Business Intelligence, analytics and performance management applications seem to have enjoyed a good amount of revenue through sales. Business Intelligence as quoted in Wikipedia “refers to computer-based techniques used in identifying, extracting, and analyzing business data, such as sales revenue by products and/ or departments, or by associated costs and incomes. BI technologies provide historical, current and predictive views of business operations. Common functions of business intelligence technologies are reporting, online analytical processing, analytics, data mining, business performance management, benchmarking, and text mining & predictive analytics.”
In essence, every organization requires BI to ensure that there is up-to-date record management that will help them in taking better business decisions; hence it is also called the Decision Support System (DSS). According to reports from Gartner the spending by several organizations on BI, analytics and performance management applications has risen 13.4% last year with revenue of 10.5 billion dollars. The economic downturn that occurred a couple of years ago left a huge impact on every company’s costing, due to which they looked at reducing the costs incurred and at the same time wanted to improve productivity. Software solutions such as BI and Analytics helped firms find efficiencies and gain competitive advantage. This is exactly why BI sales never dropped, in fact grew even though the sales of enterprise software solutions dropped by 2.5% during 2009. Strong customer demand and impeccable sales efforts of BI vendors helped influence the clients.