Future Trends of BI & Analytics

Business Intelligence (BI) is one of the fastest growing technologies. According to Gartner, a leading research and advisory company, the business intelligence market is expected to grow to US$22.8-billion by 2020.

According to the report, modern BI and analytics continues to expand more rapidly than the overall market, which is offsetting declines in traditional BI spending. The modern BI and analytics platform emerged in the last few years to meet new organisational requirements for accessibility, agility and deeper analytical insight, shifting the market from IT-led, system-of-record reporting to business-led, agile analytics including self-service.

Here is the top BI trending picks that you need to watch in 2018:

Cloud

If we look back at previous years, we will find that the deployment of BI into the Cloud was approached with considerable caution due to the perceived security risks. However, over the years there have been great strides made to enhance the cloud technology and reduce the perceived risks.

Moving to Cloud does away with infrastructure overheads, which is far more cost effective than traditional platforms.

Self-Service

This trend is growing amongst many end users, including those without Analytical backgrounds. Self Service enables one to access all kinds of data and perform customised queries, thereby allowing decision makers to make complex decisions in minutes.

Data Visualisation

Data Visualisation is the modern equivalent of visual Communication. It involves the creation and study of the visual representation of data, meaning information that has been extracted from some schematic form, including attributes or variables for the units of information.

Today's data visualisation tools go beyond the standard charts and graphs used in Microsoft Excel spreadsheets, displaying data in more sophisticated ways such as infographics, dials and gauges, geographic maps, heat maps, and detailed bar, pie and fever charts. The images may include interactive capabilities, enabling users to manipulate them or drill down into the data for querying and analysis. Indicators designed to alert users when data has been updated or when predefined conditions occur.

Predictive Analytics

The trend of predictive analytics allows organizations to make sense of current inefficiencies or areas of strengths to determine the most beneficial road for future attention. Doing this will help organisations understand their customers which will in turn improve Business Performance.

Digitisation

At its core, Digitisation is the process of converting analogue information into a Digital format that is then understood by Computer systems or electronic devices.

The benefits of Digitisation are incredibly huge. The biggest asset of Digitisation includes amongst others substantial cost cutting, having real time information at your fingertips, organisational specific data monitoring and reporting, which when combined leads to customer satisfaction.

Artificial Intelligence (AI)

Many businesses take up AI technology to try to reduce operational costs, increase efficiency, grow revenue and improve customer experience. However, even businesses that are new to AI can reap major rewards.

Artificial Intelligence is automating routine processes. This rapidly developing technology presents a wealth of opportunities for organisations wanting to upskill their workforce, reduce operational costs, increase efficiency, grow revenue and improve customer service experience.

Now the big question remains – How will the Development all this impact the future of BI?

As technology continues to evolve, bringing new waves of advances in AI, self-service, Cloud, data visualisation, predictive analytics and Digitisation, together they amount to change in capabilities that will have huge implications for organisations, economies and more broadly, the world.