Analytics Innovation and the Disruption in Business Intelligence
Business Intelligence (BI) had truly changed the way enterprises handle data to make strategic decisions. From using it for basic surveys and employee evaluations, the disruption in BI in recent years has had huge effects in many areas and is changing how companies across all industries do business. The advent of new technologies in the digital paradigm such as cloud has provided companies with access to large amounts of data than was ever possible.
Companies no longer have to rely on the division of different aspects of BI to various vendors and services but can quickly consolidate everything in the cloud data which can be stored, accessed, and analyzed whenever required. Big data has had a similar effect in revolutionizing BI and analytics as enterprises can now have a deeper insight into what customers like and thus use personalized solutions to meet their needs. Customers are increasingly becoming used to being approached in a way that shoes their individuality and receives a customized experience. This has resulted in an increase in customer engagement and sales since the marketing strategy has become more targeted and cost-effective.
Disruption in Business Intelligence has also substantially increased the amount of data being available. This data is being leveraged by reliable dashboard platforms that can be customized to meet the needs of each company or individual. Instead of having to sort through reports or to recalculate numbers, businesses can now pull out the most relevant pieces of data and present them in a format that is easy to understand and implement. This has allowed executives to view data trends in real-time and thus, make business decisions more quickly.
Moreover, employees at any level can use dashboards to access the most current data required for their projects and responsibilities while connecting their data with that of the entire department or organization. With further development in BI, dashboards will likely include artificial intelligence and more effective human-facing communication capabilities. Business analytics disruption is also closely linked with other technologies. Instead of analyzing text data, the latest disruptive systems come with the capability to monitor photo and video inputs.