What are the latest trends in Business Intelligence?
Are you keeping up to date with the evolution of Business Intelligence? You may have read an article about it last year, or even attended a seminar on the topic a few months ago, but at this rate, your knowledge is out of date.
Every decision you make has an outcome; even on a fundamental level, for every action, there is an equal and opposite reaction. That’s why it’s so important to make well-informed decisions when it comes to your business.
With the right information, each choice you make can have attainable and expected positive results for your business; without that information, you may as well be gambling with the future of your company.
What is Business Intelligence?
Business intelligence is the collection and analysis of data collected such as department productivity, overall growth, sales trends, and customer behavior. Applications of this data can range from something as simple as Spreadsheets for the organization, and storage of data to Online Analytical Processing or Reporting and Querying software. Each has a specific use and offers various benefits to your small business.
Reporting and querying software extracts, sorts, summarizes, and presents selected data. This data could range from sale reports of specific items to a measurement of the efficiency of marketing plans.
In a nutshell, Business Intelligence will help you manage your business more effectively. Still, many small businesses don’t take advantage of the tools that they have available to them. Small business owners know that they should be analyzing their data but often fail to do so.
There is a common misconception that Business Intelligence is mainly for large businesses and grand corporations. While analytics and other Business Intelligence applications are helpful to large businesses, they also work well for small businesses.
Online analytical processing (OLAP) is part of the broader category of Business Intelligence, which also encompasses relational database, report writing, and data mining. This is beneficial to your business as it saves you time and money by constantly retrieving data and reporting its findings to you and your analyst in clear ways that help you improve your business.
Digital dashboards give you a dashboard view of your data and sources. This is important when you need to view numerous reports and data sources, or when you need to present these findings in one location to numerous employees. This provides a clear representation of the data findings of your business, to anyone from the top level to the temporary receptionist, ensuring that everyone is on the same page and working towards the same data-driven goals.
Some of the most important Business Intelligence strategies concern recognizing and taking advantage of patterns. If your company is losing money, it’s best to know why, and where, so that you can stop it. The same concept works in reverse. If your business is doing well, you’ll want to know specifically how and why in order to continue to do so.
For example, business activity monitoring refers to the aggregation, analysis, and presentation of real-time information inside the organizations, as well as activities involving its customers and partners.
What are the top 3 latest trends in Business Intelligence?
- Integrating Data and Content
Traditionally, businesses viewed data and content as separate aspects of their organization, especially when it came to matters such as information management and business intelligence.However, more recently, a new trend has emerged, in which organizations integrate the management of both their data and their content. This allows for a wider perspective of the organization, incorporating both the data concerning their operations and the content they produce.
- Self-Service Business Intelligence
Like many technologies and tech-centered business strategies, Business Intelligence started from a point where only the experts could manage it. The user-interface for early Business Intelligence wasn’t very welcoming to the layman – but that’s no longer the case.
A growing trend in Business Intelligence is the development of more user-friendly options, known as Self-Service Business Intelligence, which is accessible and understandable to end users, allowing IT teams and technical staff members to focus on other work, and giving users more freedom to do more with their data.
- The Age of Embedded Business Intelligence
This is arguably the most significant next step in the evolution of Business Intelligence – that is, the replacement of surface-level Business Intelligence dashboard solutions with fully integrated, far more powerful solutions.Known as Embedded Business Intelligence or “embedded analytics”, this type of Business Intelligence offers integrated reporting and analytics. The benefit to this new style is that it simplifies the entire data collection, analysis, and reporting process because the analytics platform is directly integrated (i.e. “embedded”) in the application from which it’s collecting data. This means no tedious switching back and forth between the many platforms a business uses.
What are leading Business Intelligence solutions to consider?
Taking a closer look into all the activities of your business, from an analytical standpoint, would give you clear-cut answers on where there are gaps, and where there aren’t. These tools provide you with the opportunity to make sure that you, your staff, and your business are making efficient use of all your resources, no matter how large or small.
Tableau is one of the top software choices for business activity monitoring. This program helps you make improved decisions based on material and resources usage. This especially helps businesses make sure that they are ordering enough to meet demands while managing their risks.Additionally, sometimes the answers lie outside of your business. Local information systems focus on collecting data in relation to geographic reporting. Similarly, data mining is the process of discovering patterns in large data sets involving methods at the intersection of machine learning, statistics, and database systems. Recognizing these patterns help you depict optimal opportunities while making smart choices to avoid negative trends.
Domo is a popular program that optimizes the business’s marketing efforts by recognizing and measuring customer engagement through hundreds of different data sources. For example, Domo can help your business collect data from all types of social websites such as LinkedIn and Facebook as well as more technical ones such as Google Analytics and QuickBooks.
- Data-Focused Solutions
Some of the most important and most beneficial tools of Business intelligence are Data Warehouse and Data Cleansing. Data Warehouse is the storage of the data currently collected as well as previous data. Maintaining secure and stable storage of important data helps your business to provide professional and trustworthy service. Google Analytics is a great tool that allows you to improve your data collection. This type of data collection will help you improve your understanding of your audience and prioritize your marketing channels and make smarter advertising placements.
Which is the right choice for you?
With so many options to choose from, it can be hard to determine which is the best for your business. The great news is that now Business Intelligence isn’t solely for the large corporations with deep pockets. These systems are extremely affordable, and in fact, some are even free.
Business Intelligence Tools are meant to eliminate guesswork while helping to monitor critical metrics. They provide you with valuable insight into your business’s activity and your customer behavior. There is no longer the need for whole teams of analysts and scientists to explain the data in layman’s terms.
Now, programs and tools such as these will work as a middleman, giving even the most inexperienced employee access to powerful game-changing data.
These programs also increase your business’s profit, both now and in the future through the use of analytics and science-based predictors. Business intelligence will help to increase your productivity within your business, as well as improving your efficient reach of a larger audience. Then with your improved business, it makes sure that you are able to secure and protect your business and the data in which it holds.
Businesses don’t grow and evolve by continuing to think small. Businesses grow by having a good understanding of their company’s activities, and the needs of their customers. That requires Business intelligence.
Don’t sidestep Business intelligence because you aren’t sure if your business is large enough to need it. Take advantage of the tools available to you and make the most of your business today.
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Published By : Earl Foote On: 11th March, 2019