Big data is becoming more and more common, which has boosted the demand for business intelligence

Data has already demonstrated its value to businesses. Big data is becoming more and more common, which has boosted the demand for business intelligence (BI). Since there will be 175 zettabytes of global data available by 2025, it is critical that businesses engage in BI immediately.

BI is essential for increasing productivity and making quick, informed decisions. Using data analytics, firms can make decisions up to five times more quickly! Enterprises won’t be relevant to their customers if they don’t act on these findings. Resources that are being squandered can be found, and their procedures streamlined using data-based BI.

Companies can decide how to interact with customers more effectively if they have real-time insights into their behaviour. Their relevance quotient will rise as a result.

26% of businesses worldwide have embraced BI as their way of life. Locally, UAE is already establishing itself as a leading experimental centre for all things related to technology, artificial intelligence, big data, and most recently, the metaverse. As a result, it is anticipated that the BI market in the MENA area will expand at a CAGR of 10.61% by 2028. Business analysts today must employ cutting-edge tools like ML or NLP to glean insights from these massive data sets.

Businesses can also leverage cloud-based systems that provide them access to sizable data centres to support their BI requirements. This strategy is adopted by all of our data champions in their day-to-day work and when developing client strategies.

Following the pandemic, there has been a significant increase in demand for BI. Companies were compelled to think outside the box in a remote/hybrid environment. They’re now prepared to rely on and trust analytics and data-crunching technologies in a race against time and rivals.

Online consumer behaviour changed as a result of the physical and financial hardships brought on by the pandemic. More than ever, relevance is important.

To increase share-of-wallet, companies needed to remain relevant to their clients, particularly in the finance and tourism sectors. At a time when everything was going online practically immediately, banks needed to provide outstanding consumer experiences. Businesses in all sectors are required to remain top-of-mind to generate income from a loyal consumer base.

Many lessons on the value of using data were acquired through the adoption of AI-led business intelligence processes. The data speaks for itself. More than 50% of businesses are considering technology that will help them stand out from their rivals on a strategic level. In spite of limited funding elsewhere in the company, investment in digital and tech adoption has surged. This is mostly a result of customers’ changing mindsets.

Since they are accustomed to tailored experiences from services like Netflix and Spotify on a regular basis, they now anticipate the same from other lifestyle services. Businesses are aware that if they don’t provide a comparable experience, they will lose their share of wallets. They now have the motivation to improve their consumer engagement. Additionally, BI with AI-driven data analytics can be the difference-maker. In fact, a third of businesses want to implement digital BI in the upcoming year.