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4 Emerging Analytics and Business Intelligence Trends
It is increasingly essential to leverage advanced technologies and approaches to cope with market competition and digitalization.
FREMONT, CA: Over the years Business Intelligence (BI) has revolutionized for better, and data too became big. With the advancing complexity of the BI environment, the classification of trends and market developments is a pivotal factor in efficient decision-making. Companies of all sizes are no longer asking if they need expanded access to BI analytics, but what is the best solution for its specific industry. Businesses are no longer wondering if data visualizations enhance analyses, but what is the best way to tell each data-story. There are definite trends that will lead companies to a better and improved future.
• Data Quality Management (DQM)
The analytics trends in data quality grew significantly. The development of BI to analyze and derive value from the countless sources of data that is gathered at a large scale brought adjacent a bunch of errors and low-quality reports. The variation of data sources and data types added some added complexity to the data integration process. A survey revealed that Data Quality Management (DQM) as the most influential trend. It is not only imperative to gather as much information possible, but the quality and the context in which data is being practiced and interpreted serves as the main focus for the future of BI. By implementing company-wide data quality processes, businesses improve their capability to leverage BI and gain a competitive advantage that allows it to maximize its returns on BI investment.
• Data Discovery
Data discovery has expanded its impact initially. The survey listed data discovery in the top 3 BI trends by the importance hierarchy. BI practitioners undeviatingly show that the empowerment of business users is a positive and steady trend. An essential component to consider is that data discovery tools depend upon a process, and then, the generated findings will bring business value. It necessitates understanding the relationship between data in the form of data preparation, visual analysis and guided advanced analytics.
• Artificial Intelligence (AI)
AI and ML are revolutionizing the way humans interact with analytics and data management. AI is the science intending to make machines perform what is usually done by sophisticated human intelligence. Often seen as the most eminent foe-friend of the human race in films, AI is not yet on the verge to eradicate humans, in spite of the legit warnings of some tech-entrepreneurs. Humans are emerging from static, passive reports of things that have already occurred to proactive analytics with live dashboards. It helps companies to see what is happening at each second and give alerts when something is not how it should be. AI will create a vivid image, and the other will try to ascertain whether the image is artificial or not.
• Connected Cloud
The pervasiveness of the cloud is nothing new for anybody who is up-to-date with BI trends. In the future, the cloud will recapitulate its reign with more businesses moving towards it as a result of the increase of cloud-based tools accessible on the market. However, entrepreneurs will learn how to embrace the potential of cloud analytics, where most of the component data models, data sources, computing power, analytic models, and data storage are located in the cloud. Opting for a multi-cloud approach is then an option as it alleviates risk and provides more flexibility. Businesses will need to assess its needs and inclinations of implementation, to estimate whether it would be beneficial and profitable to go for a multi-cloud strategy.
Customer expectations are rising. Therefore, strengthening their requirements with the immense amount of data will be an overbearing task. Analyzing and predicting their behavior will go hand in hand with AI, data management, and RPA. Becoming extra data-driven, using business analytics tools to use the most efficient way of the decision-making process will become a requirement for the sustainable development of a business. With ever-more devices capturing more nuanced data, with technology inclinations accelerating, and powerful ML to grow from its infancy, BI and analytics is poised for a modern golden age.