Businesses and business executives are relying more than ever on analytics to drive performance forward. By 2023, more than 33% of large enterprises will adopt decision intelligence as data analytics strategies and tools make decision-making 5x faster. With the world moving in a fast pace, it is imperative to make choices instantly and act quickly. Mobile Business Intelligence is touted as the next big thing in BI and is already making strides with 75% of stakeholders saying that BI will become completely mobile in the future. Mobile BI market is expected to grow beyond $16 billion just by 2023. There is huge demand for mobile BI because timely decision-making results in higher customer satisfaction, improves business productivity and is a lifesaver in the face of emerging risks.
Why do you need Business Intelligence?
Business intelligence can help enterprises chart market strategies, explore new avenues, find actionable insights based on your business data through interactive and highly visual dashboards. BI takes into account historical, current, third-party, in-house, structured, semi-structured and unstructured data to derive insights and deliver trustworthy information to the right person at the right time to make effective decisions. Organizations use BI to understand market trends and customer behavior, explore new business opportunities, examine work patterns, identify issues and come up with useful solutions.
Business intelligence supports enterprises to make data-driven decisions with marketing, sales, operations, IT, HR and finance departments being the top use cases. BI helps marketers track campaign metrics in real-time by data visualization from a centralized place, allows sales analysts to view KPIs through user-friendly dashboards and assess product performance. By combining financial data with operations, enterprises can understand factors that impact profit and loss. Organizations with powerful analytical tools, armed with BI-generated insights, are constantly on the lookout for process improvement opportunities to deliver seamless experience for the end user.
Mobile Business Intelligence solutions
Mobile BI solutions are split into three technological categories:
Native applications: They are custom-built and developed from scratch to run on a particular operating system like iOS or Android. Native mobile BI solutions will address any connectivity or security concerns enterprises may have.
Web-based solutions: Accessed via mobile web browsers, these are fully responsive and optimized for a smaller screen like smartphone or tablets using web standards like HTML.
Hybrid solutions: These behave similar to the web-based solutions but render HTML content inside a native application container.
Mobile Business Intelligence delivers 360-degree view of your business at your fingertips wherever you are. Dashboards and reports are not just restricted to data analysts or executives, but available to many users and they can access information on their smart phones or tablets on-the-go.
The world is hardly ‘offline’ anymore and as end users expect fast solutions, businesses too must switch to technologies that can help them make decisions in a quick and effective way. For instance, enterprises that cater to manufacturing or scientific sector require real-time access to data to bring efficiency to processes and eliminate risks. Field employees also need up-to-date information to achieve their objectives in a timely manner.
The business use cases for Mobile business intelligence are strong and the growing BYOD (bring your own data) and IoT (Internet of Things) market along with need for real-time reporting and data analytics is fueling the drive for this technology to a tremendous speed.
Benefits of Mobile Business Intelligence
Accessibility: Modern BI platforms extend their desktop BI capabilities to portable devices so users can access, consume, and share data easily when desktop devices or workstations are not available. With analytics on-the-move, no one is confined to a computer or a location as anyone can access and perform BI-related analysis from anywhere, with just a smartphone and a data connection. Availability of real-time data insights helps in overall productivity of daily business operations.
Improved decision making: Mobile BI is a boost to small as well as large enterprises as it fast tracks the decision-making process. It is built to support mobile communication and has messaging functionality available for organic collaboration. Advanced Mobile BI tools allow more complex mechanisms like transfer of voice, images, and videos. These functions help users to analyze up-to-date insights and derive well-rounded decisions on the spot.
Competitive advantage: Mobile BI can be life-saver in volatile market situations where decisions can make or break business profit. Easy access to real-time data improves enterprise opportunities to up-sell and cross-sell. Adopting Mobile BI solutions helps enterprises to be flexible and adapt to business shifts.
Mobile BI is the future of Business Intelligence
Mobile business intelligence is anticipated to witness a growth on a global scale as it is becoming a critically important tool for businesses to achieve higher profits. North America dominates the world Mobile BI market at the present with 36% global market share, while Europe ranks second due to high opportunities for growth market with 16%. This is followed closely by Asia Pacific with 12%, which is the fastest growing Mobile BI market owing to increasing technology adoption. The high deployment of advanced capabilities like artificial intelligence and machine learning in emerging industries is making way for rapid progression of technology. This is changing the way businesses work, making Mobile BI a vital component of any enterprise’s technology stack.
Source: Aspire Systems