With collapse of global and political barriers, business markets around the world are now opened and more free, creating a fierce competition. This global expansion is however, forcing companies (national and multinational) to develop a business intelligence system and generate information from the vast amount of data buried into various internal systems to generate value.
According to a report by Gartner, Indian Business Intelligence software revenue is expected to reach USD 113 million in 2013, a 16 percent increase over 2012 revenue of USD 98.1 million.
The study however, includes total valuation including BI platforms, analytic applications and corporate performance management (CPM) software.
Reason behind increase in adoption of BI softwares by these enterprises include – pressure from consumers, environmental policies, government and industry regulations, international standards of quality, and internal operational efficiency. These forces are pushing enterprises to improve their operations and become more efficient, according to Gartner.
Adoption of business intelligence softwares is becoming more frequent to see in India, as senior executives are exploring more ways to resolve their business imperatives. Gartner has also witnesses a trend in increased emphasis on the metrics management and growing use of performance management.
Indian enterprises adopting BI have the advantage of benefiting from earlier adopters in developed markets, rather than needing to build their approaches from the ground up. In order to increase adoption, enterprises should evaluate advanced technologies, such as interactive visualization, mobile BI,cloud and in-memory technologies, recommends Gartner.
Lack of talent across all fields of information management in organizations however will continue to be the critical barrier to their successful adoption of business analytics initiatives.
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