Business intelligence (BI) sets a benchmark that enables organizations to make more informed data-driven business decisions. But what's the next big step for BI? How will it influence the growth of technology in the constantly evolving world of Big Data? Your answers are right here as we have compiled a list of latest trends in business intelligence that will help you make confident decisions in the future. In 2017, decision making was all about data science, predictive analytics, and cloud services - making BI more accessible than before to small, mid, and large enterprises.
In 2018, rising demand for quantitative evidence to make strategic decisions will push many businesses towards self-service analytics data because it is a key component of BI platform deployment. In the future, many trifling trends along with the important ones will restructure the business intelligence landscape.
Keeping yourself updated with the latest developments and trends in the industry helps you take the right business decisions at the right times. Here is a run-down of 5 top BI trends in 2018 and beyond to look forward to -
Human brain intuitively perceives visual information better than analytics data involving text or numbers. Hence, BI platforms of the future will focus on visualization-driven analytics that will make public data more personal and relatable to reveal insights. The visual information projected by insights allows the brain to digest complex information at a glance. In turn, this will facilitate better decision making in business.
In an independent survey of 2,800 professionals, it was found that 2017 was all about discovery and visualization of analysis and data relationships. According to latest BI trends, the surging volume of data will spur insights that are artfully woven with visualizations.
Benefits that companies have gained by keeping operations in-house is significant than outsourcing the same. Self-service business intelligence has remained a priority for organizations for many years because IT teams face the challenge of keeping up with growing demand for quality data from end-users. 2018 will see more companies turning to proprietary algorithms and advanced analytics to make data-driven BI work for their business.
Predictive analytics, visualization, and data discovery are part of self-service BI. This model will become the base for companies to control data and its management in the future.
The exploding volume and speed of data growth will introduce numerous challenges, of which accuracy is the most important. Bad business decisions are symptomatic of inaccurate data. So, with the increased availability of data, quality is an equal concern.
Unavailability of quality data can affect business decisions and lead stray any growth ambitions. In the future, expect to see a BI powered movement for enhanced strategic data and its integration into decision framework for implementing adaptation strategies.
Until last year, reporting mostly followed a conservative path. Historic data points were used in making growth predictions. Business intelligence makes one thing clear - past performance does not guarantee future results. Predictive analytics is the next big step in Business Intelligence. All future decisions will be based on data from predictive models which will open the path towards better ROI.
With the growth of predictive analytics market, one thing is for certain - better utilization of big data reports. It has changed the way decision makers work with reporting dashboards.
The initial intent behind mobile analytics was to serve as an extension of legacy BI and enhance its functionality. However, mobile analytics blossomed into prominence, thanks to increased support and demand from decision makers.
Since future is all about mobile-first experience, desktop-based analytics began losing its dominance to smaller and faster gadgets. Until a few years ago, decision-makers mostly operated from behind office desks. But, that's not the case anymore! Thanks to high demand for reporting dashboard and big data. The core focus of the latest business intelligence trends involves data retrieval from distributed nodes through mobile analytics.
BI is undergoing a major transformation since the beginning of 2018 and will interrupt traditional decision making in a big way. As we take long strides in the direction of the future, moving further away from a conservative approach to a proactive one, big data will become more accessible than a few years ago leading to better business decisions. Also, a key focus of latest trends in BI includes the presentation of data. In doing so, more importance will be given to visualization of data projections, accuracy, and its adaptability on mobile devices.
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