2014 was a good year for business intelligence and data professionals. Now that we’re halfway through 2015, the trends and predictions that were made at the beginning of the year have had some time to play out. Some of the predicted industry trends that have taken off include:
- Open source applications
- Predictive analytics
- Accelerated adoption of Big Data
- New players in the market
Many companies are moving from business intelligence standardisation to experimentations that results in the easing of data-quality concerns. It also helps in enhancing cloud-based, real-time and big-data platforms. According to an Information Week study published in January 2015, based on the responses from 384 business technology professionals, the two most important themes discussed were the complexity of analytics and business intelligence tools and the challenges of big data analysis.
Many industry experts have also made their predictions for business intelligence for the rest of this year. Some trends that were forecasted earlier in the year are already coming into play while some didn’t even see the light of day. Below are some of the trends that may be in play in terms of business intelligence processes, tools and solutions. Let’s take a look:
1. Business intelligence standardisation and analytics are waning
10 years ago, the business intelligence market was consolidating as business organisations tried to standardise BI products or solutions that could be implemented all through the organisation. And within the previous decade, many have changed because mobile innovation, cloud and big data exploration favour experimentation with a new generation of tools.
2. Governance will be transformed
Just as the landscape of business intelligence has transformed into self-service data, it will also change the way it is governed. Many business organisations will be checking and investigating how governance works in a self-service analytics environment.
3. Information will be used to digitise, reinvent or eliminate almost 80% of business processes and products from the previous decade by the year 2020
With the continuous growth of IoT or Internet of Things, real time information can be generated more easily and industries can actively participate in data growth.
More people will become more digitally engaged. Traditional analog processes will be digitised and automated including the physical and human processes. Most decisions will be based on algorithmic and automated judgement.
4. Sellers and marketers will take advantage of social intelligence into effective strategies
Tracking scalable social intelligence will let business organisations find out what the topic is starting to trend and what their customers or followers are talking about. Social analytics will open many opportunities to responsive product optimisation. This will result in the social advantage of the leaders which will make their competitors feel that they have the ability to see the future of business.
5. Internet of Things
IoT will push big data and business intelligence off centre as the most talked about topic in the coming months. “Analytics of Things” will be an essential concept to understand because cloud and hybrid clouds will generate data that can be used strategically to get an edge over the competition. As mentioned earlier, IoT will continually grow and will have a direct influence on almost everything.
6. The rise of cloud-based data warehousing
Cloud-based data warehousing services will give the biggest increase in the adaptation of any information-management category. From 24% last 2014, it now shows 34% in growth as of the 2nd quarter of 2015.
7. Real-time technology is on the rise
According to the prediction of complex event processing technology providers, real-time technology is already going mainstream. Although many processes, systems and solutions are still not quite there, the adoption rate shows an increase of 35%. Cloud giant Amazon once again provides mainstream proof with their Kinesis CEP service which is the backbone of real-time bidding, gaming, buying, media streaming and other services.
8. Analytics will emerge across the organisation
The data analysts of today will be the operations managers, salespeople or the supply chain executives. New and user-friendly technologies will provide browser-based analytics to let people answer many business questions. Any company that recognises this as a strategic advantage will start to support daily analysts with the tools, data and training to help them do what they need to do.
9. Data quality concern will ease
We all know that data is messy and always will be. In the following months and years, concerns about data quality will ease up. The popular big data platforms like Hadoop and NoSQL can accommodate data mess because they don’t force the users to normalise everything into predefined data models that possess consistent data dimensions. Machine learning and visualisation will do the job and accuracy will go up. It doesn’t mean that data quality will take a back seat. It’s still the number 1 concern among many data analysts, but the concern is going down at least where analysis is concerned.
10. Enhanced data security and privacy
Security and privacy has always been one of the major concerns among companies and IT people. It also doesn’t help when you hear news about high profile data breaches. Old and outdated technology will surely be a big target and at higher risks, thus, many business organisations will invest heavily in keeping their technological assets up to date and secure.
We will expect more people to make data part of their everyday online life. The way people interact with data is changing very fast and most of it for the better. Businesses should adapt to trends and change with the times. If they don’t, they will surely be left behind.