Knowledge is power remains an undisputed fact. The bedrock of every successful business today is built on discrete information that gives you an edge ahead of the competition. Beating the market, you must know how to;
· Collect enough data from internal systems and external sources;
· Prepare it for analysis;
· Develop and run queries against such data;
· Create reports, dashboards and data visualizations to make the analytical results available for corporate decision-makers, and operational workers.
Now, applying data analysis techniques to support business decision-making processes is where BI plays a role. The importance of Business Intelligence can never be over-rated or even completely stated and just as every other function of business development. It is continually changing. You need to keep up with the trend to mine its potentials fully.
It’s another exciting year for data analytics and BI technology. What does BI have in store for us this year and what data landscape are we expecting?
Analytics embedded in the process will reshape the process
For some time now, businesses have accepted and deployed basic data analytics. It’s now mainstreaming.The issue is shifting from embedding analytics to knowing how you can draft a more actionable insight from the data.
Not all insights are actionable even when you have information. More actionable insights do not mean more information or data. An insight is actionable when you can use them to make strategic, well thought-through decisions and drive positive business outcomes that will improve operational processes and the overall business.
No matter how good a technique is, it can’t give enough real-time insight that will satisfy the market. Modern intelligent applications are combining AI to form the foundation of continuous analytics that will integrate real-time analytics within a business operation or IoT and process data to prescribe actions in response to business moments.
More integrated and Multi-cloud
Running an ecosystem with low-cost storage and on-demand capacity is very important, and the potentials are captivating. IT experts are looking at ways to tap and make this readily available to businesses. The first step is to migrate data essential for your business operation to centralized cloud services.
Vendors are coming together to standardize cloud-based data sources to make sure it has more standard formats - this also includes other data models. Another advancement is the enterprise data catalogs. Enterprise data catalogs are powered with AI to produce a machine-based discovery engine that scans all catalogs data assets across any business. The best part of it is that you’ll have a complete picture of your data environment with open APIs that integrate into your environment and expose original data anywhere. Data is the livelihood of any market. Learn how to take an inventory, assess its value and maximize its use.
BI will simulate cognitive computing
Artificial intelligence and signal processing will effectively replicate human thought processes in a computerized model. Using self-learning algorithms that use data mining, pattern recognition, and natural language processing, BI will mimic the way the human brain works. Alongside cognitive computing, there’ll be an impressive growth of Natural Language Processing (NLP), Natural Language Querying (NLQ) and Natural Language Generation (NLG). Digital services, bots, intelligent agents, extensions, algorithms and other sophisticated technologies that’ll be participating are set to grow astronomically in the coming years.
Data literacy will a key influencer
Before now, data literacy has been intangible. We deploy a particular set of persons to derive insights and share with the team for decision-making.But how will you manage what you don’t understand? Data literacy is a significant factor in the present markets, and with the pace of BI and the recent trends, you’ll want to improve your data literacy if you're going to enhance your key performance. IT experts are trying to make data a lot more natural with AI-assisted analytics that will act as help, doing the heavy lifting and analysis.
These developments are swiftly closing in more than you can imagine. Here at analytiks, we follow not only these trends, but we carefully develop analytic-driven business strategies to turn complex data into actionable insights and explore the efficiency of any business by harnessing the power of data and making sure your business is ahead of the trend.