“Business Intelligence (BI) is about providing the right data at the right time to the right people so that they can take the right decisions” – Nic Smith, Microsoft BI Solutions Marketing
Unlike the common belief, availability of data and specific analytics are not the only driving factors for success in an enterprise. More often than not, business users looking for a quick and easy access to relevant and actionable information, the kind of results that can help in formulating critical and ROI-focused business decisions. That is the expectation from business intelligence – intelligent analytics that helps to extract optimum value from the available data, irrespective of its size and volume. With rapid digitalization already underway, users are exploring new Business Intelligence trends and applications that are efficient, effective, and quick enough to offer near real-time information.
Welcome to the age of intelligent data analytics where the companies are looking to leverage sophisticated analytics and BI tools to grow and scale their business, increase user adoption and ROI. With BI continually adapting, improving, and evolving, these following top business intelligence trends should be on your immediate watch list:
- Business Intelligence on Cloud – With data moving to the cloud, Business Intelligence has not been slow to follow, the driving factors behind the move being reliability, security, and simplicity. Though most companies prefer a hybrid system of on-premise and cloud, cloud analytics is set to take over in the coming decades. And why not, since data is thriving in the cloud, it makes sense to deploy the analytics in the same place to extract maximum value.
- Intelligent Business Intelligence – If you thought AI was only for robotics and IoT, you couldn’t be more mistaken. With analytic requirements increasing in complexity, data scientists and analytics are looking to AI to fetch a greater value from their company data. The superior combination of the two will set the stage for the future of business intelligence.
- Collaborative Analytics – With access to data becoming more widespread, thanks to cloud technology, IT and business has been collaborating closely to share data sources and analytics. While IT is becoming more agile and flexible, businesses are leading innovative initiatives in business intelligence. This ensures greater transparency and close alignment of business and technology to achieve common enterprise goals.
- Data Literacy – Currently the most in-demand skills, data analytics and business intelligence is set to become a core competency for most enterprises. This means companies will soon demand proficiency in data analytics to leverage intelligent and modern BI applications and tools. This trend will give rise to a new generation of data analysts and scientists who will, in turn, spread the network of data literacy beyond its current borders.
- Advanced BI – With the advent of modern business intelligence tools that simplify analytics for both analysts and non-analysts’, exploring data and analytics are no longer limited to a select few. From scalable platforms to speedy tools for data processing and stimulating visual analytics, Business Intelligence has transformed itself from simple statistics and mathematical algorithms to advanced, complex analytics.