Emerging BI Trends You Should Keep an Eye On

In 1865, Richard Miller coined the phrase Business Intelligence, or BI, to describe the way a banker took advantage of information by collecting and using it before the competitors. Now, many describe business intelligence as the key element to the success of a business. The applications, tools, and infrastructure enable access to qualitative data which can improve and optimize operational decisions and performance. In the corporate world, you have to be alert and careful because you risk missing out. Learn about who is driving innovation. If you cannot innovate, copy. In this article, we will look into the emerging BI trends you should know and prepare to master.

Rise of Artificial Intelligence

Artificial intelligence is not something new. This breakthrough technology which has changed pretty much everything about our lives has been around since 1950. AI is capable of making machines do just about anything. It can be used to solve problems across the business industry, such as detecting spam, manual data entry, product recommendation, and more. Companies are beginning to make decisions based on algorithms, which is not such a bad thing. There is no bias in machine data. The point is that AI algorithms are fair and efficient. 

We are all used to Alexa and Siri. What will happen next? Cognitive analytics is one thing to look forward to. Machines will make hypotheses, draw conclusions, and codify experience. What else? Face-reading machines will be able to get info on the emotional state of the user just by reading facial expression. Of course, the list does not end here. Artificial intelligence will continue to play an important part in the future of business intelligence, so keep an eye on it.

Predictive and Prescriptive Analytics Tools 

The branch of analytics which is used to make predictions is called predictive analytics. With the right tool, you can get a clear idea about your position in the sales funnel, connect with other businesses to exchange marketing lists, optimize the supply chain, and give yourself greater flexibility. Big data will have a significant impact on the future of predictive analytics. More organizations will have computing power. They will be able to gather vast amounts of information in real-time and use it to enhance the customer journey.

Business data is growing at a fast rate and relevant information can be extracted from terabytes, petabytes, and exabytes thanks to technology. Let us talk a little bit about prescriptive analytics. It refers to the final phase of business analytics when efforts are made to find the best course of action. Companies are deploying advanced software, not to mention machine learning to take action. Computer programs alter the data so that it can be used without too much difficulty, in a way that is faster and more comprehensive.

Self-Service BI Interfaces 

Self-service business intelligence is a pretty vague concept. What you need to know is that it is an approach to data analytics that enables firms to carry out tasks themselves. Basically, you can access and work with corporate data even if you are not so good when it comes down to statistical analysis. Now, you understand why it is called self-service. The great thing is that you do not have to wait for weeks at an end to discover key functionality. You can get the info you desperately need from your operational systems. There are certain features to look for when trying to incorporate BI software into your business:

- Compatibility with user software – Make sure that you can manipulate information for optimal insight. 
- User-friendliness
- Handling high-volume databases – Data quantity can increase, so the BI software should be able to maintain efficiency as the data volume grows. 

Attention should be paid to the fact that self-service business intelligence is a work in progress. You should not expect perfection.

External Innovation

Within an organization, there are very few people who have the capacity to innovate. These people are capable of disrupting entire industries with their ideas. They see improvement everywhere and make it happen. As mentioned earlier, the number of innovators is limited. The good news is that companies no longer have to rely on their internal capabilities to generate innovative ideas. in the programming world, for instance, change is the order of the day. Developer and ops teams can manage their infrastructure with code. What is more, they can code even if there are security threats.

Many think that there have not been significant changes in programming languages since 1960. They could not be farther from the truth. New programming languages were launched for the World Wide Web. Dart is such an example. Let us not forget about Julia. This mathematical language is not for anyone. It features some interesting aspects, such as multiple dispatch and standard library. Since innovation is a necessity, you might want to consider programming outsourcing. You will basically outsource innovation by using external parties to engage in idea generation for new products and services. Know what you are looking for and find the best platform to post your requirements.

Connected Clouds

Almost all businesses have migrated to the cloud. It is estimated that about 80 percent of enterprises are operating in the cloud landscape. So, the presence of the cloud is not unexpected. In 2020 and the years to come the cloud will continue its reign. Not only will they leverage cloud advantage, but also share resources and data among computers. The phenomenon is called connected clouds. Interestingly, connected clouds do not need massive investments. Software-as-a-Service enables firms to use various tools. Most importantly, they will not depend on a single vendor.

Opting for a multi-cloud strategy is a great idea. The direct connection makes it possible to interact with the clouds from a private, dedicated network. Development teams can build applications and work across multiple platforms. Using connected clouds should be an integral part of your business intelligence strategy. Corporations like Apple, Google, Amazon, or Microsoft are doing it. So, why not?

It is time to evaluate how technologically advanced you are. Are you ready to take advantage of these emerging trends and extract maximum value?

Powered by Blogger.