Explosive Adoption of Business Intelligence Companies

For more than two decades, research into business intelligence (BI) has grown in importance in assisting the industry. According to the International Data Corporation, global investments in BI are large and expanding, increasing from US$10.53 billion in 2011 to US$11.35 billion in 2012, and are expected to reach US$17.1 billion by 2016 (IDC, Citation2013). Implementation of BI technology to support businesses has increased due to its increasing affordability and organisations' desire to make timely decisions.

This BI demand is not limited to firm size, despite the fact that it has traditionally been associated with larger organisations reaching BI maturity. Despite the fact that small and medium-sized enterprises (SMEs) now have the same need for BI as large corporations, their adoption rates remain low. This low rate of adoption may impair SMEs' ability to compete with larger firms, resulting in a loss of competitive advantage.

Despite the fact that the benefits of BI adoption by SMEs are well established, and efforts have been made to create commercially relevant BI systems, many SMEs remain hesitant to employ this technology. Furthermore, because research in this area is limited, there is a lack of understanding of BI adoption by SMEs.

According to the International Data Corporation, Thailand's IT spending in 2015 is expected to expand by 10.6% to US$13.4 billion (Pornwasin, Citation2015), while IT spending in Europe is expected to increase by less than 1% (IDC, Citation2015). Because of these spending trends, it is critical to gain a better understanding of IT and BI deployment in Thailand.

Factors Driving Greater Adoption

• Integration of BI solutions with legacy/3rd-party databases, CRM, and ERP systems in real-time

BI projects that achieve the highest levels of acceptance prioritise these areas and begin developing a roadmap of integration points to guide development. Timeframes for integration to databases and apps must be disclosed company-wide since this gives other departments visibility into when they must begin their share of the BI implementation project. If a company does not have a PMO, the best way is to designate a project leader in the company's headquarters who would oversee the BI roadmap strategy on a daily basis.

• Early and frequent definition and implementation of data quality criteria during the BI implementation phase

Users will quickly appraise the value of any BI system based on the results it generates when they first use it, therefore data quality may make or break any BI installation.

Business Intelligence Trends

• The expanded workforce

There has always been concern that technology or robots may replace human workers and possibly render some occupations obsolete. However, as businesses work to build data and AI-literate cultures within their teams, we will increasingly find ourselves working with or alongside machines that use smart and cognitive functionality to augment our own abilities and skills. We're already used to employing tools to assist us assess which leads are worth following and what value we can expect from potential customers in various areas, such as marketing.

• Greater and improved language modelling

Language modelling is a procedure that enables robots to comprehend and communicate with us in real human languages - or even to convert natural human languages into computer code that can run programmes and applications. OpenAI has released GPT-3, the most advanced (and largest) language model yet constructed, with around 175 billion "parameters"- variables and data points that machines may utilise to interpret language. OpenAI is rumoured to be working on an even more powerful successor, GPT-4.

• The Metaverse and AI

The term "metaverse" refers to a unified persistent digital environment in which people can collaborate and play together. It's a virtual environment, similar to the internet, but with a focus on facilitating immersive experiences, which are frequently produced by the users themselves. Since Mark Zuckerberg spoke about building it by combining virtual reality technology with the social roots of his Facebook network, the notion has become a hot issue.

• AI that is inventive

We know that artificial intelligence (AI) can be used to generate art, music, poetry, plays, and even video games. We may expect more elaborate and seemingly "natural" creative production from our increasingly imaginative and capable computer pals in 2022, as new models such as GPT-4 and Google's Brain expand the boundaries of what's possible.

Conclusion:

Business intelligence is the buzzword of a rapidly changing and expanding world. It is described as a set of concepts and approaches used to improve business decision-making through the use of data and fact-based systems. Business intelligence's goal is to improve decision-making in business concepts and analyses. Business intelligence is more than a concept; it is a collection of concepts and processes. Decisions in business intelligence are made using analytics and gut feelings. Business Intelligence Procedure: BI (Business Intelligence) employs a set of procedures, technologies, and tools (such as Informatica/IBM) to convert raw data into relevant information, which is subsequently transformed into knowledge.

Checkout The report on Business Intelligence:

• Business Intelligence
• Digital Business Support System Market
• Business Process Outsourcing (BPO) Market