It’s that time of the year again. The internet is swirling with trends and buzzwords to follow in 2015. While there are plenty of articles written about technology trends, we decided to drill down into the buzzwords surrounding business intelligence. Hype or not, here are the top seven business intelligence buzzwords you will continue to hear in the next year.
Whether you love or hate the term, big data is here to stay. The worldwide market for big data hardware, software and professional services was projected to reach $30B in 2014, and those numbers will continue to grow. Investing in new, high-end analytics tools is not enough to magically discover the valuable insights hiding within your data, but if you collect and analyze correctly, big data will become a critical competitive advantage.
The Advanced and Predictive Analytics software market is projected from grow from $2.2B in 2013 to $3.4B in 2018. When it comes to BI, advanced analytics is a top priority. With the growth of the big data industry and the decreasing cost of data storage, businesses of all sizes are able to access advanced analysis. Typically, when it come to business intelligence, companies analyze events from the past, but advanced analytics enables decision makers to ask why those events occurred and what is most likely to happen in the future. Businesses cannot afford to lose competitive advantage by ignoring the power of advanced analytics in modern business intelligence.
Rather than simply analyzing customer and sales data, more businesses will rely on machine-generated data that adds value to their business. Machine-generated data encompasses everything from information collected at data centers, to the much-hyped Internet of Things. What might this look like for your company? A recent CIO article uses the lingerie brand, Victoria’s Secret, as a real world case study. Victoria’s Secret enables the partners of female shoppers to make smart purchasing decisions by sending alerts when the shopper is interested in a specific product. A large amount of data was not needed, “as it was just linking the relationship through mobile numbers and using advanced context-aware technologies.”
2014 was a banner year for privacy concerns. From eBay’s March security breach that is thought to have affected the majority of its members, to NSA phone tapping, data privacy is on the forefront of every business owner’s mind. When it comes to business intelligence, companies will begin to apply sophisticated risk assessment, rather than striving for a 100 percent secured environment, and security awareness will be written into applications.
Businesses have finally gotten hip to the fact that showing is better than telling. Instead of presenting bosses or investors with spreadsheets, most companies have shifted to beautiful dashboards that quickly highlight relevant information and show the most important KPI’s. Not surprisingly, data visualization is playing a key role in buying decisions when it comes to business intelligence software.
As we’ve written about before, the mobile revolution is changing the way decisions are made in the business environment. In this mobile and global world, more business decisions are made on-the-go, rather than in the boardroom. It is critical to have access to real-time data on your mobile or your tablet and up-to-date information at your fingertips.
Business intelligence tools will continue to evolve, and become more affordable, inclusive, and easy to use in 2015. With Self Service Business Intelligence (SSBI) everyone on your team, even those without a technical background, can access data that may be easily analyzed and visualized. Each team member can design and share their own dashboards. From online to offline data, including social media sources, a user-friendly SSBI setup will enable you to aggregate and analyze every type of data available in one place.