Business Intelligence Procurement Intelligence

The business intelligence category is expected to grow at a CAGR of 9.1% from 2023 to 2030. Statistics show that the United States and Canada are the largest users of the software in North America. The growth is fueled by the rising need for digital business processes and obtaining the ideal strategy for effective outcomes. Businesses are concentrating on adopting the technology for efficient functioning, simple data processing, forecasting, transparency, and many other reasons. For instance, the statistical analysis model ARIMA (Autoregressive integrated moving average) analyzes time series data to either better comprehend the data set or forecast future trends. Artificial Intelligence (AI), Machine Learning (ML), Natural Language Processing (NLP), Analytics-as-a-Service (AaaS), data security, and data quality management are several sectors that are growing in importance inside firms and pushing them toward the implementation of business intelligence.

Companies are constantly concentrating on forming alliances or creating their own technology. For instance,

• In July 2023, Thoughtspot, a provider of analytics platforms, purchased Mode Analytics, a developer of business intelligence tools, for USD 200 million. This is done to increase annual recurring revenue (ARR), double the number of customers, and broaden the technological options available to data analysts and data engineers.
• Recently in May 2023, an expansion is done in RISE with SAP by availing it on Google Cloud, a desire of SAP and Google to create better outcomes for customers by simplifying administration, analytics, and operations. In addition, it provides a vast and extremely secure network with high performance and built-in availability. The customers will be able to benefit from a cloud migration roadmap and the Google Cloud Platform's planned global availability of SAP services.
• MicroStrategyONE, an analytical platform built by MicroStrategy, the largest autonomous publicly held analytics and business intelligence company, in alliance with Microsoft. It assists businesses in making the most of their data and advancing their artificial intelligence (AI) capabilities.
• HCL Technologies (HCL), a well-known worldwide technology business, acquired Starschema in January 2022. Starschema is a leading provider of consultancy, technology, and managed services in data engineering to worldwide 2000 companies in the US and Europe. This acquisition will boost HCL's data-driven digital engineering skills and increase its market share in Central and Eastern Europe.

Digital developments have radically revolutionized and altered the corporate sector in this era of technology improvement. Companies now gain access to data-driven tools and methods that allow them to learn more about their customers and self-awareness. The current imperative is to forecast potential futures by pulling data from already-existing data sets. Mining historical data provides companies with future insights, credible alternative scenarios, and risk assessments.

Order your copy of the Business Intelligence procurement intelligence report 2023-2030, published by Grand View Research, to get more details regarding day one, quick wins, portfolio analysis, key negotiation strategies of key suppliers, and low-cost/best-cost sourcing analysis

Business Intelligence Sourcing Intelligence Highlights

• The industry is seen as being highly competitive due to the vast range of vendors offering a variety of solutions to meet the different needs of businesses. The market can be segmented using type, deployment, organization size, and location.
• Finance (67%) and sales  marketing (around 60%) are the sectors gaining the most from self-service BI. Statistics also demonstrate that these industries deal with real-time information the most.
• The fundamental cost of the category is made up of software customization, the number of users, the amount of data being analyzed, and the number of connections. Implementation, support, and training are extra expenditures related to software acquisitions.
• Software builders provide the appropriate systems tools that facilitate business decision-making. Another key component is data warehousing, which enables users to Extract, Transform, and Load (ETL) data from various platforms and applications to produce insightful information.

List of Key Suppliers

• IBM Corporation
• Information Builders
• SAP SE
• SAS Institute
• Microsoft Corporation Inc.
• Qlik
• Tableau Software
• Oracle Corporation
• Informatica
• Cloud9 Analytics
• Teradata
• TIBCO Software
• Cisco Systems

Browse through Grand View Research’s collection of procurement intelligence studies:

• Fleet Management Procurement Intelligence Report, 2023 - 2030 (Revenue Forecast, Supplier Ranking Matrix, Emerging Technologies, Pricing Models, Cost Structure, Engagement Operating Model, Competitive Landscape)
• Electric Coolant Pumps Procurement Intelligence Report, 2023 - 2030 (Revenue Forecast, Supplier Ranking Matrix, Emerging Technologies, Pricing Models, Cost Structure, Engagement Operating Model, Competitive Landscape)

Business Intelligence Procurement Intelligence Report Scope

• Business Intelligence Category Growth Rate: CAGR of 9.1% from 2023 to 2030
• Pricing Growth Outlook: 6% - 8% (Annually)
• Pricing Models: Value-based pricing model, dynamic pricing model, subscription-based pricing
• Supplier Selection Scope: Cost and pricing, past engagements, productivity, geographical presence
• Supplier Selection Criteria: Type, technical expertise, security measures, cost and value, support and maintenance, regulatory compliance, and others
• Report Coverage: Revenue forecast, supplier ranking, supplier positioning matrix, emerging technology, pricing models, cost structure, competitive landscape, growth factors, trends, engagement, and operating model

Brief about Pipeline by Grand View Research:

A smart and effective supply chain is essential for growth in any organization. Pipeline division at Grand View Research provides detailed insights on every aspect of supply chain, which helps in efficient procurement decisions.

Our services include (not limited to):

• Market Intelligence involving – market size and forecast, growth factors, and driving trends
• Price and Cost Intelligence – pricing models adopted for the category, total cost of ownerships
• Supplier Intelligence – rich insight on supplier landscape, and identifies suppliers who are dominating, emerging, lounging, and specializing
• Sourcing / Procurement Intelligence – best practices followed in the industry, identifying standard KPIs and SLAs, peer analysis, negotiation strategies to be utilized with the suppliers, and best suited countries for sourcing to minimize supply chain disruptions