Business Intelligence (BI) is an umbrella term that refers to concepts and methods to enhance business decision-making through fact-based support systems. The BI industry today is rapidly evolving with continuous YoY growth with no signs of slowing down. With Business Intelligence, data analysis is becoming more robust, reporting has become faster and more accurate, and predicting events has transformed significantly and grown enormously.
What are the Benefits of Business Intelligence?
Today businesses are getting the following benefits through BI:
- With BI, medical professionals are getting an in-depth knowledge of patients’ current and historical data, driving better healthcare.
- Corporate executive can project sales accurately and establish predictive supply chain needs, resulting in better inventory control.
- BI gathers data and offers results for the business with reports, charts and graphs, collected from different data sources.
- Businesses can improve employee performance and create new business opportunities by accurately predicting future events.
- With BI, new information can be collected and presented to end users in a way that is easy, clear and understandable so it can be utilized in new strategies to help the company gain project success and be more competitive.
- Business planning within the BI application will help users make better decisions thereby resulting in employee satisfaction.
Business Intelligence Trends 2020
Technocrats involved in cloud technology, AI, and data analytics have witnessed priorities transform drastically in the past few years. Here are the BI trends that are expected to have a major impact in the year 2020:
- Automated insights will replace pre-built reports: Users will no longer have to look for information, the system will recognize relevant piece of information and deliver the insights preemptively.
- Machine Learning applications will head to the cloud: A few years back Machine Learning was beyond the reach of most organizations due to budget constraints, but today thanks to public cloud providers’, this technology has become affordable.
- Augmented data discovery will lead BI adoption: Today, augmented analytics and data discovery is making it simpler for non-tech employees to indulge in advanced tools and guided data analysis thereby enabling BI platform vendors to modernize their solutions.
- Cognitive computing: Cognitive computing will consume large amounts of data from unstructured and structured data, mimic the human brain and rearrange this data into manageable content.
- Rise of Deep Learning and AI: According to a Gartner report, deep learning technique and AI will be the most common approaches for new applications of Data Science.
Businesses must realize that BI will help them boost employee satisfaction, make smarter decisions, deliver in-depth analysis, and enhance financial performance. At 3i Infotech, our portfolio of BI services help simplify, streamline and standardize BI processes, policies and governance, providing a structured framework and a tool-based approach to deliver business critical insights.