Over the past decade, the explosion of data has transformed how organizations do business. Thanks to collaborative and explorative data analysis combined with advanced big data analytics and cloud-based enterprise tools, companies now have more consistent, high quality data at their fingertips. Data has become the lifeline of organizations and those that can harness the power of data are gaining the competitive advantage.
According to the Europe Business Intelligence Market Forecast 2017-2024, the global BI market is estimated to grow at a CAGR of around 9.50 percentage during the projected period of 2017-2024. This year be the year for three key trends: data discovery, self-service business analytics, and artificial intelligence. The first two trends are outlined in BI Trend Monitor 2017 and BI survey by BARC and have been widely validated by several BI professionals and industry experts. Alternatively, 2017 will also be the year of collaboration and embedded BI tools, with IT being the key enabler in this business transformation.
Understanding these trends is essential to evaluate the impact of data analytics on an organization’s investments.
Visualization and Exploratory Data Analysis
Data is expected to become more accessible to organizations, and explorative data analytic tools, a vital part of data discovery, are expected to occupy center stage for organizations and end users. In recent history, visual data discovery has helped organizations find useful patterns and structures. Pair that with best practices in visual perception exploration, and businesses will be able to identify major trends and spot shortcomings. Enterprises will be able to reduce risk by absorbing and analyzing large volumes of data, and ultimately acting on data quickly to capitalize on short-lived opportunities and boost profit margins. In-memory processing combined with various data sources along with guided advanced analytics functions, business users can perform more sophisticated and pattern oriented data analysis. Automated suggestions through suitable algorithms will assist them to tackle unexpected business problems. This has led several businesses and end users to make substantial investment in data discovery.
Rise of Self-Service Analytics and Interactive BI Tools
BI tools have already been the center stage for many organizations for quite some time now, but. However, often data preparations have been relegated to the roles of IT specialists and data experts. This can be expected to change in 2017. The rise in popularity of intuitive BI and visualization tools will lead to a more self-service model when it comes to accessing and managing analytics within organizations. Many enterprises, including small companies and novice users, will be able to use advanced BI tools with minimal training. The end users prefer these solutions to be delivered in cloud-based model. Self-service analytics will democratize the data product chain and consequently, the developments will ensure that data parsing and data wrangling is effectively managed. Market players have also been offering data discovery and visualization along with predictive analytics in a self-service mode to attract consumers.
Artificial Intelligence and IoT
Last year, artificial intelligence and machine learning transformed businesses by introducing things like real-time interactive dashboards, enhanced end-user experiences. Predictive analytics, an extension of data mining, has helped organizations to forecast future business opportunities and understand their products, customers, partners, and stakeholders. In 2017 advanced neural networks work with IoT to detect discrepancies and notify the users via real-time alerts. These types of prescriptive analytics will evaluate the impact of future decisions for organizations before they are actually made.
The Way Forward…
These are just a few of the big trends we’ll see over the next year in the world of BI. Additional impact of BI trends will be driven by developments such as the cloud, digitization, and design of various database security measures. In 2017, prominent and emerging developmental trends are expected cause a dramatic shift in the delivery of BI tools, so it’s more important than ever that businesses stay on top of these trends and what opportunities they could create for their organizations.