Business Intelligence - Procurement Best Practices & Sourcing Strategies

Procurement Market Intelligence Report

Business Intelligence – Procurement Best Practices & Sourcing Strategies

Business Intelligence Market – Executive Summary, Market Analysis, Procurement Best Practices, Market Monitoring Insights, Sustainability Initiatives, Supplier Analysis, KPIs and SLAs Components: BI

1. Executive Summary
1.1. Global Trends
1.2. Supply Market Outlook
1.3. Demand Market Outlook
1.4. Category Strategy Recommendations
1.5. Category Opportunities & Risks
1.6. Negotiation Leverage
1.7. Talking Points to Business
2. Market Analysis
2.1. Market Maturity and Trends
2.2. Drivers and Constraints
2.3. Regional Market Outlook
3. Procurement Best Practices
3.1. Sourcing Models for BI Solution
3.2. Sourcing Models: Comparative Analysis
3.3. Challenges and Mitigation: BI Implementation
4. Market Monitoring Insights
4.1. Cost Structure: BI Spend Categorization
4.2. Pricing Models: Comparative Analysis
4.3. Pricing Negotiation Levers
4.4. Cost-Saving Opportunities
4.5. RFP/RFI Builder
5. Sustainability Initiatives
5.1. Microsoft
5.2. Oracle
5.3. Salesforce
5.4. IBM
6. Supplier Analysis
6.1. Supply Market Outlook
6.2. Key Suppliers
6.3. Supplier Profiling
6.4. SWOT
6.5. Procurement Centric Five Forces Analysis
7. KPIs and SLAs Components: BI
7.1. KPIs and SLAs Components: BI

  1. What are the major drivers for the BI solutions market?

Some of the major key drivers of the business intelligence industry comprise rising digital shifts, investments in data analytics tools, the need for data visualization dashboards, and the adoption of cloud & AI technologies in BI software.

  1. Which are the fundamental industries embracing business intelligence services?

Prominent industries like e-commerce, manufacturing, media, logistics, IT, telecom, government, BFSI, public services, medicine, tourism, etc. are vastly embracing BI solutions.

  1. Which are the leading regions in the international business intelligence sector?

The noteworthy emerging countries in the BI software industry include the US, UK, Germany, Japan, and Australia.

DESCRIPTION

Business Intelligence Market Global Size:

The global business intelligence procurement market research report from ELINT Market Research displays interesting facts, according to which, the global market size was estimated to reach $27.8 billion in the year 2022.

Market Definition:

The global business intelligence market comprises major activities like accumulating, examining, and delivering data to distinct companies, which can help them make the right decisions for their businesses. Thus, BI software allows organizations to convert their raw data into practicable insights and enhance their performance in the international market.

Business Intelligence Market Drivers:

  1. Increasing Complexity of Business Data –

The foremost growth driver for the global business intelligence market is the increasing complexity of vast amounts of business data. These intricate data demand advanced analytics tools; thus, multiple organizations are adopting intellectual business intelligence technologies.

 

  1. Decision-Making Based on Data –

Another crucial driver for the business intelligence market is the increasing trend of data-based decision-making among companies, that prefer data insights to make informed decisions. Thus, they require business intelligence tools to stay ahead of the competition.

 

  1. Adoption of Diverse Advanced Technologies –

As advanced technologies like cloud computing, big data, etc., are emerging, the need for business intelligence solutions also expanding. Hence, organizations can integrate these smart technologies into data analytics tools, and manage vast datasets for comprehensive examination and decision-making.

Business Intelligence Market Challenges:

  1. Absence of Cooperative Data Architecture –

One of the major challenges that business intelligence service providers face is the lack of a cooperative data architecture since organizations collect data from diverse platforms. Hence, integrating and evaluating these myriad data into business intelligence solutions can become daunting.

 

  1. Maintaining Data Accuracy –

Another crucial difficulty that business intelligence service suppliers undergo is ensuring data quality and accuracy since organizations depend on them for their business-related decision-making. Hence, flawed data can generate inaccurate insights and hamper determining results.

 

  1. Rapid Technological Advancements –

As advanced technological innovations are emerging, business intelligence companies facing difficulty in incorporating them into their existing BI solutions and making them up-to-date.

Business Intelligence Market Opportunities:

  1. Emergence of AI and ML –

Business intelligence market players experiencing a great opportunity due to AI and machine learning technologies integration into business intelligence solutions. Hence, organizations are leveraging predictive analytics and actionable insights about their business performance.

 

  1. Need for Real-Time Analytics –

Business intelligence services help organizations in obtaining real-time insights depending on constantly changing market dynamics. Thus, companies can adapt their strategies according to market shifts and prevent losses.

 

  1. Governmental Standards for Data Safety –

Business intelligence vendors can grab the prominent opportunity to make their solutions regulatory-compliant for data privacy. This way, they can ensure businesses a secure and compliant handling of their sensitive information.

