Business Intelligence Trends to Look Out For
Business intelligence (BI) is one of the fastest-growing data analysis trends in IT today. Reliable, accurate data is more critical to your business than ever. To keep your business agile and adaptable, you need to understand underlying business intelligence trends.
Business intelligence comprises the array of technologies used to collect data and the strategy used to analyze it. The goal of BI is to give companies meaningful information they can use for strategic decision-making. BI is sourced from both a competitive landscape and within a company. This combined dataset allows for the most informed judgment and calls for planning strategies like product portfolio assessment and initiatives.
Many business intelligence trends can create disruption—in the best possible sense. This article will explore operational efficiencies, data governance, mobile business intelligence, collaborative business intelligence, and artificial intelligence (AI).
Mobile Business Intelligence
According to the Mobile Business Intelligence Market report from Mordor Intelligence, the mobile Business Intelligence market is expected to register a compound annual growth rate of 22.43% over the forecast period 2021 to 2026.
The increasing acceptance of personal devices in enterprises and the shift in remote work since the beginning of the COVID-19 epidemic have led to an exponential usage of smartphones and tablets. It is now estimated that 72% of internet traffic is coming from mobile devices and it is growing at a rapid pace.
This growth in mobile usage is encouraging many end-user industries to make mobile devices a major platform for their operations.
Collaborative Business Intelligence
Collaborative business intelligence is the merging of traditional business intelligence with collaboration tools such as Slack, Microsoft Teams, Google Drive, and others. With collaborative business intelligence, people across the organization can access and understand the data, in a form that resonates with them. With collaborative business intelligence, companies can create greater alignment within an organization and foster greater communication
Collaborative business intelligence is quickly becoming a trend because it facilitates fast data collection, decision-making, collective problem solving, and report sharing.
Any company can benefit from inward-looking business intelligence to create more efficiencies. Industries like construction, energy and utilities, manufacturing, transportation, and other big-project businesses can benefit enormously from this technology. Standard reports for these segments include predicting cost overruns, project planning analyses that run combinations and alternatives based on similar projects, predicting where delays could happen, the impact of weather conditions, and more.
When appropriately implemented, operational cloud business intelligence data provides decision-makers actionable information in real-time; cloud-hosted business intelligence tools with custom dashboards can help businesses solve problems and meet demands faster.
Laws like the California Consumer Privacy Act (CCPA) and the EU’s General Data Protection Regulation (GDPR) are designed to guard consumer privacy. However, carefully managing and governing your organization’s data for business intelligence is essential to keeping your customers safe and maintaining public trust. Consumers leave companies that suffer data breaches in droves, so no matter what, it’s in your organization’s best interest to have strict governance and security measures in place.
Make sure to find the right partner to store and guard your data. LoadSpring offers robust cloud storage and security options, including disaster recovery, enabling your company’s most ambitious business intelligence initiatives while keeping in step with strict privacy regulations.
AI Meets BI
With promises to bring more accurate, faster BI to the world, AI is changing the data trust landscape. In terms of enterprise resources, one essential and powerful task that AI takes away from human hands is the automated sorting, cleaning, and prepping of collected business intelligence data. Actionable BI needs to be sorted and stored correctly, and AI can tackle the job with veritable accuracy and superhuman speed. In other words, AI removes the tedious work, eliminates human error, uncovers trends, and lets decision-makers see the results faster and more reliably than before.
Together, artificial intelligence and business intelligence create a powerful tool. BI can process and envision big data but cannot predict trends, while AI can examine data gleaned from BI, delivering real-time insights about trends that will take place in the future. This merging of technologies, while still maturing, allows companies to adapt and respond to market and environmental changes with precision. Combining the two technologies holds a promising future for all types of businesses.
What’s Next in Business Intelligence?
Make sure your enterprise is poised to take advantage of the latest BI and AI technologies. You can position your enterprise to make intuitive, connected environments possible with cloud-based computing. AI combined with BI can deliver more value on existing cloud computing platforms, giving your company an edge over the competition.
You cannot build business intelligence systems until you have clean, usable data. LoadSpring provides world-class cloud services, all from within LoadSpring Cloud Platform – your powerful, easy to use project controls center:
- Ultra-secure data warehousing and data lake storage for your BI and analytics needs
- Custom analytics dashboards and hosting of your chosen BI tools
- 24/7/365 support that eliminates worries and keeps your enterprise moving
You can expect more, get more, and do more with LoadSpring. Get ready to advance your business intelligence plan. We’re prepared to either get you up and running or accelerate your existing BI and AI strategies to the next level. Contact us today.