Market Trends of United Kingdom Business Intelligence Industry
This section covers the major market trends shaping the UK Business Intelligence Market according to our research experts:
Growing adoption of IoT-enabled technologies and Advanced Analytics tools in the UK
- Analytics and BI will allow businesses to drill down to individual transactions to get answers to revenue opportunities and cost concerns. By examining the incoming and outgoing finances of the present and past, a business can make decisions based on its future financial status. Breaking down revenue by location calculates the strength of product lines by branch. For instance, an enterprise could remove a speciality item from one place and increase its promotion in another. Customizing the dashboard allows enterprise executives to track key performance indicators (KPIs) to enable effective financial management and oversight.
- Additionally, BI data includes historical information stored in a data warehouse and new data collected from various internal and external sources, enabling BI tools to support strategic and tactical decision-making processes. The use of BI inefficient decision-making is augmenting its use across industries. However, BI and analytics provide substantial support to operational decision-makers. But critical decisions are more complex and broader than operational decisions; they require more general information, expert judgments, and creativity to make sense of situations and define alternative courses of action.
- In December this year, Sayari, a commercial risk intelligence firm, was recently selected by the United Kingdom Crown Commercial Service (CCS) as a supplier for the G-Cloud 13 Framework, a contract between the government and cloud-based service providers. The collaboration allows ministries such as the National Crime Agency (NCA), the Ministry of Defence (MOD), HM Revenue & Customs, the Serious Fraud Office, HM Treasury, and others to speed the adoption of Sayari's commercial risk intelligence platform. Teams of government analysts and investigators will have fast access to the difficult-to-find connections required to close information gaps.
- In December last year, Serios Group agreed to be the preferred UK analytics partner of Australian IoT supplier Urban.io, allowing businesses across the UK to decrease costs, develop efficiencies, and improve their sustainability. According to the Newcastle-based data analytics and testing solutions expert, actionable data is revolutionizing the way modern organizations work - and is assisting firms in recouping income lost during the pandemic.
- According to the Microsoft IoT report of the last year, 25% of projects are in the UK's usage phase, and 91% of IoT adopters. Microsoft conducted a study of businesses in all four industries, and the vast majority of them identified as IoT adopters. All sectors have a comparable percentage of projects in the use stage, representing about a quarter of all projects, and all industries require about 13 months to reach this point. IoT will continue to be prioritized across sectors.
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BFSI Segment is Expected to Hold a Significant Share of the Market
- Owing to the internet and the proliferation of mobile devices and apps, financial institutions today face changing client demands, mounting competition, and the need for strict control and risk management in a highly dynamic market. In such scenarios, business intelligence solutions enable financial organizations to analyze immense amounts of customer data to gain insights about their customer's needs and sentiments regarding banking that can be used to improve products and services.
- BFSI is a data-driven industry with massive data generated through ATM transactions, cash transactions, account opening, internet banking, online shopping, and others. The need to deliver customized and customer-centric services and offers are driving the demand for analytics in the BFSI industry. Moreover, BI offers banking and other financial institutions a flexible and transparent approach to making better financial operations and decisions.
- Predominantly, there are two ways in which AI-driven business intelligence software could bring value to banks and financial institutions, including investment firms. These include report generation and predictive analytics.
- For instance, SAS Visual Analytics claims to help banks provide their lead staff with self-service analytics and interactive reports using a combination of predictive analytics and natural language processing. For banks, this analysis and reporting are related to customer buying patterns, loan payments, or customer experience. Such software applications can help BFSI institutions develop strategies for gaining customers or finding customers less likely to default on loans.
- A business intelligence platform can help automate the process of filling up spreadsheets, thus providing comprehensive business financial metrics in near-real-time and significantly shortening the delay between data collection and decision-making. The insights uncovered through quicker data analysis can lead to potential savings and even more operational efficiency gains.
- According Bank of England, Monetary Financial Institutions (MFI) are all banks and building societies in the United Kingdom that are permitted to accept deposits. As of May this year, 357 MFIs are operating in the United Kingdom, with 130 of them headquartered in the United Kingdom. Such a huge number of banks in operation would create an opportunity for the studied market players to develop new products and capture the market share.
