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Oct142020

Emerging Ideas: Top 3 Trends in Business Intelligence

Business intelligence (BI) is one of the fastest-growing areas in IT today. Reliable, accurate data is more critical to your business than ever before. To keep your business agile and adaptable, you need to understand the underlying disruptive forces that drive BI, now and into the future.

BI comprises the array of technologies used to collect 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 the competitive landscape and within the company. This combined dataset allows for the most informed judgment calls for a wide variety of strategic planning, including initiatives, assessment of product portfolios, and more.

Three areas of BI can create disruption—in the best possible sense. We have categorized them as operational efficiencies, data governance, and artificial intelligence (AI).

Operational Efficiencies

Any company can benefit from inward-looking BI that aims 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, predict where delays could happen, the impact of weather conditions, and more. When appropriately implemented, operational data BI 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 than ever before.

Data Governance:  Privacy Is King

New laws guarding consumer privacy like the California Consumer Privacy Act (CCPA) and the EU’s General Data Protection Regulation (GDPR) are now in place. Carefully managing and governing the data your organization uses for business intelligence is crucial 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 tight governance and security measures in place.

Make sure to find the right partner to store and guard your data. LoadSpring Solutions, Inc. offers robust storage and security options, including disaster recovery that can enable your company’s most ambitious BI initiatives, all while keeping in step with strict privacy regulations.

AI Meets BI

With promises to bring more accurate, faster business intelligence to the world, AI is changing the landscape. In terms of enterprise resources,  one essential and powerful task that AI takes away from human hands is the automated data sorting, cleaning, and prepping collected business intelligence. Actionable business intelligence needs to be sorted and stored correctly to be useful; 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 and business intelligence create a powerful tool. BI can process and envision big data, but cannot predict trends. AI can examine the data from business intelligence and deliver 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. The combination of the two technologies holds a promising future for all types of businesses.

What’s Next?

Make sure your enterprise is poised to take advantage of the latest BI and AI technologies. With cloud-based computing, you can position your enterprise to make intuitive, connected environments possible. AI combined with BI can deliver more value on existing cloud computing platforms, giving your company an edge over the competition. LoadSpring provides world-class cloud services starting with LoadSpring Cloud Platform – your powerful yet easy to use cloud command and control 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. Contact us today. We’re prepared to get you up and running or guide your existing BI and AI strategies so you can speed to the next level.

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