Business intelligence (BI) is defined as the usage and analysis of big data by business organizations, to improve operational performance. It has emerged to be an important tool for retaining market share, competing against competition, and for strategizing on future growth opportunities. Management and business owners actively collaborate to use business intelligence as a means of achieving high growth and realizing the mission and vision of the enterprise. Business intelligence industry trends indicate the rise of ‘big data’ and the need to effectively mine it to ensure business sustenance in the long run. Other important trends include data privacy, legislation related to access to data, data warehousing and visualization and improvement of data quality as a means for analytical usage by data scientists.
With the growth of internet commerce, and online transactions the world has become an open ground for buyers and sellers and hugely expanded the traditional marketplace. Computers regularly track the transactions that consumers make through the internet and cashless banking methods. On the other hand, social media and online shopping have furthered the accumulation of large amounts of data related to consumers. This data consists of their preferences, incomes and discretionary spending capacities. Analytics employs the relevant tools to assess trends and patterns in this huge data to form meaningful conclusions for improving business opportunities. Here are the top seven business intelligence industry trends that you should know about:
- Predictive analytics: Analytics has emerged as a powerful tool to predict trends and patterns from past historical data. It has been used by e-commerce giants like Amazon and Walmart to enhance sales by getting a thorough understanding of buyer behavior. Predictive analytics also helps management in product designing, market segmentation, pricing decisions, and sales forecasting. With accurate judgment on buyer behavior, the limited funds of corporations can be put to more productive use.
- Database management: Big data involves the generation of large amounts of data. Companies often pay a premium for access to useful data collected by specialist intermediary agencies. Data recorded from various online and offline sources has become a huge resource, and companies are actively hiring professionals for managing this data. Database management involves the usage of specialized softwares to create, update and maintain large amounts of data.
- Data Quality monitoring: Large amounts of data bring duplications and unnecessary information load as well. Data Quality (DQ) is an important parameter to judge the soundness, validity, and accuracy of the data retrieved from computer systems. Only when data quality is acceptable, further analysis and work can be done on the same by database professionals, to derive meaningful results.
- Legislation and compliance: Another top trend in the field of business intelligence is the increased importance of complying to cyber laws and security legislation. Breach of data, loss of privacy and unethical usage of data are major threats in the field of analytics and big data. Many corporations hire expert legal teams to handle privacy issues and ensure legal compliances related to databases maintained.
- Data Visualization: Big data entails the collection of huge volumes of numbers, text, statistics, and information all in a haphazard manner. To make this complex data more usable, professionals use the techniques of data visualization. It is the method by which scattered data points and variables are plotted or represented in a graphical format. Visual aids such as charts, diagrams, and graphs are used in data visualization, to understand data and further analyze it for business advantage.
- Real time data analysis: Business intelligence entails the constant collection and analysis of data points from many sources. An emerging trend is the analysis of this data collected on a real-time or immediate basis using advanced tools and softwares. Timing is very important in the field of analytics. Often data can become useless if used after a certain amount of time.
- Mobile data: Mobile phones have become a very important source of information for business intelligence professionals. With social media connectivity, online payments, cashless transactions and e-commerce websites in the form of mobile applications, the cell phone has become a data mine for business analytics.