Everyone should know that data is really important in our modern business and marketing strategy. It is the power of business intelligence in almost all organizations and there is no sign it slowing down.
There are no reasons to argue but the fact still remains that BI is really a trending topic in most business activities nowadays. It takes extra effort to analyze data and figure out to do with it.
Firstly, Have you ever thought of what Bi (Business Intelligence) really means? Business Intelligence is the agreement between the strategies and technologies used by a firm for business information.
As technology is improving, the view at which business intelligence is seen becomes more important and efficient. In order to make a valuable investment for your business you need to make use of the BI features like accurate analysis, time efficiency, and faster reporting.
There are some of the crucial stats concerning the usage of business you need to know which are
. The world global BI market is speculated to outstretch $29.48 billion in 2020.
. The business intelligent market and software analytic merged is looking forward to growing up to $26.78 billion in 2020.
. Gartner made research concerning business intelligence and he made us to understand that 85% of companies have low analytics maturity and business intelligence.
Introducing business intelligence in your organization is really important, it helps companies focus on their projects in certain areas which also makes your strategies successful.
A Bi professional must have qualifications in different areas, this means he must be multidisciplinary so as to be aware of the trends BI lay-out yearly.
As I said earlier, Data is really important in our modern business and marketing strategy. It is the power of business intelligence in almost all organizations and there is no sign it slowing down. This is the more reason why you should involve data and business intelligence in your organization.
Let have a look at the 5 emerging trends in business intelligence.
1. Data Quality Management
Data quality management can also be used to convert raw data into meaningful understanding and also it helps in improving data quality.
AGATHE HUEZ also defines data as quality management and also an integral process that combines technology, process, the right people, and organizational culture to deliver data that is not only accurate but also useful.
Data is really essential in any business but there is a problem, mind you if data is not accurate, complete or consistent, it can demolish your business value and exhaust your profit.
AGATHE HUEZ once said that IBM intimates that, in the US alone, businesses lose $3.1 trillion every year because of poor data quality (IBM). Poor data quality is a problem that has long plagued enterprises of all sizes.
Data management helps in the supervision of plans, programs, and policies that control and increase the quality value of data and information in an organization.
2.Artificial Intelligence (AI)
Most companies are currently making use of AI while some companies do not adopt it, that why those companies find themselves lacking behind. AI helps machines to master the complications in the human brain.
AI is gradually transforming the methods on how we interrelate with our data management and analytics. We might not have been observing AI fully in our day to day lifestyle but the actual fact is it still going to affect lives one way or the other.
Although, there is no agreement that says AI can process huge qualities faster than human but AI is the exertion of understanding and handing over well- defined views into the machine learning system.
Ai has taken over every business activity in such a massive way and business intelligence is not in any way an exception to this. The reason for the existence of this technology is to help human intelligence reform the way we interact with business data and analytics.
3.Analyzing to drive success
Analyzing your customers is the most important trend in business intelligence. You have to learn “customer analytics” and “customer experience”.
The product you sell and the services you render are taken under consideration in other to meet the expectations of customers. Analyzing customers behavior prediction is an anticipated trend in business intelligence.
All aspects associated with analyzing customer behavior from customer journey analysis, detection of speech analysis all data from this analysis report will soon become an important part of business intelligence.
Gartner once said that by 2020 over 40% of all data science tasks will be done by machines, robots without human interference. I don’t think this should be a shock for you and me, we can see this happening in our present world.
Machines are very important. It but can be expensive on different occasions but because they have better productivity, I think it can be a wiser option to go for.
The difference between humans and machines is based on the terms of their analytics. The request for analytics is really high in the market these days but there are not enough skilled people who can fill the hole of expectation.
Organizations need their data to be well understood and investigated. Analyzing data is one step taken, interpreting it for business is another step to be taken. In many organizations, data scientists regularly make use of complex tools to construct on-demand analytic details for managers.
Jonathan Milne once said that we are already seeing some startup vendors bringing storytelling tools to market that tell long-form narratives of data. But most of these vendors are a specific niche, and no significant player in the industry still has a data storytelling module or product. The market expects major developments next year in this sector.
Storytelling will help users to comprehend the analytic pieces of information without demanding much effort and also helps in shaping the business intelligence field in 2020.
In the past few years, business trends are changing because the wants, needs, and taste of customers are also changing. Having that in mind, make sure your businesses are sticking around with the developing trends, and make sure you bump some of your marketing efforts in making use of those advantages of those trends.