Business intelligence (BI) sits at the center of many organizations’ efforts to enable data-driven decisions and actions through their enterprises. But BI is changing, both for organizations just getting started with BI and those that have invested in developing an enterprise standard.
BI solutions have become an important tool in enabling companies to make smart, data-driven decisions. But what’s next for BI? More advanced techniques and technologies come to light that evolve and redefine what we thought and what we knew about the business intelligence space and business intelligence’s future. For instance, developments like the cloud, data visualization tools, and predictive analytics are changing the way businesses evaluate and make decisions from their data. So what is the future of BI; evolve or expire? What are the key trends shaping its future and how will the technology evolve and continue to drive value in rapidly changing big data world?
Today the reliance on data is growing exponentially; virtually any application of data requires analytics or BI to extract meaning and subsequent action. In addition to developments in automation, Data Discovery tools, Cloud computing and Big Data – is readily used to simplify the process of leveraging BI for the inexperienced public. Traditional BI utilized a centralized approach in which end users routinely waited for IT to obtain reports of historic data. But now IT is no longer at the center of numerous BI requests and instead functions as a facilitator for BI on various desktop, mobile, and cloud applications that are much more accessible and extremely swift for business, increasing BI’s overall usage and business value.
Big Data, cloud services, predictive analytics, and data science are continually innovating spaces that each feed into BI, constantly changing the role it plays within enterprises and a growing number of small to midsize businesses (SMBs). Past year saw a big shift toward businesses leveraging self-service analytics data. Self-service data preparation will become an increasingly important component of a pervasive modern BI platform deployment, be it through embedded tools or geared toward improving data governance.
Business Intelligence trends for 2016
- Evolution of self-service BI: There will be self-service information for the masses delivered not through tools but through purpose-built interfaces and apps.
- BI will become personalized: Reports are developed once and used by many today simply because too many technical resources are required to personalize them
- Simplifying the user experience: Coming years will see significant progress towards making all data more accessible to the business people who need it
- Cloud factor: The Cloud is projected to be the de facto source for Big Data analytics in the coming years, while its low cost and extreme scalability is ideal for accessing BI from mobile devices
- More advanced customizable visualizations: There will be an emphasis on tools that will create more powerful graphics and, in particular, more advanced cloud authoring capabilities
Business is war! Like in any war, survival depends on being able to act quickly in a constantly changing environment. In the next two years, business-intelligence capabilities will become more democratized, with a far greater number of end users across the enterprise using the tools to get better visibility into the performance of their segment of the business. The BI market is in the final stages of a multiyear shift from IT-led, system-of-record reporting to pervasive, business-led, self-service analytics. The cloud, big data, predictive analytics, and data visualization – add to existing BI capabilities. Companies aren’t replacing their data warehouses; they are adding new tools to gain deeper and faster insights. Combination of analytics tools, data, and algorithms available through analytics marketplaces will play a core part in improving deployment time and data insights while compensating for the scarcity of data science skills. This means new initiatives, new skills, and changes to existing business and technical processes are on the horizon.
BI is evolving, and what has always been true will remain so: businesses that embrace the newer techniques will see competitive advantages.
Stylus Systems offer comprehensive BI solutions making it an effective choice for better business results and success. If you like to start mapping your evolutionary path, Contact Us, we will help you choose the right path for you.