Future of Business Intelligence and AnalyticsAugust 17, 2018
Over the years, Business Intelligence has become more and more technology driven. Today, in most organisations, business cases are prepared to check whether every aspect of any deal is in line with the present business and economic standards. But as Business Intelligence matures, it becomes increasingly market-driven, and technology slowly becomes secondary to the processes and applications.
Most organisations nowadays consider Business Intelligence as an essential factor that goes hand in hand with strategic management, innovation management, change management and knowledge management. Because of Business Intelligence, knowledge and information are applied in the business processes more efficiently thus allowing organisations to react more quickly.
We will be able to see the following patterns in the coming years concerning Business Intelligence:
More Personalisation: Smarter systems will result in organisations getting highly personalised reports for themselves. Traditionally, reports are generated and used by multiple users because of the difficulty and amount of resources required to personalise them. This problem will be non-existent in the future.
More Entity-centric: Entity identification today isn’t used often and is considered as a high-end function. It is mostly used only within bank fraud detection and government intelligence. Since an increasing amount of data continues to go online, Entity will become more of an integral part of Business Intelligence.
Finding Relevant Data: Due to the increasing digitisation, you won’t have to search for relevant data anymore. Business Intelligence will bring all necessary data to your attention.
The Authenticity of Data: The authenticity of data will become more and more important down the line. This is because as the software becomes more efficient and provides us with better data on time, the ease with which we can act on it also increases. This becomes a problem when we consider how organisations and government are going to be using this data to power policy and law enforcement.
Having the erroneous information can result in false arrests, bureaucratic problems and can even mean the difference between life and death if we consider military applications.
When it comes to Business Analytics, many advances have already been made in the sector using AI, Natural Language processing, etc. Unlike the current applications which allow us to visualise and cluster data and make simple forecasts, the next generation of augmented analytics automates the whole process and gives us actionable predictive guidance.
Augmented analytics can sort all the data given to it and use this data to decipher hidden patterns and build models.
The reasons why we need organisations analytics is due to the shortcomings of conventional methods of data analytics, which are as follows:
- They take a lot of time to produce the desired results.
- Predictions made by humans are undoubtedly prone to more errors.
- Implementation is expensive and not cost-effective
Business owners and organisations are trying to overcome the above problems, and augmented analytics is the solution. The application of expanded analytics is set to transform the way businesses work in the near future completely.