The ever changing business needs, fast-moving technologies, innovative techniques – self-service business intelligence (BI), mobility and predictive analytics, have taken the world of business analytics by storm. Organizations, nowadays, have unprecedented quantities of data, and they expect much from their analytics solution. They want their data accessible quickly and easily, anytime and anywhere. Most of the companies are striving towards easy-to-use, fast, agile, and trusted modern BI and analytics platforms to create business value and deeper insights out of the data coming from diverse data sources.
Let’s have a look at some of the evolving trends in BI and analytics:
1. Self-service BI and Analytics: Today, business need the useful information fast enough and most importantly at their own. They do not want to be dependent on IT for any request. Self-service BI is an approach within the BI environment which enables to access the right information instantly and easily to the right person at the right time. Many companies are providing self-service BI solutions, which relieve IT from tedious and manual processes to make the data available in a governed manner; and allows business to get the information they want from anywhere at anytime.
2. Cloud based BI and Analytics: The critical corporate data and apps are rapidly moving online, so the BI and analytics cannot be far behind. The cloud based analytics is becoming more mainstream as it offers numerous benefits including lower expenses, greater flexibility and elasticity, quicker operations and on-demand availability.
Initially, the cloud-based solutions were designed for SMBs that did not have sufficient IT resources to handle the infrastructure, but today, many large enterprises are also investing in the cloud as a way to deliver the access to corporate resources quickly and easily.
3. Mobile BI: Mobile BI has quickly emerged as the easiest way to deliver real-time useful insights to business users almost anywhere using any device including smartphone, tablet, iPad or iPhone. It helps users to make data-driven decisions on-the-fly, which eventually increases company’s productivity and bottom-line. Most BI vendors are also working tirelessly in this field to strengthen their services and provide a better end-to-end solution to their customers.
4. Analytics of Things: The Analytics of Things (AoT) is a new buzzword in the analytics industry after the huge popularity of Internet of Things (IoT). The AoT is a term used to describe the analysis of huge amount of data generated by IoT devices to make that data valuable. AoT is also essential as it makes connected devices smart and enables them to take intelligent decisions. In simple words, AoT is Analytics of IoT devices; which is required to make IoT devices more capable. Using Analytics of Things, organizations can understand the data that is being generated and can take necessary steps to improve their business.
5. Predictive Analytics: As the BI and analytics landscape is evolving constantly, businesses of tomorrow will be more and more focused on the future forecasts. Predictive analytics is the process to leverage the existing information and gain valuable perceptions to predict the future possibilities and stay ahead of the competition. Organizations are using predictive analytics in many different ways to uncover the future possibilities.
Organizations these days are producing a huge amount of data and it is important for them to invest in evolving technologies and skilled resources to be successful. They need to understand the significance and potential of BI and Analytics in achieving success. It is only with time that these trends will advance and prove its worth.