The Business Application Research Center (BARC) has recently released a study about the Business Intelligence Trends in 2017. The study says that there are about top eight emerging trends that are likely to influence the Information Technology sector in 2017. They are as follows:
Digitalization
Mobility
Security
Consumerization
Analysis
Agility
Cloud computing
Artificial Intelligence
The dependency on the IT with these enhancements will grow enormously, and with this growth, companies would need additional Data silos. The need to collect and maintain this huge chunk of data will rise and so will the necessity for finding the companies offering reliable business intelligence services. Companies nowadays should pull up their socks and match with the speed of the digitalization happening across the industry verticals.
The Business Intelligence industry has also reacted to this fast paced change with the consistent innovation to simplify the things further. All these BI companies are getting themselves ready to cater the highly scalable technologies with its intelligent techniques, high-performance storage and structured data with advanced analytics.
There are some companies who are going fully digital, but they still haven’t realized the worth of their Data. While there are companies who have started taking actions as they understand the growing economic and strategic value of the data. These companies are moving from just an enterprise to a data-driven enterprise and results are concrete for them. The Business data is first maintained in a standard format, integrated with the Business Intelligence services and the data is stored on a fully secured database formed using cloud computing. The information is then processed and the relevant results are shown the graphical format as per the query entered. As they say, “A picture is worth a thousand words”, and BI works on this idea. It shows consolidated data from various regions and department on a single dashboard in a more relevant and colorful format that easily helps the users to make important strategical decisions.
Now to speak about Consumerization, it is something that creates a specific impact that consumer-originated technologies can have on enterprises. It reflects how enterprises will be affected by, and can take advantage of, new technologies and models that originate and develop in the consumer space, rather than in the enterprise IT sector. There are a number of small factors in the data generation process that play a major role in creating valuable insights which are worth millions. Many times these elements are unexploited by the companies due to inappropriate use and non-maintenance of the data, which impacts the business majorly. The Business Intelligence tools make sure that none of the minute elements are missed and therefore, it reexamines the reporting and planning and continues to plan data strategies which streamline the operations.
Experts from Tableau recently announced that “advanced analytic tools which pose more in-depth questions and the development of new methods to guarantee security in connection with self-service BI. Advanced analytics is no longer just for analysts.“
BI makes a use of “unity in diversity” concept in a perfect way. It unites all the diverse data from multiple departments and presents it to the decision-makers in a consolidated format so that they can conclude on a specific business area. Once that is identified, a personalized system can be integrated which can collect and store the data on cloud servers and then converts it into a useful format. This is how large organizations are able to make million-dollar decisions smoothly.
Business Intelligence is not only a trend, it has become a necessity for companies. It is not a strategy or something that companies should adopt to grow in the business, it is something that can be embraced and dealt with, throughout the future without turning back.
