Today we are talking about a technology that has existed for a while but which has never before been so much in the spotlight, perhaps because of the pandemic or perhaps because of natural technological evolution: Business Intelligence.
We already talked about this in a previous article, which you should read if you missed it. Here, however, we want to talk about the trends in this technology, where and how it is being used, especially as companies of all sizes increasingly demand customised Business Intelligence tools and strategies built for their specific business.
So what are the main trends in the application of Business Intelligence?
- Artificial Intelligence
By now it is well known that artificial intelligence and machine learning are revolutionising the way we interact with data, from analysis to management. The big step is to move away from static, passive reports and embrace dashboards, which clearly show what is happening in real time within the business, even alerting when something is not as it should be, thanks to solutions such as artificial intelligence algorithms based on the most advanced neural networks that are able to provide maximum accuracy in detecting anomalies.
Artificial Intelligence also offers the possibility of gaining enhanced insights in Business Intelligence solutions: your data is analysed automatically without any effort, simply by choosing the source of the data you want to analyse and indicating the variable on which the algorithm should focus.
You'll have growth, trends and forecasts at your fingertips in no time at all - all the things that would normally be handled and calculated by a data scientist will now be handled by a tool that is easy to understand, even for those without a technical background. An incredible gain in time!
- Data Discovery / Visualization
Another important Business Intelligence trend is Data Discovery.
The enhancement of business intelligence skills is growing steadily, Data Discovery is, in fact, a process that requires understanding the relationship between data in the form of preparation, visual analysis and advanced analysis. The use of tools that enable online data visualisation is increasingly becoming an invaluable resource for producing relevant insights and creating sustainable decision making. Discovering trends in business operations or enabling immediate action when anomalies occur is critical to effectively managing businesses of all sizes.
Now the data is viewed with increasingly cutting-edge solutions: single-screen graphs showing sales and interactive reports. In essence, Data Discovery enables decision makers to reveal in-depth information by displaying it in a simple way.
- SaaS Business Intelligence
Another of the Business Intelligence technologies that has seen great development is SaaS.
The future of business analysis lies in the ability to carry out your own analysis with tools that are accessible from anywhere and can be adapted to current and future working conditions. A perfect example is Power BI Software, which, thanks to its simple interface, makes your data comprehensible and your information customisable. Many companies in the last year have turned to Software as a Service technology to gain greater flexibility and access to data in the cloud, from any device. This technology, given the changing world of work and beyond, is now the best friend of teams collaborating remotely and will obviously continue to grow to become essential in the future landscape.
- Data Security
Never before have we been showered with recommendations on protecting our personal data, and since 2018 the implementation of privacy regulations such as the GDPR have established building blocks for data security and the management of users' personal information. In short, keeping one's data safe is a topic that no one can neglect anymore, which is why the worldwide spending on cybersecurity products and services will surely increase from year to year, also to deal with prepared cases of complex data breaches that have often conquered newspaper pages and social message boards. So, a Business Intelligence project can also help you keep your data safe, as having it all in sight will help you protect it better.
At NSI - Think Outside the Box, we are digital enablers and believe that technology enables innovation. Quite simply.
We can help you grow your business from data: we sort, aggregate and transform it so that you have the insight you need to make the right decisions.
Write to us!