There have been some major changes in the business intelligence landscape in the past five years. With new technologies and platforms emerging, businesses can gain insights into their data in ways that were not possible before.

Be it IT companies, the healthcare industry, or the retail industry; BI is being used everywhere to leverage maximum benefits. And in the next few years, it will attain new heights. As per a recent stats, the BI market is estimated to grow by $41 billion at a CAGR of 12% in 2026.

Read on to know what the future of business intelligence holds and what you can expect out of it in 2022.

Self-service BI

Self-service BI is becoming more and more popular as businesses seek to empower their employees with the data they need to make the right decisions.

By providing employees with the ability to analyze data on their own, companies can save time and money while also increasing decision-making accuracy.

Although businesses need to strike a balance between self-service policies and those that require employees to work closely with data analysts, the benefits of self-service BI tools — such as automation, faster access to information, and improved ease of use — can help drive performance.

• Data Cognition

Business intelligence is growing more important as data grows. And as data sets continue to grow, cognitive engines promise a way of managing them without losing sight of what’s essential.

These powerful tools leverage machine learning and artificial intelligence, which can identify patterns in your company’s information.

They’re designed to help manage the deluge of data, and their popularity is only going up as big-data projects continue growing at an astounding rate.

With a compression rate that is five times faster than before, these cognition engines can store huge amounts of data in models with significantly less space.

Thus, the future of business intelligence seems to be brighter where companies can better analyze their data.

Also Read:  Top 7 Business Intelligence Consulting Companies (Updated List 2023)

• Natural Language Processing

Natural language processing (NLP) is a field of computer science and linguistics that deals with the interaction between computers and human languages. In particular, NLP focuses on the ability of computers to understand human language and extract information from it.

This area of research has become increasingly significant in recent years as businesses and other organizations have sought to use big data.

By using NLP techniques, companies can gain insights into customer sentiment, product performance, and other aspects of their operations by analyzing data that is stored in unstructured form.

Big data allows NLP to “understand” the vast quantities of information being transmitted today, enabling businesses to process more data and gain greater insight.

• Collaborative and Integrative BI

Collaborative and integrative BI refers to businesses’ increasingly working together to share data and insights. By collaborating with other companies, organizations can better understand their operations and the operations of their competitors.

This type of BI also allows businesses to identify new opportunities for collaboration and create synergies to improve their performance.

In addition, the future of business intelligence refers to the trend of companies integrating their BI solutions with other systems to obtain a complete view of their data.

By business intelligence integration with other systems such as ERP and CRM, businesses can gain a more holistic view of their data and make better decisions based on that data.

Hence, you can comprehend that the future of business intelligence is more promising than ever to produce data-driven decisions.

• Prescriptive Analytics

Prescriptive analytics is a relatively new field that focuses on providing recommendations to businesses based on data. By using prescriptive analytics, companies can better decide what actions to take to achieve specific goals.

In addition, one can also use prescriptive analytics to identify potential problems and opportunities.

By analyzing data and identifying patterns, prescriptive analytics can recommend specific actions that businesses should take to improve their performance.

This type of analysis can be beneficial for companies that have a lot of data and require help figuring out what to do with it. Also, business intelligence consulting can help you better understand your business goals.

• Increasingly Integrated Systems

As technology continues to evolve, businesses find that they need to integrate their systems in order to be successful. This is particularly true in business intelligence, where new tools and methods are constantly emerging.

By integrating different systems, businesses can get a complete picture of what’s going on within their organization and make better decisions.

• Business Intelligence-as-a-Service

Source

One growing trend in the business intelligence world is the move to Business Intelligence-as-a-Service. This approach involves using cloud-based tools and services to get the benefits of business intelligence without investing in or managing any infrastructure yourself.

It can be the best option for companies that don’t have the resources or expertise to set up and run their BI system, and it can also be a more cost-effective option in some cases.

Thus, business intelligence consulting services can help them achieve business goals efficiently.

Also Read: 8 Data-Driven Benefits of Microsoft Power BI tool, which makes it A Blockbuster

• Data Proactivity

Data proactivity is an essential concept in data analysis. It means that instead of relying on humans to bring you the information, your computer will show it to you when needed — whether through visualizations or notifications.

Hence, the future of business intelligence becomes more proactive, as it’s no longer necessary to search for information actively.

You will either receive this insight passively or be alerted directly in your inbox so that you can take appropriate action on the data points presented before yourself.

In short, business analytics is becoming less “human-facing,” as it takes cues from machine learning algorithms that analyze large sets of collected pieces.

• Network Advancement

The software technologies that power business intelligence are doing more with data, and new networking structures have emerged to handle these massive troves of information along with their flow into or out of the company’s systems.

Also, the cloud has become a significant player in today’s business world, where third-party companies offer services to individual clients and help them manage their intelligence data. But behind this wall, you have advances like network virtualization.

Engineers are finding new ways to deploy hardware architectures and automatically scale with data volumes. New technologies like container architecture also help this process.

Top Ways BI Can Help Make Data-driven Decisions

• Identify ways to increase profit

With the right data, businesses can determine where they need to increase profitability. Using BI tools, companies can quickly identify areas where they’re losing revenue and make informed decisions on the fly.

For instance, if a business recognizes that its most profitable customers are spending less money than last year, it may offer them discounts to drive sales.

• Analyze customer behavior

You can use data from BI tools to identify customer patterns. Businesses can better predict purchasing behaviors and identify gaps in their product offerings.

For instance, if many customers who purchase Product A also purchase Product B, the business may consider increasing its marketing efforts to emphasize this fact and encourage more sales.

