Five Ways Business Intelligence is Transforming the World

Five Ways Business Intelligence is Transforming the World
Five Ways Business Intelligence is Transforming the World

The global market for business intelligence tools is projected to reach $18 billion by 2025. Turning raw data into actionable insights is a requirement for any business looking to compete in the modern economy. MBA graduates in business intelligence are needed to shepherd this evolution.

Early-career professionals can drive innovation for their employers by specializing in business intelligence. A good question to answer before pursuing an MBA in this field is, “how does business intelligence help companies?” The answer starts with an exploration of the basics of business intelligence.

What is Business Intelligence?

Business intelligence is an overarching term for techniques and tools used to convert data into informed decisions. The emphasis in business intelligence is on what has happened in the past that can predict future trends. Professionals with MBAs in business intelligence are always looking for innovative ways to marshal data. Tools like Tableau provide a concise way to measure the success of intelligence efforts.

What is Business Intelligence?

Business Intelligence Impacts

Robust business intelligence programs help companies stay competitive in their markets. The effective use of data sources finds areas of inefficiency, new markets, and opportunities for personnel growth. The following examples show how business intelligence allows companies of all sizes to adapt to a global marketplace.

Growing Importance of Artificial Intelligence

The world will produce an estimated 181 zettabytes - or 181,000,000,000,000,000,000,000 - of data in 2025. This projection is more than double the data produced in 2021, showing the rapid growth in raw data available to businesses. Artificial intelligence (AI) tools automate processes that are time-intensive for business intelligence analysts.

AI-powered platforms provide additional benefits for business intelligence operations. An IBM report highlighted the following ways AI makes sense of business data:

  • Cleansing and formatting data before it reaches analysts
  • Suggesting database queries based on available data and search histories
  • Prepare initial predictions of consumer or market behavior

Company-wide access to valuable data can lead to costly errors and mistakes. IBM addressed how AI can protect business intelligence from corruption:

“Today’s modern AI in BI tools deploy within a company’s governed IT architecture to allow for role-based access, which prevents many human errors that would otherwise have been caused for concern.”

Business Intelligence in the Cloud

Business data of all types are shifting from physical servers to cloud servers. Cloud servers and databases are highly valued because they are accessible from anywhere in the world. This flexibility allows remote workers, partners, and customers to access insights from business intelligence experts.

Dresner Advisory Services found 54% of surveyed businesses considered cloud business intelligence important to their needs. Growing confidence in the cloud comes from improved security measures as well as lowered costs. These factors make business intelligence more accessible by startups and small companies.

Natural Language Processing

Natural Language Processing (NLP) is a subset of artificial intelligence focused on processing unstructured data. Approximately 90% of the world’s data does not arrive ready for use in spreadsheets or databases. NLP platforms and frameworks help companies convert this data into valuable insights.

Business intelligence analysts use NLP to wrangle data from a growing network of sources. Video from cameras aboard vehicles, audio from virtual assistants, and social media posts become part of data pools. The merger of structured and unstructured data creates clearer pictures of market realities.

Quick Responses to Global Challenges

The COVID-19 pandemic created a series of new challenges for businesses across the world. Supply chain concerns, remote work, and employee health concerns required agile responses based on available data. Business intelligence proved its value not only during the pandemic but in helping foresee challenges on the horizon.

IDG surveyed global IT leaders about their responses to the pandemic. Thirty-two percent of decision-makers said they accelerated intelligence and analytical efforts to counter negative financial impacts. The survey also found 59% of respondents created or expanded remote work and collaboration initiatives to keep employees safe.

Business intelligence is not restricted to a corporate office or geographic location. Analysts work in cloud databases and dashboards on projects for distributed teams. Leaders rely on business intelligence to make decisions that navigate companies through modern challenges.

Creating Data-Driven Workplace Cultures

Modern businesses eliminate the silos between departments and workgroups that use the same data. Business intelligence experts empower their colleagues to use data in their daily work by demonstrating its usefulness.

Every interaction emphasizing the value of business intelligence fosters a data-driven workplace. The Business Application Research Center (BARC) recommends the following steps for developing a data-centered culture:

  • Maintain high data quality to build trust among stakeholders
  • Develop easy-to-use systems for accessing data
  • Raise data literacy rates through frequent training and interactions
  • Encourage data-based collaboration throughout the organization

Professionals with business intelligence degrees are poised to lead these cultural challenges. Their analytical experiences and ability to translate data for diverse audiences show how intelligence improves bottom lines.

Creating Data-Driven Workplace Cultures

In-Demand Business Intelligence Skills

Business intelligence analysts demonstrate technical and communication skills in their daily work. These attributes are built through degree programs as well as experience. CIO lists technical proficiencies required in the business intelligence world:

  • Relational database management with Hadoop or SQL
  • Data visualization with Tableau or Python
  • Clear communications with relevant stakeholders
  • Critical-thinking skills

The U.S. Department of Labor projects a 15% growth in business intelligence jobs by 2030. Investing in an MBA in business intelligence builds the skills needed for today and tomorrow. Suffolk University offers an MBA Online in Business Intelligence that prepares graduates to make data-driven decisions for their companies.

Training for the Future of Business Intelligence

Graduates of Suffolk University’s MBA Online in Business Intelligence make the most out of business data. Experienced faculty members teach future business intelligence analysts how to collect, analyze, and present their findings within various corporate settings. Students become proficient with Tableau, SQL, data security and comprehend best practices through courses, including:

  • Business Intelligence, Data Visualization, and Storytelling
  • Data Management and Modeling
  • Enterprise Data Management

MBA Online students develop these specialized skills and couple them with the critical business and leadership skills of an MBA, becoming experts in their field and positioning them to lead the way in the global business environment. Students learn critical leadership skills in an experiential, collaborative setting and become the sharpened business leader employers seek.

Suffolk University introduced the Northeast’s first MBA Online program in 1999. U.S. News & World Report ranked the university No. 38 in Best Value Schools in the North. This combination of experience and value makes the Business Intelligence degree an in-demand asset for future leaders.

Find out more about Suffolk University’s MBA Online in Business Intelligence by downloading the program guide.