Business Intelligence and Analytics is a path breaking process of exploring large amount of complex data. It plays an important role in all kinds of management decisions and is successfully becoming popular among the users.
In the recent past, the industry has witnessed remarkable changes the process of doing business, exploring data and storing them for decision-making purposes. Handling of Data and the mechanics to use it has been often impacted by the upcoming IT systems. Business Intelligence has successfully created a huge awareness in the field of Data Analytics. In fact, Business Intelligence has now become the cornerstone of a Business growth and success. It has helped numerous companies to succeed by extracting authentic and critical insights from Data.
Last year Business Intelligence and Data Analytics gained ample of popularity so much so that it dominated the entire Business set-up and IT technologies combined together to gain its maximum use in Data extraction and design functions for optimum utilization of BI initiatives
Data is the prism that cuts through the entire business landscape and reports its actual health and status. Therefore proper Data management becomes very crucial and is the best way to keep your Data clean and well aligned. A well-structured data helps in multiple ways hence it important to have a reliable, safe and accurate set of Data. Artificial Intelligence is an emerging technology that has already created ripples across the industry.
In 2017 business intelligence strategy will become increasingly customized to each business. Irrespective of the Businesses sizes people are not interested in an easy access to Business Intelligence but they are more keen to get the best solution of this tool for their specific business problem. 2017 turned out to be a year of collaboration with BI tools in place Data were cleaned, secured and simplified to make powerful interpretations that could steer the organization to scaling heights and gauge their presence in the market. All in All 2017 was a year of digitization and Artificial intelligence. Some prominent Trends that was all around the year are discussed below:
Predictive Analytics Tools
For data extraction from the existing data sets to forecast future trends this tool proved to be very useful. It is typically an extension of Data mining that specifically depends on the historical data. There is always a room of error as Predictive analysis includes the estimated future data. It projects the possibility of events that might occur in the future with an aggregable level of reliability.
Prescriptive Analytics Tool
This tools go a step further into future analysis and examines data to determine what kind of decisions if taken will impact the future course of action and also guides to achieve the ultimate goal of the organization. This enhances the process of decision-making as most of the future outcomes are taken into consideration based on this kind of prediction.
The quest for real time Data analysis tool is growing and data being the ruling component of any business process is bringing a lot of accountability which promotes Statistical analysis and management of Datasets. With the help of Artificial Intelligence the complex data structures can be broken down into simple and easy interpretations. It is basically the science that makes the machines work just exactly as the human brains do.
Centre of Excellence
The market today is majorly driven by Data so it is important to visualize Data into a broader perspective and evaluate its feasibility in the long run. The safety, simplicity, and effectiveness of Data do not solely depend on IT. It is a much more complex entity which needs to be reinforced and clarified through tools, online forums and one on one training programmes. It is a good idea to have a structured alignment of People, Process, and Technology.