Business Intelligence (BI) and the way it is used has evolved greatly and continues to do so, in spite of the various technological challenges. The year 2018 saw a major increase in the use of business intelligence. As per the BI survey, the usage has increased from 10% to 13%.
Due to the rapid adoption of BI in diverse industries, the concept of Business Intelligence Managed Services is also picking up pace. Before we start talking about the emerging trends in BI, let’s quickly recap its benefits for business:
Increase in Productivity:
Implementing BI helps in easy data reporting, i.e. collecting data from various data sources and making it available to the end-users for better analysis. This results in better decision making and greater efficiency within the organization.
In addition, BI provides a vivid picture of the ongoing business processes in real-time. Therefore, any flaw can be detected earlier and resolved instantly.
Complete Performance Overview:
With the help of dashboards and scorecards, the organization can visualize KPIs and make better decisions in real-time.
Dashboards help to record vital goals and measure the overall efficiency whereas scorecards aid in measuring KPIs and evaluate how well the organization is performing to attain their objectives.
Simplified business processes:
BI simplifies business processes to a great extent. It automates analytics through benchmarking, predictive analysis, and other techniques while streamlining the overall workflow.
Some of the exceptional BI trends that are changing the way data is extracted and utilized are as follows:
AI-assisted BI: What, Who, When
One of the major trends that goes hand in hand with the ever-changing dynamic business environment is Artificial Intelligence (AI).
Companies can identify profitable trends and insights in massive volumes of data and make faster decisions in real-time.
Every person in the company, from C-level executives to the sales representative, can receive real-time inputs about what they should know at the right moment. AI-powered systems can monitor and analyse every single data point that is being generated within and outside the company.
2. Predictive & Prescriptive Analytics: Accurate Future Outcomes
Predictive and Prescriptive analytics is another major trend that has scored well in 2019. Small, medium-sized businesses (SMBs) and even big enterprises are taking a keen interest in implementing such tools in their workflow.
The role of predictive and prescriptive analytics in business is quite different.
Predictive Analytics is focused on evaluating the data and anticipating future possibilities. It helps to predict future outcomes accurately after scrutinizing the current data and facts and also determines the likely threats and opportunities for the business. The two popular predictive analytics tools are Artificial Neural Networks (ANN) and Autoregressive Integrated Moving Average (ARIMA).
On the other hand, Prescriptive Analytics analyzes the data and suggests a desirable course of action by using graphs, machine learning, neural networks, simulations, etc. It takes into account the impact of current decisions on the company’s future and then makes the necessary changes before implementing them when you opt for Enterprise Mobility Services.
3. Connected Cloud: Increased Flexibility
Cloud has helped businesses to be more flexible and more liable to their customers. According to a survey, 70% of the companies have opted for cloud services in 2019, and this number was 10% in 2016. Companies who haven’t picked cloud strategy are precisely at a loss.
Amazon Web Services (AWS), IBM, Microsoft Azure, and Google are the key players in this industry.
4. Data Quality Management: Make Useless Data Useful for Business
Data would be useless if its quality is inconsistent. BI can dig deep into cluttered databases and make them a valuable asset for your organization. These tools can create easy-to-read reports, analyze KPIs and track business growth in real-time.
Data Quality Management (DQM) systems are a blessing in disguise for companies who want to unlock the true potential of business data. The primary role of DQM is to eliminate redundant and inaccurate data that can result in bad decision-making.
DQM involves obtaining the data, implying data processes, allocating the data and finally managing it. With the help of business intelligence, the process becomes less complicated, less time consuming and reduces the manual workload on a large scale. In addition, the data stored remains safe, secure and easily accessible.
5. Natural Language Queries
Put yourself in the shoes of an in-field sales representative. If Natural Language Processing (NLP) capabilities are merged with BI mobile applications, then fetching data would be a cakewalk.
Just ask the application a relevant question and the answer will flash to your device within seconds. The text search interface might just disappear in the coming years and will probably be replaced by voice.
6. Emerging Roles of CDO & CAO
We are familiar with the role of a Chief Information Officer (CIO), aren’t we?
With the growing importance of data governance in organizations, there is a need to designate experienced hands as a Chief Data Officer (CDO) and Chief Analytics Officer (CAO).
A Chief Data Officer will ensure that the database can be used effectively by any business unit within a company. The CDO will also empower all users with trusted, clean, and ready-to-use data.
On the other hand, the CAO’s role is to drive insights from the extracted data. Apart from formulating a data strategy, such executives will determine how analysis is done, with regard to the tools and resources used, and other aspects.
We can expect many such diversified roles in the near future, thus offering lucrative career options to people who are passionate about data science.
Advancements in BI enhance data storytelling i.e. conveying information to decision-makers in a way that is actionable and easy to understand.
Employees need ready access to data and insights, so they don’t have to navigate to another application. Embedded Analytics converges analytics and action to reduce the time and effort between insight and decision making.
Adopting the latest BI trends will help you to prepare for the fierce competition that lies ahead in your industry. Good luck!