In 2013, Business Intelligence – transforming data into useful information that can be used by managers to make decisions – has become a popular process used by businesses to make better decisions. Because this has become such a popular and important business function, you can bet that you will continue to hear about it in 2014. The only question is what exactly will be the latest developments this year?
Here is an overview of the potential Business Intelligence (BI) trends we could see emerging and growing in 2014.
1. BI is more accessible
Historically, to get the most out of Business Intelligence you need to be experienced or to employ a data scientist. Over the past couple of years BI methodologies have become easier to execute. Throughout 2014 it is highly likely that we will see most ordinary business users continue to gain skills in this area and consequently carrying out business analysis and BI activities.
This means we should see an increase in the number of programs that are user-friendly, while still providing the powerful tools that experts have been using.
2. BI and Big Data solutions forecast clouds
Cloud-based solutions have helped allow small to medium businesses to access tools that were previously only used by enterprises. Many BI solutions are starting to incorporate cloud-based versions and this trend will undoubtedly continue in 2014.
These solutions will put important data in the hands of individual businesses, while also providing them with the ability to store and analyze their data with ease, as long as they have an Internet connection. Many of these solutions also allow for increased collaboration and some even have mobile apps which could help make adoption easier.
3. Predictive analytics are more accessible
Predictive analytics is the process of looking at existing data for trends and important information that you can use to help make predictions and decisions. This type of analysis has largely been the domain of experts and large companies, but in 2014 this process should become increasingly available to small businesses.
4. Social data is even more important
The majority of customers are active on social media. This has led to a huge source of potential information that businesses can benefit from. From Likes to Shares, Comments, etc., companies will begin to pay closer attention to this data. It can help businesses gain insight into brand awareness, how relevant they are to customers, and even gain important information they can use to conduct competitive analysis.
5. Storytelling from existing data
One of the main objectives of analyzing your data is so that you can tell a story with it. If you have no narrative arc attached to your data, it is highly likely that the message you want to get across won’t sink in.
By visualizing your data in a way so that it tells a story you will be better able to gain a concise meaning from an overwhelming amount of data
If you are looking to learn more about BI and how it can help your business, please contact us today.