Business analytic firms are taking a head on dive into the mainstream market pool. Once thought to be a backend job with little growth possible, these companies today have carved out a niche for them and have techniques and statistical prowess and proof for achieving an optimized decision or advice for their clients. Global Business Intelligence software, that these firms utilize in the process are now widely popular with business in these sectors and the revenues for the same are expected to grow to 13.8 billion by 2013 and to an approximate 17.1 billion by 2016, said a report by Gartner.
The Cloud computing revolution has affected the process a lot. SaaS BI (software as a service business intelligence) deploys the intelligence software outside the firewall or server reach of a company and it is hosted by a secure server and accessed by an end user by a secure internet connection. A lot of companies analyze big data which is a complex set of figures that lead to a mathematical indication towards a certain trend. This is widely popular as a lot of e-commerce businesses and websites have come up that analyze the digital footprint and make decisions about what to sell and what not to sell.
India is primarily an outsourcing economy. A lot of companies and organizations that have come up in the last decade have been BPOs and KPOs. Off shore companies pay big bucks for trend and business analysis and a lot of backend work for the front end business operations. Indian Analysis firms and consulting companies have established their work value so much that almost every big organization now a days is hiring a Business Intelligence team or business analysis firm that supplements the decisions and policies that the company makes to help them reach better revenue and profit goals. This involves a lot of optimization and operations research that these consulting firms employ.
Different businesses mean different modes of consulting and that is precisely what the scenario of the market is. For social media, there is Big data consulting. For law suits and law firms, there is law consulting, for technology and research and development, there is Intellectual property consulting and countless others. Twitter bought Blue fin Labs which was a social TV analytics firm.
Companies aim at optimizing their costs and they tend to shift from “mega suites” of software packages to the automation of the whole of the process that is undertaken. The organizers look for ways to shift spending from capital expenditure to operating expenditure, which in many ways puts the point of cloud computing and big data analysis on the cloud into perspective.
BI software applications business is here to stay as long as technology remains the driving factor of Big businesses.
Image Courtesy | globalbizit