Business Intelligence: Trends for 2019
Software trends are changing all the time, so in order to keep your competitive edge it is wise to be aware of the latest trends. This post aims to help bring you up to date with the key Business Intelligence trends of 2019.
Data Discover Tools
Growth in these tools has been stable over 2018 and is part of the ongoing trend to simplify business intelligence software. The days when you needed to hire expects to perform these types of analytics is now gone and this means that all businesses can benefit from BI solutions. Employees can easily access company data which is placed in one single location. Complex queries and reports and been removed in favor of interfaces that work intuitively with the user. Market trends are easily identified by using visualization tools enabling rapid decision-making at all levels. Although internal algorithms remain complex the modern BI tools that utilize data discovery functions are become easier and easier to use.
Cloud Based Solutions
Most modern businesses have no need of massive on-site computer power and this is reflected by the movement of business software to the cloud. The benefits are many including on-demand access, mobile accessibility and scalability to suit business need. Implementation is simple, and you can access the Cloud from any device. Internet based software means no need for a huge IT departments, and user friendly dashboards make for ease of use and simplifies the process of adding new users or departments to the system.
Natural Language Processing
This is a rapidly developing BI tool and is expected to account for over 50% of analytical queries by 2020. The technology enables natural ‘conversations’ thanks to the development in computer linguistics. The key development is the ability to recognize intent behind the spoken word using context and conversational norms in order to provide a natural experience. NLP will mean that businesses can use the technology to have normal ‘human interactions’ with data and customers.
This is probably one of the fastest growing trends in business intelligence applications and certainly one to look out for.
Advanced Visualization Technologies
Visual analytics makes it easy for any user to interpret a variety of information presented to them and has become a vital part of BI solutions. This is set to be a major trend in 2019 as more and more businesses find it easier and more user friendly to view and analyze data if it is presented in a visually appealing and interactive way. A Business Intelligence Dashboard provides the kind of visual tool which enables better data analysis and insights and can focus down onto any individual part of the business.
Collaborative Business Intelligence
Collaborative BI has become a significant recent trend with dozens of tools available to assist companies maintain the edge in extremely competitive situations. Sharing is made easier and the software creates and sends automated reports to the relevant member of staff. Dashboards can be accessed and shared by multiple people and it can also be used to monitor communications between personnel.
It is likely that predictive analytics will be playing a key role in the marketplace for 2019. This technology can take existing data and use it to analyze potential trends within a certain market. This involves accessing existing data in order to make a realistic forecast and provide alternatives to overcome any potential issues. These analytics give insight into clients’ behavior, demand for products and the performance and actions of your competitors. Awareness of trends enables more effective business planning, more growth, better customer satisfaction and improvements in competitiveness.