The Future of Business Intelligence (BI)
A few years ago, business intelligence or BI was primarily used by CEOs. They’ve used this data to analyze reports on different aspects of the business activities. Business intelligence remains to be one of the most important elements of the decision making and planning process, but the concept is changing. Successful business leaders require accurate and quick BI. So, what can we expect from BI in the near future?
According to many experts, this is and will remain one of the most used forms of BI. Traditional business intelligence is a product on its own. On the other hand, embedded BI combines analytics and reporting features in one place in the form of an app like Izenda embedded bi for example. In its essence, embedded BI brings business intelligence where it should be – to the end users as part of their everyday routine. The reason why experts believe that this concept will keep making progress and gaining popularity is simple – this is a more convenient approach for users.
Another trend that is worth mentioning is predictive analytics. More and more people would like to know what will probably happen to their business in the future instead of analyzing their past work. The rapid progress in the field of technology has made BI stronger than ever. This means that BI in the future will have a chance to analyze many data points at once and use the data to provide predictions.
Cloud technology has entered many different fields and BI is not an exception. According to some IT experts, the cloud is the technology of the future, but the truth is that things are not going as fast as expected. Cloud BI can provide better uptime and better scalability. But, the main problem is security. Namely, even though cloud service providers guarantee security and safety to some extent, many companies still find it a little bit dangerous to leave sensitive data in the cloud.
Although there are some indications that something like this will happen in the near future, this is still a concept that is being tested. With open integration, data won’t be restricted to one or a couple of internal databases. Modern BI apps will pull data from cloud services, databases, email accounts, the Internet, social media etc.
We hope that this article will help you understand the importance of business intelligence and how BI will develop in the future.