In addition to traditional BI platforms such as Tableau and QlikView, these newcomers offer natural language querying, geo-location reporting, user-defined dashboards, and automated statistical analysis tools. While some of these features are already available on other platforms, there are more to come in the future.
As powerful as these developments are, they only scratch the surface of what’s possible with modern BI technologies—and they’ll be even more effective when used alongside other emerging innovations like cloud, serverless computing platforms, robotic process automation (RPA), and machine learning systems.
The critical factors in how BI will evolve and become involved in the market
Data Visualization will Continue to Change the way we use Information
For better or worse, the human brain is biased towards visual information. We are far more likely to remember what we see than what we read and hear. Therefore, data visualisation will continue to play a key role in business intelligence as a way of helping people understand data.
The future of data visualisation is exciting because there are so many different areas in which it can be applied beyond business intelligence and data science. The non-profit sector, for instance, has the potential to make great use of data visualisation in communicating its impact and raising awareness about important issues.
Whatever the future holds, you can bet that data visualisation will be an integral part!
The Volume of Data Continues to Grow Exponentially
As someone in charge of your business’s data, you probably feel that the amount of data being generated is doubling every month. While that’s not exactly true, it’s undoubtedly increasing exponentially, showing no sign of slowing down. The volume of data out there—the aggregated mass of all the ones and zeros we have at our fingertips today—is known as “big data.” It’s the big buzzword in business intelligence (BI) because big data is driving some of the most innovative BI solutions and business intelligence consulting services.
Big companies like Microsoft and IBM are investing heavily in this area.
Business Users are Demanding New Capabilities
These days, you find data everywhere. Once the exclusive purview of C-level executives and a few trusted analysts, business-critical information is now available to everyone in the enterprise. A big thanks to the transformation of BI technology over the last several years, as new platforms make it easier for users at every level of an organisation to do their data exploration and analysis.
With this unprecedented access has come a demand for more self-service BI capabilities from users across all departments. To meet these demands, vendors develop technologies like augmented analytics and natural language processing that automate previously time-consuming processes.
We also see more advancements in areas like data visualisation, dashboarding, and reporting capabilities that allow non-technical users with little previous experience to gain insight faster than ever before.
Businesses will Face Increasing Complexity
Businesses will face increasing complexity in terms of data sources, types, and platforms. The number of data sources — including social media activity relevant to a company, web clicks, and captured mobile interactions — will continue to grow exponentially. In addition, a variety of data types, including real-time data streams that enterprises currently don’t consider but may want to track in the future, will increase in importance.
To make matters even more complicated for businesses trying to act on all this information quickly, companies often use a mixture of on-premises and cloud platforms as part of their IT infrastructure. And many organizations are still using legacy on-premises applications with planned upgrades that might or might not ever happen. Others rely heavily on cloud providers for their analytics needs but are concerned about the security and regulatory compliance risks.
Increasing Focus on Real-Time Analytics
It’s hard to define, but we like to think of it as the ability to access and analyse data that enables decision making based on real-time circumstances rather than merely historical ones. Think of it as a modern-day version of what companies did in the past using big data: shifting through massive amounts of information to make conclusions about trends.
Cloud Computing and BI
Cloud computing will become more of a focus for business intelligence solutions!
Cloud computing, the trendiest buzzword of the current decade, is now a reality. We are no longer limited to technical knowledge of how the cloud works.
When users access applications and services hosted on a server over the Internet, they access those services using a cloud service provider’s infrastructure, which performs tasks such as data storage and data processing. Businesses use password-protected VPNs to access resources from their off-site offices or home computers.
If you have an existing company with IT that has not yet embraced cloud computing, it’s time for your business to take advantage of cloud technology for all your technology needs.
Businesses can use Cloud Computing in Any Number of Different Ways
- Hosting internal Web applications (e.g., Intranet sites) for easy access and remote collaboration across physical locations
- Configuring business solutions (e.g., ERP software or CRM solutions) to run on-premises without human intervention or IT help
- Deploying multiple software applications simultaneously on individual computers at worksites but with centralised resources like database servers potentially located at another location
Inexpensive Mobile Hardware and Business Intelligence Space
Inexpensive mobile hardware is driving increased interest in mobility within the business intelligence space. The ubiquity of mobile devices has made mobility a hot topic for many businesses.
Today, it’s possible to carry out various work-related tasks using your phone or tablet. The cost of purchasing mobile hardware will only continue to decline over the next three to five years. Companies looking to save money on IT costs are likely to invest more in mobility solutions.
Business intelligence is no exception, as new reporting and analytics tools are developed specifically for mobile devices every day.
Business Intelligence is Undergoing Unprecedented Change
On the one hand, we’re facing a period of tremendous change in the industry. Businesses face new challenges and find new ways to keep up with their competition, which means it’s time for something fresh and different. On the other hand, we’re also living in a time when there is more information about almost any topic than anyone can absorb, let alone use to make good decisions.
There is no shortage of data out there; we just need to know how to interpret it and apply it effectively, which is what business intelligence technology was designed for in the first place.