In today’s hyper-competitive marketplace, organizations need the ability to make strategic decisions at an increasingly rapid pace. Decisions that used to rely on intuition, experience, and a bit of art can now be boiled down to a science. Allocating marketing spend, increasing sales pipeline velocity, and improving business operations are just a few business processes currently undergoing this art to science transformation.
As the need for data-driven insights grows, so does the Business Intelligence industry. By 2025 the BI industry is projected to surpass $147B in total value. This growth represents just under a 27% CAGR for the years 2017-2025.
A Bain & Company survey of more than 400 large businesses found that firms with advanced analytics capabilities tend to outperform the competition. The study also determined that such companies are twice as likely to perform in the top quartile of their industry, three times more likely to execute decisions as intended, and five times as likely to make decisions faster. The BI train has left the station, and it doesn’t look to be slowing any time soon.
Opportunities for the Enterprise
According to a second Bain & Company study, “among banks today, slightly more than 1% of white-collar employees work in advanced analytics, on average. By contrast, technology companies average nearly 3% of staff aligned with advanced analytics, and the most analytically advanced digital-native companies have 10%.” With such a small percentage of talent touching business intelligence, and with best-in-class BI vendors boasting up to 434% ROI, it’s no wonder organizations are looking to increase their business intelligence footprint.
Opportunities for the Individual
For those who are energized and inspired by using data to make better business decisions, there has never been a better time to enter the Business Intelligence industry. The industry boasts average analyst base salaries of over $92k per year and average manager salaries of over $128k a year. With BI engineer, developer, and analysts needed, there is plenty of room for code-writing developers and business-minded strategists alike. With several BI roles ranked among the top 10 in-demand tech jobs for 2020, a career in Business Intelligence is more than worth considering.
Considering a BI purchase or looking to sharpen your skills? Take a look at our ranking of Top BI tools here.