Business Intelligence Market Segmentation:

  1. Different Deployment Models –

One of the key segmenting factors for the business intelligence market is the types of deployment models, which include on-premises and cloud-based options. In the on-premises method, service providers conduct business intelligence activities on the organization’s physical premises. Conversely, the cloud-based deployment model allows for handling data remotely and flexibly.

 

  1. Types of Business Intelligence Tools –

Two types of prominent business intelligence tools are available in the market. The first one is self operable tool that can be used by non-technical workers to generate insights independently. On the other hand, standard BI tools require technically skilled users to build reporting.

 

  1. Various Forms of Data –

Business intelligence solutions can examine various forms of data including structured data like optimizing data from well-organized databases. Further, BI solutions can also handle unstructured data from diverse sources like social media, e-messages, emails, and fuzzy documents.

Engagement Strategies in the Business Intelligence Market:

The global business intelligence market comprises one major engagement strategy, according to which this sector witnessing a significant transformation toward multi-vendor methods, due to the increasing need for self-service data handling and discovering. These self-operable BI solutions allow organizations to independently examine and generate valuable insights from vast amounts of data. Moreover, this transition exhibits a deviation from traditional single-vendor business intelligence services, which usually require skilled workers to derive facts. On the other hand, the multi-vendor engagement method offers adaptability to fulfill analytics requirements.

KPIs in the Business Intelligence Market:

The foremost KPI is real-time analytics, which helps organizations to evaluate real-time data and derive insights; so they can make immediate and strategic decisions depending on the data. Complex computations KPI helps in calculating business intelligence solutions’ capability so that they can manage complicated data-optimizing tasks efficiently.

 

Furthermore, ease of drill-down for analysis KPI assists in estimating BI software’s user compatibility, so users can check data in-depth. Additionally, data integrity KPI keeps track of the integrity and correctness of data and helps in generating reliable insights. Moreover, the last KPI is query run-time/performance, which calculates BI solutions’ speed to predict how quickly software is responding to user queries.

Cost-Saving Opportunities in the Business Intelligence Market:

Cost-saving opportunities help market players operating in the global business intelligence sector manage and optimize their expenses. The consolidation of contracts method helps organizations facilitate their BI-dependent accords; this way, they decrease administrative costs.

Further, minimal customization assists in using pre-built business intelligence solutions. Thus, using this approach, organizations can avoid extensive customization and save development costs.

 

Moreover, engaging with value-added resellers method allows consumers to employ BI solutions at lower rates from VARs than sourcing them individually. The last crucial method is adopting SaaS models in business intelligence solutions, which allows companies to employ a subscription-based pricing approach; hence, they don’t need to worry about spending any initial payments.

Negotiation Factors in the Business Intelligence Market:

The global business intelligence market players can make various negotiation contracts with organizations. The first one is the bundled solutions in which vendors provide a package of multiple BI-based tools and functionalities at a compact price; thus, organizations don’t need to purchase components separately. Further, the user-based volume discount method allows BI service providers to decide their expenses depending on consumers’ size; if any organization has a larger user base, then they can offer discounted rates per user. Additionally, the data storage negotiation factor enables organizations to bargain depending on their flexible storage requirements.

BI Licensing & BI Pricing in the Business Intelligence Market:

The BI licensing model in the global business intelligence market involves perpetual and term-based methods; with a perpetual approach, organizations can employ endless licenses to use the BI software permanently after spending on initial payments. Contrarily, term term-based licensing approach allows consumers to employ BI services on a subscription basis and for a limited period of time. However, customers will be required to pay monthly or annual subscription expenses.

 

In addition, BI pricing involves a tier cost method that allows organizations to examine different pricing tiers, and then they can choose a plan depending on their level of feature requirement. On the other hand, a pay-per-user pricing system allows companies to pay based on the number of users who are utilizing the BI solution.

Impactful Cost Components in the Business Intelligence Market:

The prominent and impactful cost components in the global business intelligence market include costs of license, implementation, and support. License cost means prices linked with obtaining the BI solution and implementation costs related to incorporating BI software into the organization’s existing system. Further, support costs involve expenses for constant maintenance and customer assistance provided by BI vendors.

High and Medium Maturity Regions in the Business Intelligence Market:

The global business intelligence market exhibits diverse maturity levels for different regions. In this context, high market maturity regions include the US, UK, Germany, Japan, and Australia, which implies that these nations are rapidly adopting business intelligence solutions. On the flip side, medium-market maturity regions include Brazil, India, China, and Canada, which means these territories are in the development phase to slowly embrace BI solutions.

Contract Periods in the Business Intelligence Market:

The foremost contract method is a SaaS model, which generally involves an annual subscription system; so consumers can purchase and use this plan for a year and even extend it. On the other hand, an on-premise contract lasts usually for 3 years and needs substantial upfront investments. Thus, this long-duration alliance allows BI vendors to commit to executing software implementations with organizations’ existing systems and for extended periods.

Leading Suppliers in the Business Intelligence Market:

Some of the prominent players operating in the business intelligence market include Qlik, Microsoft​, Salesforce, SAP, SAS, IBM, and Oracle​.

 

Additional Information

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Multiple User License, Single User License

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