Flashback to just a few years ago and data-driven decision making was a new trend. Companies large and small wanted to know how to make better business decisions. From that, the trend of business intelligence (BI) was born.
The goal of business is productivity and profits. Toward that end, more organizations have integrated technologies and evolved into digital enterprises. They relied more on IT departments to mine data, then used those reports to inform business strategies, operations and investments. With the advent of big data, concerns rose over data quality and governance.
Organizations are relying more on verifiable data to support business governance decisions, and we now see a growing adoption of BI tools that allow technology to empower business managers to analyze data on their own.
BI is transforming how organizations drive communication, collaboration and customer service operations.
Here is a look at the top trends that will shape BI applications in the New Year and beyond.
- Soaring in the cloud: As concerns about cloud security continue to decline, more businesses will move BI away from in-house infrastructures and onto more scalable, cost-effective cloud platforms to reduce overhead and speed implementation cycles.
- Digitize to modernize: Today’s modern customers demand a personalized experience that delivers reliable, around-the-clock, real-time solutions. Providing this type of user experience requires a radical overhaul of business processes driven by digitalization. But digitalization is not only about the customer experience. More organizations will convert traditional offline processes to digital forms to save money and allow for real-time data monitoring and reporting.
- Decentralizing data with self-service: As software applications become more user-friendly, tools are moving out of IT and into the hands of business users. Self-service is a growing trend because it allows those who aren’t from the analytics and data-mining world to access statistical data, create their own queries and determine conclusions. Enabling users to perform traditional IT tasks frees up the IT team for other business objectives without compromising the ability to have data filtered and grouped.
- Taking the tech out of knowledge: Data discovery/visualization is more of a user process than a tool. It is the process by which the user looks for patterns and anomalies. By processing information visually rather than reading or interpreting graphics, users visually navigate and digest the information.
- Predicting the future: Predictive analytics helps users make sense of data relationships to identify potential opportunities to increase customer value with probabilities based on advanced analytics. Whether it’s developing forecasts, crafting ideas to improve processes or creating new products and services, BI plays a valuable part in shaping a vision for the future and making more strategic business decisions.
As technology continues to transform business processes, actionable business intelligence will become even more critical to driving successful business operations. NexTec Group can help you implement the right technology solutions to improve operational efficiency, decision-making, productivity and profitability. Contact us to learn which business intelligence software solutions are right for your business.