The rise of prescriptive, collaborative, embedded analytics and much more: Trends, 2018
In recent few years Business Intelligence played revolutionary role in every business. Landscape of Business Intelligence has grown so large. In 2018, BI Strategies will be so customized that every business will ask for best suitable solution for it. Let’s have quick look on to some trends that will drive BI in 2018.
- Artificial Intelligence
Artificial intelligence (AI) is the science aiming to make machines execute what is usually done by complex human intelligence. As research and technology continue to improve, machine learning is rapidly becoming a valuable supplement for the analyst, providing assistance and driving efficiency.
- Predictive and Prescriptive Analytics
Predictive analytics is the practice of extracting information from existing data sets in order to forecast future probabilities. It is purely analyzing historical data & making future predictions (what might happen?) based on it. Prescriptive analytics goes a step further into the future. It examines data or content to determine what decisions should be made and what steps taken to achieve an intended goal. Prescriptive analytics tries to see what the effect of future decisions will be in order to adjust the decisions before they are actually made. This improves decision-making a lot, as future outcomes are taken into consideration in the prediction.
- Natural Language Processing
NLP makes best use of AI to understand and convert human language into computer programs. This is helping to make Human-Computer relationship more tighten & making a dramatic changes in our society. (Ex. Siri or Cortana)
- Data Quality Management (DQM)
Most companies know impact of data quality on Analytics & thus in decision making, thus are busy in making & following standards & policies for maintaining data quality.
- The Multi-Cloud Strategy
Cloud; no more remained a new technology for businesses. Most of the elements – data sources, data models, and processing applications, computing power, analytic models and data storage – are located in the cloud. The multi-cloud strategy is becoming increasingly important to help reduce risk and provide more choice and flexibility for customers.
- Data Governance
In 2018, organizations will increase focus on data governance and data quality. Organizations will look to reinstate trust and reliability back into analytics practices.
Security is without doubt one of the biggest business intelligence trends in the last years. Data security has become a hot debate, both in the public and in private organizations. This will only pick up speed in 2018. Business owners will increasingly search for the most secure solution that averts the risk of data breach and losses.
- Rise of CDO /CAO
Data and analytics are getting core to every business. Every company has had a Chief Information Officer who supervised all the information management assets and security issues. But today, the data and analytics volume and role are getting so big that a new position emerged: the (CDO) Chief Data Officer or (CAO) , assigned to data management only. Gartner even says that 90% of large companies will have a CDO role by 2019.
- Embedded Business Intelligence
Integration of a BI tool or selected features, into another business application to fill the gaps in the application’s analytics or reporting functionality. One can make use of raw data to generate real-time analytics & innovative visualizations that enables business to take decisions faster. This feature enriches BI Software and applications.
- Collaborative Business Intelligence
The collaborative BI is a combination of collaboration tools, including social media and other 2.0 technologies with online BI tools. Collaborative information, information enhancement and collaborative decision-making are the key focus of new BI tools. It has to track the various progress of meetings, calls, emails exchanges and ideas collection. “It is much more than sharing the results from a particular BI tool; it’s about sharing the set of information that is being gathered within a team”. The future of business intelligence is collaborative.