As the year 2016 is approaching to its end, it’s time we look towards the future. The future of business intelligence. Now it has been quite in flux during the year. The big data, predictive analytics, data science, all these spaces have been innovating continuously into BI (Business Intelligence).
Let’s check out what business intelligence trends will be hot and on everybody’s lips in the future.
Prescriptive And Predictive Analytics Tools
Prescriptive and predictive analytics has been most discussed topic among business intelligence experts this year, even during the TDWI Conference in Zurich as well.
Predictive Analytics is a process of extracting information from the existing data to predict future probabilities. In other terms, it is an extension of Data Mining that refers to past data.
The Predictive analytics basically includes estimated future data, and indicates what might happen in the future. This includes both risk assessment and alternative scenarios. And when it is applied to a business, it analyzes business’s current data and facts to understand products, customers, potential risks, and future opportunities for the business.
The Prescriptive analytics on the other hand goes way further into the future. It checks data and/or content to figure out what decision needs to be made to achieve your business intended goal. Furthermore, it also helps to optimize production, supply chain, inventory, scheduling to deliver what your business is promised to your customers in the most optimized way.
Business Intelligence As a Service
Business Intelligence tools have been blockbuster for many companies so far. The business professionals are already taking full advantage of it by being empowered to explore data sets. Even the visual data recovery tools have been started to become synonymous with business intelligence in the growing popularity.
Business intelligence as a service up till now used to provide data from various databases, and organizing these data into a high-performance data lake, but the future will take it to a step further.
The BI as a service is such a solution where a business just have to outsource the whole analysis process, and this package will make right decision for you, taking into account all subtle variables. And if you don’t know, Business Intelligence Software Development Company is already present in the market.
You might be wondering why Internet-of-Things (IoT) is mentioned among business intelligence trends. Well, the answer is quite simple – the future will bring increase the various possibilities of make use of IoT data. And the most popular applications of IoT such as wearables, traffic management, water distribution will depend more on IoT data. Although, the vision might look like bit far-fetched, but in future the physical world and computer based systems will be interdependent and interconnected.
The cloud is already being used everywhere nowadays, and in future more and more companies will be moving on cloud based platforms. Furthermore, the entrepreneurs are already learning to harness the power of cloud elements such as data models, analytic models, data sources that are located in the cloud. Business intelligence experts have also predicted the possibilities of more cloud analytics products and Saas BI tools to be born in the near future.
It is being predicted that big data won’t be a flood, but rather it will be our natural environment for analyzing complex data sets, optimize several products, and measure business performance in different parts of life with more smarter applications.