6 New Trends of Business Intelligence Software in 2018
6 Various types of Business Intelligence Software which are more useful in 2018Chirag Thumar
A comprehensive approach to any decision making for a developing business comes from extensive insightful research. Experts offering software consulting company bring this post to talk about the latest trends of BI software that community people can follow in 2018.
Business Intelligence is surely not the new term but the technological advancement and competitive edge on a global scale to make it evolve. For that, it is significant to determine scenarios acting upon the business world and the role of Business intelligence in changing years. Here is some introspection on these new evolving trends of Business Intelligence software in 2018.
1. Artificial Intelligence as a new motivator in business Intelligence
Making machine adaptive to intellect upon themselves on basis of experiences and feedbacks, especially when it requires analyzing is a game changer in Business Intelligence system. Machine learning makes analyzing process efficient and more valuable. AI detects the patterns in business modules, the impact of price change for a particular product and other influencing elements in a very less time. Manually, it consumes whole fortune of time and money which could be invested in other segments. So, Artificial Intelligence prevents all the heavy lifting for you.
Machine learning or say Artificial intelligence utilize itself to assist the analysis process in two ways; one is efficiency and another is accuracy. The conviction that machine learning promise while assisting an analyst in any organization is incomparable to any human resource or another way. The combination of AI and analysts predict, manage, conduct and develop various activities in an organization.
Maria Johnsen who is an author also wrote a blog on The Impact of Artificial Intelligence AI on Business Intelligence. She shared it via her Tweet, see the screenshots below:
2. Offering Natural Language Process (NLP)
The upcoming year 2018 will witness the huge rise of Natural Language Process ( NLP) on a higher scale out of demand and popularity. Engineers, Businessmen and Developers, all upgrading their craft of developing NLP in untouched areas so to evolve the technology according to the customers. This is because, the recently released products like Amazon Alexa, Microsoft Cortana and Google Home are highly adored by the users across the world as they have the intuitive feature to listen what user want. That really fascinates the modern users where believe it or not, NLP Modulations and advancements in future tech is highly in demand. Imagine the technology where you can command Alexa from your room to play a particular song with just casually asking her to do. Such proximity in communication level is what future looks like. In future, there is more technology in a similar area is expected by the consumers and really excited for the innovations ahead.
Bonus: If you want to know more about the Business Intelligence then first watch the below video once.
3. Data Insurance is another preference
Data Insurance is a critical concern for companies nowadays as data is everything to a company. Data dictates the facts, information, figures, records, finance, strategies and whatnot of any established company. Data security is essential to prevent high profile breach in data circuit or server. Data-stealing can cause severe damage to the company which cannot be retained in any way. Cybersecurity has created another dimension of the market which is growing rapidly in further years. A great number of investments are made in the head of data security and surveillance. Various policies have been made and few are in process of indulging cybersecurity and data security preferences in any financial institutions.
4. The significance of data engineer
Management is quite complex when you have a different stream of data divided into various groups and segments, that what happens in huge organizations. All data require being aligned and crafted in a way where it can be analyzed, arranged and supply the correct information. That magic is only in hands of a data engineer. They have become an integral part of any organization where data is utilized to make decisions day to day in the business. In last few years, from 2013 to 2016 and now after 2017, the number of data engineers is constantly doubling. It simply works like demand and supply chain were at one side companies are considering the data engineers so significant an asset to their organization and another side that is encouraging the career to the newbie as well.
Data Engineers require having a unique set of skills where they can understand what behind all those huge figures and tables. Data Engineer actually performs all the designing, creating, developing and operating the data bundles of any organization which can act as a crucial resource for the company while taking any decision. From analysis to investment, such data is essential to look for loopholes and for better choices. It assures the management and decision making of the company regarding anything like outsourcing, hiring, investing, policy developing and all other activities. Thus, Data engineer is like a bible for any business management.
5. Application of advanced analytics
Modern Business Intelligence cannot move forward without advanced analytics as more than half of organization out there is using advanced analytics and rest are developing or adapting them. Analysis powered by the Artificial intelligence, machine learning and data management make every action in business predictive which is quite useful in advising and decision making of any company.
A traditional system doesn’t allow modern businesses to detect any pattern different perspective for particular insight but with advanced analysis, it allows companies to look for accurate facts to take decisions in different segments. It is such detailed and definite that it can change the companies’ development on each step it takes for the success. Some prove to be a game changer for them where some additional value and reputation to the brand.
6. Multi-Cloud system in Data Management
As the data is a critical concern for any company, it required being secured. A very strong way to managing the data in a way where everyone can access it with the privacy control is multi-cloud. It is a most creative and confident way to run data centres that are on the clouds. Companies are working on their cloud hosting strategies making it more efficient to access, manage, record, retain and utilize data at any time, anyplace but within security measures.
Accessibility and security in both hands are all that promised by a multi-cloud system. It is another concern for companies to look for a better cloud hosting environment with all its factors like complexity, accessibility, risks and privacy control as well.
You may like to read on How to use Business Intelligence in a Business Startup?
If you have any confusion in your mind, make comments below.