Business intelligence, analytic applications and performance management software combined to generate more than $12 billion in revenue in 2011, according to a recent study by Gartner. This growth represents an increase of more than 16 percent from 2010 and made it the second-fastest growing enterprise software market for the year.
There were two driving factors behind the increased adoption, including the fact that IT continues to invest in business intelligence, despite budgetary constraints. Also, self-service data quality
tools became more important in 2011 and have made business intelligence the No. 1 priority for chief information officers in 2012, Gartner noted.
"BI, analytics and PM have been identified as one way to filter vast and growing amounts of information to reach insights and decisions in the digitized world, which is transforming industry after industry," Gartner principal analyst Dan Sommer said.
According to a TechTarget report, data quality is the foundation for successful business intelligence solutions. If a company analyzes false information, it will not be able to make adjustments to operations that allow it to differentiate itself from rival firms and give it a competitive advantage.