2016 was a crucial year for Business Intelligence (BI) industry. The trends that just started in 2016, has started taking a shape in this year. However, as the BI industry is an ever-evolving sector, it is the trend to be customized increasingly for each business need. 2017 is the year of some fabulously collaborated and embedded Business Intelligence tools that ensure a clear and secured data combined with a powerful presentation. Digitization and artificial intelligence are taking new heights every now and then. Let’s have a look at the top 3 BI trends of 2017 –
Tool for Predictive Analysis –
As the name depicts, this tool is all about forecasting future probabilities. Development and growth of any business are dependent on the future decisions and that is why some relevant questions like ‘What will happen?’ ‘How we can make it happen?’ – needs to be answered at the earliest.
Predictive analysis is nothing but the practice of extracting information from the available data in order to predict the future possibilities, based on which you will be able to take necessary decisions. Different industries utilize predictive analysis in a different manner. E.g., hotels try to predict the number of guests they can expect on a particular season and can optimize cost to maximize the occupancy. Briefly, predictive analysis is one of those trending business intelligence tools that can ensure profitability of your business, even in future.
Artificial Intelligence –
This is one of the most discussed trends of 2017. With the help of this science, it is possible to make tools execute the same task, which needs complex human intelligence.
Data is an ever-growing factor that is not only growing in volume but also in variety and at an unprecedented speed. That is why artificial intelligence is required to transform data into an understandable written insight. Artificial intelligence is pretty helpful in these cases.
In addition, an analyst can manage one dashboard at a time, however, if there are thousands of data points coming from multiple data sources, only an artificial intelligence can apply reasoning to manage the same and explain what it means.
Collaborative Business Intelligence –
Collaborative BI is a combination of collaboration tools, social media and other technologies and provides a new dimension of communication to the decision makers of the business. The social media listening, understanding the psyche of the customers and ultimately analyzing them into action oriented dashlets in the dashboard of the Business Intelligence tool – empowers the organization to take the right strategic decision and thus grow manifold. This enables them to face competitive environment at ease. This type of BI tools can make the sharing easier by generating automated reports and insights that can be scheduled with flexible interactivity. It also enhances the speed of problem solving by easing the decision-making procedure.
With the help of a collaborative Business Intelligence, you can even track the various progress of meetings, calls, e-mail exchanges and so on. Therefore, it is quite evident that, in this era of cutthroat competition, collaborative business intelligence is the answer to all of your communication-related problems and what the market is thinking about your brand.
In brief, it can definitely be said that, these BI trends are truly promising enough to help you select the right tool to take your business to the next level.