BI Delivers Faster Reporting, Accurate Analysis, Improves Operational Efficiency: It’s Vital to Business Success
In the analytics industry and in the business world — business intelligence, analytical tools and BI applications is the number one talked about subject. BI is faster and more accurate in reporting; data analysis is more robust, and forecasting has changed significantly and grown immensely.
- Corporate executives can now accurately project sales and establish predictive supply chain needs that results in improved inventory control.
- Business planning within the BI software application is helping users to make better decisions resulting in improved employee satisfaction.
- Organizations tie their business success directly to how data can be accurately predicted through various calculations. There is evidence that big data and analytics helps improve employee performance and creates new business opportunities.
- Big data helps to fight against fraud in various sectors like banking and medical. Doctors can now have a comprehensive view of patient’s well-being with in-depth knowledge looks at current and historical data — that drive better healthcare to the patient.
Here are the top trends for 2020
Natural Language Processing – Business users will be able to talk to their data with which in turn will make it easier for users to deeply understand what they are seeing and analyze data quickly by verbally asking questions.
Cognitive Computing – Is the new big buzzword. Cognitive computing will ingest mass amounts of data from structured and unstructured data. Produces and organizes vast amounts of data by mimicking the human brain and rearranges this data into manageable content.
Manipulates unstructured data that is coming from text files and documents, video files, audio files, images, social media data, emails, website, server and application logs.
- Predictive Analytics Tools
- It’s an area of statistics that deals with extracting information from data and using it to predict trends and customer behavior patterns.
- Allows companies to gain competitive advantage and increase production and operational efficiency.
- Improves safety and compliance, reduces risk and cost. Businesses can now understand customers in a whole new way and what they want.
- Data can be processed instantly. Statistical techniques can be performed with data modeling, deep learning algorithms, data mining and machine learning.
- Data Discovery
- Detects patterns and outliers through visual analysis, guided advanced analytics, and accurate data preparation. Collects data from various databases and silos and consolidates into a single source of truth; that can be instantly evaluated. It combines big data, data science and data discovery into one place.
- Visual tools make viewing and collecting data so much easier, less intimidating with intuitive capabilities. Geographical maps, pivot tables help to create impactful presentations.
- Artificial Intelligence
- Live dashboards help businesses see what’s happening at every moment — gives alerts when something is off and not how it should be.
- Highly accurate in detecting anomalies from input on historical trends and patterns.
- Business users with no IT background can create high-quality insights themselves and allows them to choose the data source they want to analyze, without needing anything by the user. Simply get growth/trends and forecast information quickly and easily with no effort by the user.
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5 Industry Sectors Transformed by Business Intelligence
BI can quickly and efficiently interpret the information into valuable insights with quality actionable data. In years past users would try to manipulate the data, but it took numerous hours or even days for processing and to gather results. Businesses are demanding easier tools and processes to get them to the answer questions, improve productivity drive higher revenue and to provide insightful data that can be put into action instantly.
- Companies can easily monitor sales, logistics, productivity with extensive data analysis that includes rich visualization and intuitive reporting.
- End users can be empowered with new knowledge by having the right information and figures to back up their claims and creates improved actionable strategic plans, targeted goals and correct forecasting. Users can run ad hoc analysis.
- BI gathers data and returns results in a 360⁰ view for the business with easy to understand reports, charts and graphs that were collected from various data sources.
- Data analytics can simplify day-to-day business life for many and help companies to utilize storytelling in a more impactful way. Marketing can be even more targeted and snooping on competitors just got a whole lot easier.
- BI presents the new information that was collected and presents it to the end user in a way that is easy, clear and comprehensible so it can be acted on and utilized in new strategies that help the company be more competitive and gain project successes.
- The Global Business Intelligence market is estimated to grow from 17 billion in 2016 to 26 billion in 2021 at a (CAGR) Compound Annual Growth Rate of 9.5%.
- The BI and Analytics Global Market will grow to $20 billion by the end of 2019.
- 2019, 90% of large organizations are hiring Chief Data Officer, and only 10% have a Chief Analytics Officer.
- Analyst Predictions: Around 10% of enterprise-generated data is created and processed outside a traditional centralized data center or cloud. By 2022, this figure will reach 75%.
BI Core Functions and Processing Contain
- Data Mining
- Enterprise reporting
- Process Mining
- And Online Analytical Processing
BI helps to eliminate the guesswork, promotes efficiency, improves decision making and aids to track, process, store and analyze data. The key to a successful business is directly tied to business intelligence tools that are utilized by the company.
Structured and Unstructured Data
- Companies across the globe are continually looking for new ways to view large amounts of data. They want to be able to understand operations, predict market trends and do everything they need faster, easier and in half the amount of time.
- BI provides excellent data visualization that allows users to identify trends, draw new insights, and see potential patterns in data in simplified way and in half the time. Instead of taking hours to process information, big data is done in minutes and data changes can be performed instantly.
- BI returns the information with moment-to-moment updates and real-time data that users can organize quickly. Problems are handled promptly, and business is up and running — in no time that results in boosting performance significantly.
That is where business intelligence shines and does a great job gathering data quickly and giving the information in a way that has never been able to be sliced and diced before.
Companies need to realize that Business Intelligence helps their staff to make smarter decisions, boosts employee satisfaction and financial performance, delivers in-depth analysis that is easy to understand. BI tools help to measure marketing and takes the guesswork out and removes incorrect assumptions.
Decisions can now to based on true facts that leads to companies being able to understand how customers are interacting and why and how best to reach them that results in delivering outstanding customer experience, customer satisfaction and retention.
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