Indian enterprises have taken a fresh look at Business Intelligence (BI) as technologies like business process management, analytics, big data and corporate performance management have become mainstream.
Gartner has forecasted that the BI software market in India is poised to reach $101.5 million in the current year which is a 17.5 percent increase from the revenue obtained in 2011, $86.4 million.
The Business Intelligence (BI) in India has been largely driven in the last five years by BFSI, manufacturing and telecom segments due to their data-intensive nature. Analytics has emerged as a proactive and crucial field since organizations are focusing on process automation projects on an increased basis.
Mobility, open source tools for BI and cloud computing have huge potential to be BI drivers in the future.
Promising Vendors in Indian BI market
Vendors are banking heavily on Business Intelligence (BI) to predict customer behavior. The companies have decided to shift with the dynamic technology, using BI tools to their advantage. A number of companies are already using BI technology to enhance their businesses.
As such, the trends followed in the industry are also changing drastically with BI gaining more and more ground.
- QlikTech, a pure-play vendor, believes that the tremendous growth rate in data discovery (50-60% CAGR) has contributed to driving BI. The company provides specific solutions to its customers rather than just templates. QlikTech was responsible for installing Business Intelligence tools for a big automotive manufacturer to modify its dealer management system. More than 600 dealers use this technology now. This saw an 80% reduction in cases reporting warranty leakages.
- SAP, another vendor, develops analytical applications for utility companies and solutions for strategic management of workforce in service industries.
- Alten Calsoft focuses on market and customer analytics, social media analytics, business process improvements in verticals like education, telecom, healthcare and automotive industry. The company hopes to increase its market share to 2-3 percent in the next two years by effectively using BI solutions.
- Nucleus Software has carved its niche in BFSI segment by focusing on its know-your-customer and customer loyalty policies. The company intends to help the financial institutions in profiling their customers using BI tools. This helps the institutions keep track of defaulters and identify potential defaulters and deny them loans.
- Wipro [stock quote] has also made its mark in the BI world by coming up with industry-specific solutions. The company uses BI in solutions like marketing mix modeling, claims analytics used in insurance, know-your-store solution useful for retail and also in hi-tech by providing B2B MDM solutions.
- Foetron Cloud Business, which is the Business Intelligence (BI) and cloud division of Mm9 Information Technologies based in Delhi, has 5% of its revenue contributed by BI. The company banks its growth in next five years on BI on cloud. The cloud and BI have an interesting correlation. The cloud can significantly reduce the upfront infrastructure cost incurred for the implementation of a BI system.
It is expected that organizations will target larger customers for their Business Intelligence solutions which will bring forward pervasive BI. A quick ROI in business would require the BI tools to be delivered in the form of an application. Devices handling large data sets with in-built memory will dominate the market. BI would help customers identify the right strategies, processes and also the data sources and help them manage their business well. A scarcity of expert analysts is a major challenge in this field.
BI tools will gain in importance on a pronounced scale over the next 10 years because of the booming information. Business Intelligence would help the users integrate the new technologies to analytics helping them gauge a clear picture of all aspects of decision making.