While we can all agree that technology has seen the biggest boom over the past decade, what a lot of people don’t realise is that the real explosion has been in data. This is what has changed the game most of all. It has revolutionised the way in which business is done. Spreadsheets have now been made redundant and insightful data visualisations the big thing, with business dashboards becoming the norm.
However, the landscape is changing still and the way in which businesses are able to us and read this data is what will start to separate them from the competition. Knowledge is power, after all. The question of whether business analytics is needed will no longer be at the forefront; it will be all about what the best solution is for their business.
That is why we have come up with a list of trends for you to look out for going into the latter half of this year.
This is an extension of data mining in the sense that it uses existing datasets and information to predict future probabilities. The great thing about the predictive analytics trend is the fact it accounts for the possibility of errors, making it wonderfully reliable while also offering up a few alternative scenarios and an assessment of risk. Basically, it analyses past and present facts to better understand a business’ customers and products, allowing them to understand where their best opportunities lie.
This has been documented in a bad light for years. We’re talking the machines in The Matrix and Skynet in Terminator and that master control program that was depicted in Tron. But despite all the Hollywood ideas of what this will become, AI remains a huge trend in the analytics world because what it aims to do is allow machines execute what is currently achieved through human intelligence, albeit the most complex form. This is already happening through the shift in passive reporting to the use of real-time dashboards that allow businesses to see everything that is happening as it is happening.
This is the integration of self-service BI tools being embedded into those business applications that are most commonly used. What embedded BI tools do is support and enhance a business’ abilities and experiences by utilising visualisation, interactive reporting and, yes, real-time analytics. To say this is where the future is heading is an understatement because recent research has shown that 85% of software vendors believe this will be the next major trend in market analytics.
The rise of the cloud is nothing new to anyone that has any interest in with business intelligence trends. However, it’s reign at the top isn’t over yet with more and more cloud-based tools still saturating the market, each one more improved than the last. What is really going to change the game on this front, though, is the way in which businesses learn how to harness the power of cloud analytics. Sources, models, processes and storage; these are all things located in the cloud that will need to be understood.