• Compare data with competitors

Comparing your business results with those of competitors can help you make strategic decisions.

BI tools provide in-depth reports that allow a company to measure its performance against its competitors to make informed decisions about how well it is meeting profitability and growth targets.

You can also get in touch with business intelligence consultants to understand competitors’ data better to surpass them.

• Identify existing issues

You can use BI tools to find clues about potential performance issues within the business. BI tools can help identify patterns that indicate an existing or emerging problem using historical data.

For instance, if a company sees that retention rates are low for Product A but high for Product B, it may re-evaluate its marketing strategy around Product A.

• Spot market trends

Companies need to stay on top of emerging trends and issues that may affect their business to remain competitive. BI tools can provide reports that allow a company to identify changes in the market and adjust accordingly.

Using BI tools, companies can keep an eye out for new opportunities and prepare themselves before they’re needed, such as identifying a drop in profit and revising the profit margin.

Bottom Line

Within the next few years, BI will become more accessible to everyone. This change is already happening, and it’s changing how we do business as an organization by empowering employees with data-driven decision-making skillsets.

Hence, every member of the organization will be able to apply analytics and generate actionable insights from their data, empowering them to make informed decisions crucial for your company’s success.

But to do so, you need the right business intelligence consultants, which ValueCoders specializes in!

The post The Future of Business Intelligence: What to Expect in the Coming Years appeared first on ValueCoders | Unlocking the Power of Technology: Discover the Latest Insights and Trends.

Business intelligence is nothing but the set of methods, architectures, processes, technologies, and applications to transform raw data into more meaningful insights. It helps companies to make the most appropriate decision to achieve success and desired objectives. If you don’t know, the global market of business intelligence is predicted to expand from 23.1 billion in 2020 to $33.3 billion by 2025 at 7.6% CAGR.

Here is an infographic showing “Expert decision making with BI Consulting Services”

How does BI Analytics help in business enhancement?

Business intelligence reflects the process of converting raw data into useful information. But, it may not be helpful if you don’t know how to work according to the business requirements and overcome business barriers such as big data or information overloading. 

Therefore, we are more focused on business intelligence consulting services to get help from experts and boost the business outreach. The services act as a systemic structure of business intelligence integration that allows companies to get BI solutions and consulting services to grow their business amazingly. It helps in resolving issues of data problems, big data, information overloading, and many more.

More about business intelligence consulting firms

Now, you have a data analytics report and know about business intelligence but, you still have confusion about how to implement strategies into business operations. This concern raises the requirement of business intelligence consulting companies and getting assistance from professional business intelligence consultants. Key benefits of getting help from business intelligence consulting firms:

• BI Assessment & Technology Consulting
• Data Warehousing Assistance
• BI Analysis & Reporting System
• BI Software Solution Enhancement
• BI Core Analytics
• Dedicated BI Consultants

You will get everything in a complete package to outgrow your business success graph. You must know that technologies exactly work where traditional techniques are no more workable. 

Conclusion:

Be calculative when your business needs outstanding growth and notable progress. So, be ready to connect with business intelligence consultants and understand the significance of advanced BI tools. In this search, ValueCoders will show the right roadmap for incorporating business intelligence into your management.

The post How Business Intelligence Consulting Firms Help in Decision Making? [Infographic] appeared first on ValueCoders | Unlocking the Power of Technology: Discover the Latest Insights and Trends.

BI aims to collect, clean, and enrich structured or semi-structured data and then store it in different SQL databases. Data from various sources is stored in a data warehouse. Its goal is to support business decision-making with reports and dashboards.

To clear up your doubts once and for all, look at the given infographic:

Infographic Showing Big Data VS Business Intelligence War:

Top 3 Open Source BI Tools:

BIRTH:

BIRT was first launched in 2004 and is an open-source analytics platform that helps produce visually appealing reports.

JasperReport:

Written entirely in Java, JasperReport is one of the most prominent and widely-used open-source reporting tools and can use data from any type of data source.

KNIME:

KNIME is an open-source business intelligence testing tool that integrates various data mining and machine learning components. The data can be enriched with the help of various business extensions that can be used here.

As its name suggests, Big Data refers to extremely large data sets that will be complex to manage with conventional databases. In Big Data, we often talk about the 3Vs theorized by Gartner, which are volume, speed, variety.

The strong evolution of the masses of data, the speed at which your data travels, and the diversity of its sources will push us to use powerful tools to exploit all the data for better decision-making.

Top 3 Open Source Big Data Tools:

Hadoop:

Created by Apache, Hadoop is an open-source software framework that facilitates the distributed processing of a multitude of data sets across hundreds of servers that operate accordingly. Many companies have been using Hadoop for a long time to sort and analyze big data.

Open Refine:

OpenRefine is an open-source data management and visualization tool that enables you to quickly clean data sets and transform them into a workable format. Even non-technical users can use this solution. OpenRefine also allows you to create links between data sets instantly.

Cassandra:

Apache Cassandra is a highly scalable NoSQL database. You can monitor large data sets across multiple server clusters and in the cloud. Originally developed by Facebook to meet the need for a database powerful enough for the inbox search function.

Conclusion:

The big data big picture won’t replace your existing BI system, but it does provide unique opportunities if you manage to combine the richness of both technologies. It will expand your data view, allowing you to analyze much more detailed and complete data.

Now, if you are also thinking of doing your next project using any of these technologies, you can contact ValueCoders for business intelligence integration or big data application development.

The post Big Data VS Business Intelligence: Must Watch Differences Between The Two Platforms [Infographic] appeared first on ValueCoders | Unlocking the Power of Technology: Discover the Latest Insights and Trends.