Business Intelligence has become one of the most talked of technological concept today and is all ready to become the most innovative and indispensable technology too. Hardly would you find enterprises that are yet to implement BI in their businesses, the prime reason being the unstoppable data that is being gathered yesterday, today and tomorrow. Ever increasing in volume, this data needs to be treated and relevant information needs to be extracted from it – a need of all organizations barring the size and industry segment they belong to. Business Intelligence strives its best to understand all these varying pieces of information, attempts to put them together and give a meaningful and analytical piece of information, in the desired format, in the desired time at the desired location. The perfect blend of BI & Analytics, clubbed with Big Data ensures no data untouched, unprocessed and give you the ideal output. It focuses on an amalgamation of processes and technologies to extract, store, analyse and transform data into enriched information. Technology giants have invested their expertise and experience in BI – Microsoft BI, Tableau, Pentaho being the major ones.
The recent year has seen a massive shift towards the latest trends in BI and Data Visualization, with organizations leveraging its potential to the fullest and thereby witnessing novel trends and technologies being a part and parcel of routine business processes, gaining deeper insights into their information arena and garnering the much required information quite easily. Enterprises are moving onto to fully fledged BI & Analytics platforms, creating enhanced business value, increased productivity and maximized ROI.
With BI marking its place with a trump, there are supporting elements like the social media, mobility, cloud services, Internet of Things, Internet of Everything and other data technologies that are supporting the growth of BI in the globe and are all set to plunge in their technology threads to weave theirs with this technology giant and bring about a fresh new technology that the globe goes gaga over. The current trends in BI and Big Data Analytics showcase innovative elements in BI clubbed with other technical components bringing about revolutionary concepts its way.
8 Most Innovatory Trends in BI and Data Visualization
Data Mining and Integration Gets Moving Faster
Data Mining and Data Integration form the crux of any BI solution and with BI raising exponentially, both these techniques are bound to get a power boost. There has been an observable rise in sophisticated tools to support them gathering in every bit of information that comes on the way. It is now ensured no data goes waste. Each and every bit of data is analysed, visualized and analysed up to the core. Latest trends in BI and data mining reflect the growing importance of the data related techniques and its foreplay in implementing BI & Analytics, whatsoever may be the industry domain or the size of the business.
Self Service BI & Analytics
What is most important in any technology is not only the technical sturdiness and features, but how well does it gel with the end users, especially the non IT staff. It is very much required that the BI solution should be able to reach the most important set of end users and should be accessible to them in their own way, rather than depending upon solution providers. New trends in BI analytics focus on a section of users who, despite less know how of the BI tool, are able to operate the solution and extract the desired information themselves, without any external help. Self Service BI has been garnering a lot of attention and affection both, since it relates to the masses and hence is increasingly getting popular. Self Service BI is continuously evolving to attend to the requirements of the agile enterprises and is no longer bound with static reports as offered by IT. Now it calls for building your own reports, your own way, exploring within and then interacting with it, drilling down to the deepest level possible.
Internet of Things and Data Science
The Internet of Things (IoT) and Data Science are a bare reality today and we are very much engraved in it. The huge heaps of data that gets generated is getting larger day by and day and hence the powerful blend of the IoT data along with BI and Big Data analytics are a sure shot way to get the best information possible. The IoT is a world in itself and hence has the potential to create a lot many opportunities for data visualization and real time analytics. With Data Science becoming the latest talked about technology, it offers a large amount of predictive analytics to give a glimpse of what is in store for the future.
Cloud BI is a foreseeable accomplishment roadmap for best business suppleness determined by two of the most popular technologies – the Cloud computing with Business Intelligence. This has gained momentum today and organizations have started adapting it. Cloud BI is turning favourable for smaller organizations that are able to adapt BI technologies with ease and cost effectiveness, since they no longer need to set up internal teams to maintain and monitor applications. The major advantages being noticed are ease of use, deployment speed, scalability, elasticity, and accessibility.
Enhanced and Flexible Data Visualization
Data visualization was always there, but now with the invent of BI and Data Visualization tools and techniques, there have been umpteen better methods and ways to extract various kinds of dashboards / analytical reports through innovative techniques. ‘What you see is what you perceive’- so rightly said. It becomes easier for enterprises to read and interpret information now. Eyes have now moved on from the typical rows and columns data to visually appealing, graphically enriched reports.
Internet of Everything
Now, the buzzword goes beyond Things to Everything. Not only IoT, the globe is trotting towards IoE. The current trends in BI are now pointing towards Internet of Everything, which focuses on availing information not only from devices, machines and sensors but also gets in information from logs, geo locations and data from the net. The flawless amalgamation of IoT, IoE, Big Data and BI Analytics form the crux of the success of any business.
What is today’s world without Mobility? Just unimaginable. So extensive is the penetration of mobile devices into our lives that it is impossible to go on without them and no wonder, BI gets into mobiles too. Any device, any time and any platform integrated seamlessly with any information, any format and any time is what is termed as Mobile BI and that is creating waves today. A trend in itself, this novel methodology operates through a mobile browser directly accessing the application either on the web or through a native app.
Penetration of BI into major business domains
The latest trend being observed today is that BI & Analytics is penetrating seamlessly into all major industry segments now. There are hardly any domains who haven’t yet tasted the success of a Business Intelligence solution. BI trends in Healthcare are showcasing valued solutions in many peripheries like hospital data management, medical practices workflows, patient relationship management, clinical / financial analysis of data, research and others. BI trends in Retail Industry are focussing on penetrating novel sales channels, reaching consumer needs, management of ever changing data and taking enhanced business decisions. BI trends in eCommerce have also proven successful in availing desired information, cross selling and up selling through eCommerce websites, along with a variety of reports like sales trend analysis, customer buying track records, sales and revenue report management, sales evaluation, marketing campaign effectiveness and market demand prediction.
These are just few of the many highlighted trends being observed for BI and Analytics. There is lot more to come. Wait and watch till it penetrates deep into each and every business arena and makes itself an indispensable ingredient in the business success formula. And, something to really look out for is the unblemished integration of all these powerful giants – BI, Big Data, IoT and IoE. Soon, you will find all of them working together collaboratively and amicably.
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