Changing the Data World through Data
Business intelligence (BI) has been revolutionized over the past decade owing to the data explosion. Spreadsheets are no longer in use for actionable and insightful data visualizations, and interactive business dashboards with the increase in cloud adoption, and also with the rise of self-service analytics democratized the data product chain. As of 2018, BI strategies are becoming more customizable. Businesses of all sizes have stopped asking if they need increased access to BI analytics, and are searching for the best BI solution that aligns with their specific business needs.
1) Artificial Intelligence:
With the increasing demand for real-time data analysis tools and the upturn of the IoT (Internet of Things), there has been a rise in the adoption of the statistical analysis for top management. However, businesses are further leveraging predictive analytics for data analytics automation.
2) Prescriptive Analytics Tools:
Prescriptive analytics examines organizational data to determine real-time decisions required to achieve an intended goal. It harnesses latest techniques such as data simulation, complex event processing, graph analysis, neural networks, and machine learning (ML).
3) Natural Language Processing (NLP):
NLP is based on linguistics and deep learning that utilizes pattern recognition to improve a program’s business understanding through data analysis over massive data pools to find relevant correlations.
4) Data Quality Management (DQM):
DQM is a crucial practice adopted by companies seeking their initial investments. By implementing company-wide data quality processes, organizations can significantly improve their ability to leverage BI, and maximize their returns on BI investment.
5) Multi-Cloud Strategy:
Opting for a multi-cloud strategy reduces risk and provides more flexibility, but it is also accompanied by heavy investments for training to learn multiple platforms. Even though multi-cloud strategy adoption is on the rise, businesses will need to evaluate its benefits and profitability.