Transforming data into strategy: 10 years of Business Intelligence

Key takeways

Business Intelligence vs Data Analytics

Exponential evolution of data

Future with AI, Machine Learning and emphasis on Data Governance

A decade ago, it was common for Instagram users to share 3,600 new photos every minute, brands and organizations on Facebook to receive 34,722 likes and more than 100,000 tweets to be sent.

10 years later, this data has evolved and, according to Domo, 66K new photos are shared on Instagram, 347.2K tweets are sent and 1.7M content is shared on Facebook every minute.

These numbers reflect how much the world has changed and how we have witnessed an exponential increase in the amount of data generated, largely driven by connectivity and digital transformation.

Ten years ago, data was beginning to play an important role for businesses, and Business Intelligence was shaping the way in which organizations were extracting, analyzing and using data to make strategic decisions. Today, transforming this data into business-relevant information has become a real driver of more assertive strategies and business models.

Technological solutions have therefore become crucial in transforming all this data into practical insights through appealing and easily accessible dashboards and reports. In the current context, Excel and intuition no longer have a place in decisions that need to be accurate.

Does it still make sense to talk about Business Intelligence?

Born in the 1960s as a system for sharing information within companies, Business Intelligence involves the collection, storage and analysis of data to help managers make more efficient strategic and operational decisions.

The main purpose is to provide a consolidated, cross-functional view of the available data using attractive, up-to-date and easy-to-read dashboards and reports..

With business intelligence tools, relevant information such as performance metrics, trends or key management indicators are just a click away. This means greater agility, flexibility and efficiency.

What is Analytics?

More recently, a more focused approach to exploring data has emerged to uncover patterns, trends and insights in order to guide future decisions. Data Analytics involves a deeper and more complex approach, using statistics and advanced algorithms.

While Business Intelligence focuses on providing a 360º view of the organization’s current panorama and summarizing its history, Analytics allows you to answer specific questions through detailed data analysis. By implementing Analytics solutions, the company is able to make predictions and obtain important insights in order to quickly respond to changes in the market, anticipate customer needs and outperform the competition.

It is undeniable that technological solutions allow any organization to have a comprehensive view of its performance, thus being able to better align strategies and optimize operations. Based on a data analysis solution, companies can carry out automated and real-time analyses to gain in-depth knowledge about the business which, in turn, also allows them to define customer profiles, optimize operations and make more assertive decisions.

And the future?

How many times have you come across the statement that data is the new oil of the century? It is true that the world is more digital and that we all leave a digital footprint that directly impacts business.

According to Grand View Research, in 2022, the size of the digital transformation market was estimated at US$731.13 billion, and is expected to reach a compound annual growth rate (CAGR) of 26.7% by 2030.

In the coming years, AI and machine learning should further integrate BI systems, improving data analysis, decision-making, and forecasting.

The year 2024 will be marked by Generative AI, which will drive the democratization of data and the need for stricter guidelines. Data sharing will continue to break down information silos and Data Governance will continue to be a trend that managers must prioritize in order to ensure compliance with regulations.

In short, the last decade has witnessed a revolution in Business Intelligence, shaping the way organizations use data to drive success. The future promises to bring exciting advances, with converging technologies and a continued focus on data accessibility and interpretation. As experts continue to innovate, BI remains at the centre of the digital revolution.