The Future of Business Intelligence
2013 was a good year for business intelligence (also referred to as “business analytics” or “big data”). Business intelligence (BI) tools exploded in popularity as large and small businesses alike discovered the value of using data to boost their decision-making processes and forecasting efforts. New breakthroughs in data trends and deployment options also led many businesses to invest in BI solutions. New technology such as Cloud computing and mobile has transformed BI as we know it, and businesses are beginning to embrace it in big ways.
As always, the beginning of the year spurs much discussion about the future of business solutions and how businesses will use technology in the year ahead. According to a recent study by Gartner, experts predict the focus on BI to continue long into 2017. As business CIOs continue to see the value in fact-based decision-making, business intelligence will continue to be seen as a viable solution for all aspects in the organization, including sales, human resources, manufacturing, marketing, supply chain management, and financial management.
So, what can we expect from business intelligence this year and in the future? First and foremost, expect Cloud BI to go mainstream. The adaptability and ease of implementation makes Cloud BI a coveted solution among businesses, particularly ones not looking to spend a lot of time, money, and effort to get the information they need. Businesses can also use Cloud tools to access their data from their smartphones and tablets, making it easier to get the data they need to make important business decisions.
Big data is also expected to grow over the next year, and more businesses will begin to implement BI tools to effectively manage this data. As you can imagine, businesses acquire a large amount of data every day and – in order to uncover key analytics – businesses must be able to apply this data to their business decisions. This is where business intelligence comes in. By integrating big data and BI, businesses will be able to make sense of all their business data and, ultimately, make more effective business decisions.
Predictive analytics will also be a hot topic among businesses this year. Companies are getting smarter about data and are using data to plan for the future rather than analyze the past. Predictive analytics, at one time regulated to only advanced and specialized systems, will help businesses move on from backward-looking analytics and give them the tools to gain insight into the future.
Experts predict mobile BI will become more of a reality in 2014. Business executives will continue to live busy lives and will need to access important data and information on the fly. Mobile BI makes this possible, and allows business executives and managers to stay in the loop even when they are out of the office. Expect to see an influx in mobile BI solutions as the year progresses, and start considering how your company can use mobile to its advantage.
Finally, businesses will begin to monitor and analyze social data to improve their customer interactions. Marketers are beginning to understand that the number of “likes” or followers can only give them so much information. In order to truly understand how your customers are responding to your brand, you need to have analytics in place. BI tools can help you monitor your social networks and interactions so you can begin to understand your relevance to your customers.
If your company is looking for a business intelligence solution to start the New Year off right, contact us today. We not only offer world-class BI tools in a variety of deployment options, but our experts will also guide you through the implementation process so you can start making data-driven decisions today! All of our business solutions are fully customizable to fit your business’ unique needs so you don’t have to worry about missing out on any crucial piece of information.