BI spending to rise in financial services

Thursday 3 January 2013

Tax incentives

Investment in business intelligence (BI) tools is set to increase in the financial services sector, it has been predicted.

According to Reportstack, businesses operating within the industry will up spending by around a tenth in the coming four years.

The firm has forecast a compound annual growth rate of 9.17 per cent over the period 2011 to 2015, as more firms seek to draw insight from their data.

"One of the key factors contributing to this market growth is the need to manage large volumes of enterprise data," Reportstack stated.

The company said it has also witnessed the increasing adoption of Software-as-a-Service based BI tools.

"However, the high cost of implementation could pose a challenge to the growth of this market," Reportstack added.

Tanmoy Sinha, founder and chief executive at Cloud Engineering, claimed recently that company leaders can use BI to make more educated decisions.

He told the Hindu that BI is the emerging class of IT applications that use information assets to aid in better decision-making.

"A variety of tools and techniques such as data mining, predictive analytics and data visualisation are employed to provide valuable insights into past, current and future business metrics," he stated.

Posted by Alex Boardman