Business intelligence is a rapidly growing market, now worth up to $14.4 billion. It is becoming a norm for addressing business goals and implementing strategies. With more firms utilizing BI tools, various trends are emerging in the field of business intelligence. These trends are largely due to recent data discovery methods and have been essential for richer solutions.
First of all, cloud intelligence is expected to go mainstream. It is estimated that by 2017, at least 50 percent of companies will strategically utilize business intelligence with cloud computing. As cloud services mature, it is expected for more IT departments to use business intelligence in the cloud. In addition, context is becoming much more essential in business intelligence. As a result, storytelling is utilized in order to engage the audience through visualization and interactive data. Storytelling allows facts to be more vivid, key facts memorable, and make reports more effective.
Analyzing social data is also an emerging trend in business intelligence. However, analyzing social data goes far beyond reporting the number of followers and likes of Facebook, Twitter, or other social media pages. Identifying brand awareness is a key aspect of social data. With analysis on interactions and buzz around a product, social data becomes pivotal in identifying brand awareness. In addition, trends in business intelligence have an impact on the workforce as well. For example, the rise of BI tools is often associated with the ‘end of data scientists’. Rather than ‘analysts’, the requirement to analyze and strategically implement data is on various employees related to different aspects of the organization. A data driven culture is becoming a norm for businesses and it has a direct impact on the workforce.
Our team would love to know about your experiences with business intelligence as well. With emerging trends for specific business goals, BI is becoming an individualized experience. To share your experience, please email us at email@example.com
We look forward to hearing from you!
– RedLink Team