A brief history of Business Intelligence (BI)
We hear the word business intelligence alot but what's fascinating its NOT a new word.
In 1958, IBM Researcher Hans Peter Luhn publishes "A Business Intelligence System." Hans is later named the Father of Business Intelligence.
Later in 1970’s the first few BI vendors pop up with tools that are meant to help in accessing and organizing data.
1980’s-1990’s The First Generation of BI
During 1988, The Multiway Data Analysis consortium, an International conference to streamline data processes, held in Rome.
In 1989, Howard Dresner defines business intelligence as we know it today: "Concepts and methods to improve business decision making by using fact-based support systems."
In 1989, the use of the term "business intelligence" becomes widespread.
Early 2000'S The Second Generation of BI
In 2005, with social media platforms like Facebook and Twitter on the rise, the amount of data created started skyrocketing.
In 2008, business intelligence, analytics and performance management revenue reached $8.8 Billion.
In 2010, 35% of organizations employ pervasive BI. 67% of "best in class" companies have some self-service BI.
Today The NEXT Generation of BI
In 2017, augmented analytics - the ability to automate insights using machine learning and natural language generation - is predicted as the future of data and analytics by Gartner.
In 2018, cloud BI adoption skyrockets to 49%, nearly doubling adoption levels of 2016 (25% of enterprise users).
Mobile analytics market expected to grow to $4.12 Billion in 2020.
So...what is Business Intelligence (BI)?
The term Business Intelligence (BI) encompasses all the methods, technologies and tools that companies can use to process the data they handle. Once collected, these data become information and knowledge in order to make better decisions and track how those decisions have affected the company's results.
That is, BI is a very valuable data visualization tool that helps companies in making decisions to achieve their forecasts. In addition, it also intervenes in different business processes: supervision of the correct development of the tasks of the different workers or the use of reports of sales forecasts in the case of the commercial area.
Now that a small rebound in the economy is seen, companies are starting to free up the budget in the ICT departments. These investments are mainly oriented to BI projects, since the most urgent need is to make better decisions that help achieve a competitive advantage.
As a result of this situation, a large number of jobs are emerging that professionals currently trained are not able to provide. This leads to an increase in the salaries of skilled workers and the recruitment of more junior profiles, which are formed during the course of the project.
The key to BI is information and one of its greatest benefits is the possibility of using it in decision making. There are many companies that have benefited from the implementation of a BI system, it is also predicted that over time it will become a necessity for any company.
Why is Business Intelligence important?
Business Intelligence makes it easy for the company to make decisions quickly and accurately. Thanks to the tools that it uses, an extraction, debugging and analysis of the stored data is done at a faster speed.
Business intelligence is important when monitoring, tracking, understanding, administering and answering those questions that maximize the performance of the company, according to the data of the customers, employees or departments available to the company. It is also important to avoid the fragmentation of information, since with the Business Intelligence tools you can integrate heterogeneous data sources, thus preventing the company from making important decisions without having all the information available.