…And why your organization needs to adopt them, now!
The massive influence BI and analytics have recently had on companies can be seen in the staggering increase of adoptions within medium and smaller sized organizations. This level of availability has proved how quickly technology has infiltrated the business world and will undoubtedly continue to impact how these infrastructures communicate, collaborate, and cultivate. With this reality comes remarkable new trends that have the ability to catapult organizations into a data-driven and digitally-integrated future.
Here are the top 5 business intelligence & analytics trends for future enterprise adoption:
1. Cloud – In previous years, the deployment of BI into a cloud-first world was approached with extensive caution due to the threat it posed to security. In the future, this threat will be severely diminished as IT initiatives have dedicated years to build the necessary support for a successful transition. In addition to these security solutions, moving away from in-house infrastructures eliminates overhead and is typically more cost-effective than traditional platforms.
2. Digitization – The basic premise behind this BI trend is converting offline processes to a digital format to be efficiently read by electronic devices. The benefits of digitization are vast, but the main advantages include cutting (substantial) costs, obtaining real-time data monitoring and reporting, and exceeding customer satisfaction rates through personalized experiences. As explained by one McKinsey report, “Accelerating the digitization of business processes”:
“The benefits are huge: by digitizing information-intensive processes, costs can be cut by up to 90 percent and turnaround times improved by several orders of magnitude.”
3. Self Service – The hot trend of self service in BI enables end users (without traditional analytical or data-mining backgrounds) to access statistical data, perform customized queries, then draw their own conclusions. By empowering users to generate their own insights, this frees up team efforts to focus on other company objectives.
4. Data Visualization – Also referred to as Data Discovery, this interactive analysis allows more instant comprehension of major trends or outliers. With our brain’s ability to digest visual information quicker than text and tables, the highly sought after technique enables enterprise decision-making to become exponentially more efficient.
5. Predictive analytics – This extension to the historical-focused data mining technique, is now being used to estimate future data probabilities. By analyzing complex enterprise data, the trend of predictive analytics allows businesses to make sense of current inefficiencies or areas of strengths in order to determine the most beneficial routes for future attention. This will help to understand customers and immeasurably improve business performance.