Business intelligence (BI) and data management trends constantly change. According to the BARC Trend Monitor 2017 report, there are notable topics and growth areas to pay special heed heading into the new year. The report is a compilation of data from roughly 2,800 BI consultants and vendors. Their revelations can be summarized into a total of 21 BI marketing trends.
The 15 BI trends at a glance from BARC
- Self-Service BI – provisioning of self-service capabilities is on the rise, enabling businesses to design their own reports, interfaces, queries, and dashboards.
- Master Data/Data Quality Management – master/quality data essentially comes down to accurate data. Through aggregation and analyses, data can be filtered to yield quality information.
- Analytical Databases – specialized databases need to be optimized for analytics. Databases like in-memory and text analysis provide better scalability and query performance.
- Data Governance – The focus on data analytics and operational systems is the driving factor for implementing a data strategy that may include policy, frameworks, and data capital monitoring.
- Agile BI Development – Agile BI refers to the quick setup, modification, and change of reports, visualizations, dashboards, etc.
- Data Integration (DI) – lack of resources and/or over-reliance on legacy systems stands in the way of agile delivery. Self-service DI provides a fast and reliable framework for explorative data analysis.
- Integrated Platforms for BI and Performance Management (PM) – The seamless integration of BI and PM is essential for optimal planning. Integration entails a platform capable of functions like reporting, advanced analysis, and dashboarding.
- Mobile BI – BI tools should offer mobile support with offline capabilities. Mobile BI is steadily growing. 23% of businesses in 2016 indicated mobile use in their workforce, according to the BARC report.
- Data Warehouse Modernization – newer hardware options like in-memory an off-the-shelf storage systems store and process data far more efficiently than traditional data warehouses.
- Real-Time Analytics – businesses need data from transactional systems to be available immediately to help support their day-to-day operations and decision making.
- Collaboration – Forum threads, social media comments, and chats are all forms of collaboration. Data storytelling is another and more recent collaboration format.
- Data Storytelling – Data in itself doesn’t mean much of anything until it’s interpreted. New BI and analytic tools filter data to determine what the data conveys and how it can be used to influence business decisions.
- Spatial/Location Intelligence – data may be geo-specific. Location-intelligent software provides geo-targeted data using specialized geo data warehouses or simple pins of longitude and latitude.
- Visual Design Standards – Data must be presented in a way that can be understood. This is done through visual language for establishing interpretable reports, dashboards, and presentation.
- Cloud BI – Many BI vendors nowadays provide some form of cloud-based BI solution. This reduces the strain of in-house IT teams; it’s also competitively priced with hybrid options available.
Does your business need BI?
Business intelligence is critical in this age of Big Data for making important decisions in real-time as well as examining trends over time. The move to digitalize operations means that our data stores are increasing exponentially and BI is more critical in 2017 than ever. Your business’ ability to access and glean intelligence from your data in an expedient manner is crucial to your success.
NexTec Group believes that an informed decision is a smart one and helping organizations implement business intelligence solutions that will allow them to succeed is our specialty. We help companies roll out business intelligence software solutions that allow for enhanced organizational insight, better control, and detailed reporting. With the right business decision-making tools, your management team will be able to make informed decisions based on complete visibility, eliminating waste and increasing overall profitability.
Contact us to learn more.