In this article, we look at five major future trends in business intelligence (BI).
Many good things are being said about the benefits of BI over the past several years. And rightly so, as BI tools have become an integral part of successful companies. With the help of BI, companies can find actionable insights in data and make better decisions.
The BI market is booming with new products, options and capabilities. Experts are predicting a large growth in the industry over the next few years. Let’s see what are the five major trends developing in the BI industry.
The migration of data into cloud services will increase BI adoption. More companies are moving their data to the cloud, integrating different streams and types of data. That means they will need software to make sense of this new information.
A cloud can become the backbone of a company’s network architecture. BI solutions thrive in companies with robust data storage capabilities. Consequently, the use of BI and other analytical tools will increase.
Better data management
With more data available and more people using it, companies must ensure their data is accurate. Data management and governance will become an ever-important factor for companies. This will lead to more data curation. It is a process of identifying which data sources are needed for specific business questions, making sure data is properly captured, cleaned, aligned, to address data management and governance challenges.
Machine learning (ML) will help BI solutions to become more intuitive, insightful and increasingly self-service. With the improvement of ML and predictive analytics, BI tools will become a lot smarter. As a result, ML will reach the point of being able to answer users’ questions differently based on specific inquiry factors. In addition, answers will also likely become tailored to each user.
BI solutions will become more collaborative and geared toward users. More collaboration also means an emergence of BI platforms. The platforms with broader tools and that are connected to more systems. As a result of the increased collaboration, teams will work together on data exploration and analysis in real time.
Embedded BI trend
BI software is becoming more embedded. Vendors are already working on increased integration and the trend will continue further. Increased integration will expand the use of BI. It will offer more functionality and implemen BI capabilities across different applications. BI tools and other platforms will be integrated and merge with business operations and work processes.