Which Business Intelligence trends are coming the way?
Wednesday January 23, 2019,
9 min Read
Last decade has been a roller coaster for the businesses with various upcoming revolutions in the technology.
With the use of technology in the business aspects, we can say that the way we used to deal has become more intelligent than ever imagined.
There has been substantial changes as well as progress in the ways we used to deal with the information, strategies, data and other aspects of our businesses.
Looking at the scenario today, we can happily say that Business Intelligence has brought the ease and intelligence in the ways personnel used to work.
A glimpse at Business Intelligence
Now and then, we come across posts stating about the revolutions in Business Intelligence, and we get swayed by the terms as they sound so helping to us.
Thus, here we will have a brief look at what exactly is Business Intelligence before jumping on any further discussions.
The terminology of Business Intelligence refers to the process of collecting business information as the data and analyzing it to present it in a proper actionable format to the authorities for decision making.
It comprises of different technologies, applications, and strategies to direct the collection and integration of the data for making firm and quick business decisions.
As it is a booming technology, we see a farther growth in this and can see it creating many trends to set in the businesses.
Here, with one more coming year, we are all excited with what the technology has in the sack to offer us, and we have listed down a handful of trends we are ought to see in 2019 for BI.
Business Intelligence trends lining up in 2019:
1. Security – Never Vanishing, Never Finishing
If we talk about business intelligence, technology has also become smarter for the crooks as well.
Not only the crooks, but the organizations themselves are sometimes suspected to be non-secure enough to harm the public’s personal information like identity details, bank details and much more.
Thus, rather than calling it a trend, I would say that it is a never-ending requirement and will remain a never vanishing trend for the businesses.
Many big organizations now and then make the news of data breaches and security issues including data losses, but the small companies have not been spared too.
They are also at the stake of the vulnerability of suffering from these considerable losses to their businesses which may seem quite complicated, rather impossible for them to recover.
When considering Business Intelligence technologies, database security has always remained in talks be it a public organization or the private one.
2019 will become the year of ringing alarms for businesses to look out for the most stringent secure solutions that can remove the threat of data loss and breach from their business system.
Further, there arise arguments on what to choose between Cloud or on-premise BI tools; whether the required software should be installed in the company servers or shall that be hosted on the cloud.
There are some variances between both of them which may help a business to choose the correct solution as per their business needs intellectively:
- Implementation time – It takes lesser time to implement cloud solutions than the one in on-premise.
- Upfront Investment / Hardware costs – Investment in Cloud BI tools is less than the on-premise tools, whereas, costs in an on-premise solution are quite unpredictable than that of in the Cloud solutions.
- Customizability – On-premise solution is much more accessible to customize than the Cloud solution.
- Control of Data and Security Standards – In a Cloud solution, the Vendor has complete authority to access and modify the security standards, whereas, an on-premise solution gives full access to the organization to set and change the rules.
Another critical point to think is the public’s awareness among the value of their personal information and how can it be used by any private or public entity for any use.
This year, we also got the strict regulations set up under the GDPR act to make organizations in Europe to adapt and modify their privacy policies. Also, CCPA sets an example in the US data protection policies.
2. Governing Data will become the top priority task
Well, Data Governance is said to be the practice of authority and decision-making for data-concerned matters, which means it is the act of controlling and monitoring that every data entry made is according to the standards.
2019 will be the year making organizations think more about data governance and its quality.
Moreover, it is also true that any element of data is only helpful when it is accessible, businesses will tend to look deeply into how to balance the access and security aspects.
At the same time, they will require to remain agile and maintain adaptability in the system as and when business modifies.
New BI technology tools and methods will support to enhance this trend and decrease the cultural gap between the technology and the business.
Businesses come to see that data governance can assist in nurturing the value of analytics and meet with the business requirements.
It also attracts people to look into their data more and more when it is centralized, fast and clean with the available resources.
The coming year tends to encourage businesses to re-establish their trust back into the analytical practices.
Collaborative processes will increase in numbers to aid both the IT support teams and the end-users to agree and apply the new data governance models and enhancing the business value of analytical processes while not risking the security.
Our generation has seen the data breaches and losses that have made us think over the security aspects about the governance and trust.
Many companies, to clear out this tiff and increase the business outcomes, have started to consider data governance as a requirement.
However, lack of experience is creating challenges into applying and merging data quality, risk, privacy, ethics, and security to move on with consistent business ethics.
3. Connectivity among the Cloud Technology
If you are a tech-savvy and a geek of tech updates, you won’t need an explanation to what cloud in technology is?
2019 will show the increase in the dynasty of Cloud technology with a vast number of companies joining into to adapting the new tools.
Moreover, companies seem to be adapting to the power of cloud analytics in the business; the technology where most of the elements rest such as data sources and models, computing power, data storage, and analytics models.
Although we are aware when we count for risk, costs, complexity, and speed while looking for business solutions, it becomes deadly challenging to find the all-rounder solutions fulfilling all the needs.
Thus, it seems that a significant part of the businesses around there will consider moving to the cloud technology for preserving all their data and applications.
They can then be seen choosing and preparing for multi-cloud strategies as it reduces the threat and offers more flexibility.
However, this flexibility takes its own cost; you will need many providers as well as the need to train your staff to learn those various platforms.
Besides this, you decrease the potentiality of getting discounts on buying more; you buy in smaller quantity and at an increased price.
Further businesses will have to calculate their requirements and capabilities of the applications, to check whether it proves to be profitable to choose the multi-cloud strategy.
4. Businesses to invest more in AI and Data Discovery
Artificial Intelligence is the science of making the machines execute the things that what can be done by implementing complex human brains.
While we work on several technologies and strategies to ease the business activities and increase the outcomes from every process, AI and machine learning together, are bringing the revolutions.
They have changed the ways businesses used to interact with their analytics and other data management systems, and this is going to affect people’s lives, whether they are happy or not.
We can see businesses have already adapted to a new face of technology where they have access to the practical analytics with dashboards mentioning every current happening in various departments and throws alerts if anything is going out of the way.
Along with the increased use of AI technologies in the business processes, the emergence of IoT is also bringing a significant amount of data to promote the statistical analysis at the top of management priorities.
Another booming aspect of AI in business intelligence is testing the technology in a dual version.
This type of test will allow us to see how it works when one AI will create an image, and the other will help in determining whether it real or artificial.
This concept is termed as Generative Adversarial Networks which can be used in the processes of online verification.
Further, we come to another critical and booming aspect of BI technology, Data Discovery.
Data discovery tools usually rely on a process, and the later obtained findings help to increase the business value.
Data Discovery needs us to understand the link between data and advanced analytics.
This type of interaction and analysis help the authorities in effective decision-making and find out the odds.
Data discovery helps obtain the data visualization tools to execute the actions to gather detailed insights and create a viable decision-making strategy.
Since the coming time urges to direct the human labor into a more modern way, the investment in AI technology and data discovery will be the trending ones among the business in the coming year.
The further bigger picture
Well, while talking about Business Intelligence, there is much more to unfold with the coming times which inevitably is going to be astonishing and trending for many further years.
Here, we have listed down some trends that will be seen booming across the industry in the coming future and make the lives of people and business personnel a bit further happier.
Concluding this piece over here, we can say that the trends mentioned above are going to rule the coming year and will bring many other revolutions in the businesses and technology worlds.