Business Intelligence- now and to be
A mind-boggling 2.5 quintillion of data is generated every day at the current pace! Truly that is a lot of bits and bytes. Today we have a lot of technological advancements and booming businesses. We are working on quantum computing, neural networks, faster telecom services, more than 7 billion internet-connected devices. All these businesses and technologies generate a huge amount of data. If we drill down to these singular elements, what do we get? Lots and lots of data!
To put this data to use and drive out actionable information is a challenge. But the biggest challenge is to understand and process the data.
Artificial Intelligence in the scene:
With the exponentially growing data and oceans of it already existing, humans can’t manage, understand and process it. Thus we have moved towards Artificial Intelligence to interpret this data. We train our machines to comprehend the data.
Using Business Intelligence:
Businesses today rely totally on data. Thus we bring in business intelligence tools to analyze the data and uncover the hidden patterns to make effective business decisions. What businesses aim to? Essentially the motive is to be more data-driven and objective. Thus businesses are leveraging the power of data and technology. Analytics allows us to collect this elephantine amount of data and learn from it.
The present scenario of analytics in business:
Tech companies, operations, executive management, and sales have been major sectors to penetrate business intelligence and analytics. Small scale organizations comprising up to 100 employees have played a primary role in Business Intelligence adoption.
What organizations are using?
- The most utilized BI features in enterprises are- Dashboards, Reporting, advanced visualization, and data integration.
- The foremost motive of using BI today is revenue growth and prediction
- Deepening customer knowledge and enhancing customer experience have become priorities
It is phenomenal how Netflix has utilized the power of data analytics for its targeted advertising, gaining over 100 million subscribers. It is truly inspirational how big dogs in the market are leveraging the power of BI and analytics, like- Amazon uses BI to optimize the supply chain. Starbucks uses BI to analyze and predict customer behaviour. American Express leverages fraud detection using BI.
So how do the future of business intelligence and analytics look like?
From training computers to make decisions we are moving ahead to really big scenarios. Business Intelligence is expected to become more collaborative, more proactive, more insightful and more equipped to handle huge amounts of data.
What next is coming?
- Artificial neural networks: Computing systems that are inspired by biological neural networks. These systems learn based on examples.
- Perspective analytics: Providing machines the ability to recognize problems. They do so by analyzing the historical data.
- Augmented analytics: It is the use of Machine learning and Natural language processing to enhance data analytics.
- Embedded Business intelligence: Used to make business intelligence and analytics accessible to all kinds of applications and devices. This eliminates toggling between apps.
New advancements in technology, growing businesses are paving the way to a future world. But their power lies in the insights derived from the data.
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