and medium sized businesses have been able to avail the benefits of BI.

“Embedding predictive models in business processes and tools helps large user groups in decision-making. AI can help solve the harder prediction and classification problems involved. It can also help generate predictive insights at an industrial scale. Delivering personalized value to customers requires decentralized decision making. This diffusion requires surfacing relevant insights seamlessly at each step of the process,” says Guha Athreya Bhagavan, Director, Data Science, Grainger.

With time, BI strategies are expected to become acutely customized. The kind of awareness that has gripped the market has created a scenario wherein businesses are no longer pondering the probability of data visualizations improving analyses but they have taken the discourse to the next level where they are focusing on how to enhance the data-story. However, notwithstanding their data driven acumen, a challenge that persists for them is to find an all-encompassing and holistic BI solution. 

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