Many good things are being said about the benefits of business intelligence (BI) over the past several years. And rightly so, as BI solutions with their ability to convert data into actionable insights and help make strategic decisions, have become an integral part of successful companies.
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. In this article, we’ll look into five major trends developing in the industry and try to analyze how BI will continue to transform businesses across the world.
- The migration of data into cloud services will increase BI adoption. As more companies are moving their data to the cloud, integrating different streams and types of data, they will need software to make sense of this new information. A cloud can become the backbone of a company’s network architecture. As BI solutions thrive in companies with robust data storage capabilities, the use of BI and other analytical tools will increase consequently.
- 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, 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 to the point of being able to answer users’ questions differently based on specific inquiry factors. 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, with broader tools and connected to more systems. An increased collaboration will allow teams to work together on data exploration and analysis in real time.
- 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, offering more functionality and implementing BI capabilities across different applications. BI tools and other platforms will be integrated and merge with business operations and work processes.