Top 8 Changes Shaping the Future of Business Intelligence
Business intelligence is one of the quickest evolving technologies on the planet. With the free market as competitive as ever, companies are looking for any means possible to gain the upper hand on their competitors. This arms race is driving BI consultants to push the boundaries of their technologies; boundaries that are ever-expanding thanks to both improvements in computing power and clever lateral thinking. With 89% of business leaders believing that Big Data will have as big an impact on business as the internet has, what can we expect from the game-changing BI solutions of tomorrow?
Centralized to LocalizedHistorically, BI has been centralized to an IT department. An end user requests a data report, and patiently waits for an answer. In recent years this centralized system has been on the wane, with more self-service systems favored. These systems are localized to the end user with the help of desktop, mobile and cloud applications. Company IT departments will continue to morph from a provider of data to a facilitator of localized BI use.
Accessible to EveryoneFollowing on from the localization of a company’s BI solution, the focus on self-service BI operation will mean that anyone, regardless of technical ability, will be able to comfortably utilize BI. Simple, user-friendly applications will increase BI usage, adding to its value to the business. The shift to self-service tools is already well underway, with over 50% of business users and analysts expected to have access to self-service analytics by the end of 2017.
Going MobileThe perfect BI solution is one that provides answers to your queries anywhere, at any time. Offering a BI solution that is able to be utilized on-the-go will become ever-more important, as digital technologies continue to move from the desktop to the phone and tablet. The upsurge in businesses adopting Bring Your Own Device (BYOD) policies will require any solution be universally compatible with all devices.
Automatic Data Discovery and VisualizationThe days of painstakingly searching mountains of data for important information may soon be over. In the future, relevant data will find you, not the other way around. Conventional BI will fade away, replaced by a service that offers up relevant and interesting data on demand, or at regular intervals. This data will be offered in easily consumable visuals, ready to be digested and acted upon in an instant.
Switching to the CloudThe rise of Big Data – extremely large datasets that need to be organized and analyzed – and the shift toward mobile technologies has driven the switch to The Cloud in many areas of computing in recent years. And with its inherent reliance on the biggest of Big Data, BI will need to follow suit. The incredible scalability and extremely low cost of The Cloud is perfectly suited to the challenges posed by business intelligence. IDC has indicated that 2016 spending on cloud-based BI solutions will grow at 4.5x the rate of on-premises solutions.
Personal Analytics for Self-ImprovementJust as personal fitness trackers aim to improve a wearer’s understanding of their performance, so too will BI data be used for self-improvement of a user’s professional performance. The once-a-year, KPI-driven performance review may become a thing of the past, with real-time information being delivered to users in order to guide them in achieving the greatest productivity possible.
More Business Decision ReviewsPerhaps the core aim of BI is to gain a deeper understanding of a company’s situation in order to improve its decision making. According to data from Qlik, only 23% of organizations check the outcomes of their business decisions routinely. In order to increase this number, future BI solutions will offer ‘decisions’ as a metadata type, making them incredibly simple to analyze.
Automated Decision MakingAs both artificial intelligence and BI solutions become more advanced, Intelligent Decision Automation (IDA) will become more prevalent. Already capable of handling simple tactical decisions, such as those related to a specific query or single customer, IDA will use machine learning to develop an understanding of a company’s habits and patterns, and be entrusted with making an increasing amount of increasingly difficult decisions.
How can you prepare for the new world of intelligence? Our comprehensive guide, “What is Business Intelligence” covers this and many other topics related to Business Intelligence. If you are considering planning or deploying a solution, it is a must read. Some of the main topics include suggestions for making determinations regarding:
Investing in Business Intelligence
Ensuring success for a BI initiative
Measuring the ROI Business Intelligence
Major trends shaping the future of Business Intelligence
If you are ready to discuss your specific challenges or what CSG can offer, you can contact us to learn more about how to start implementing your solution.