The Top Trends of Business Intelligence

By: Retail CIO Outlook | Wednesday, November 20, 2019

Technologies such as data quality management practices, predictive and prescriptive analytics tools, and data discovery method are considered to be some of the top trends that are influencing the business intelligence and analytics.

FREMONT, CA: In this digitalized era, every business is trying to invest in digitalized tools, and the amount of data that is being generated compared to the speed of the production of new data has been rising rapidly for years. The business models, along with process improvements, also depend on data and analytics. Maximum of the businesses have reached their limits as they think that generating more data means is a better approach. Due to this, they cannot easily use the benefits they expect because of low-quality data and analytical skills.

Here are some of the most influential analytics and business intelligence trends of 2019.

Data Quality Management

Data quality management is becoming an essential practice that the companies have started to adopt due to their preliminary investments. The application of company-wide data quality procedures is helping the company to leverage its business intelligence and achieve a competitive advantage. Therefore, the data increases the returns of their BI investments.

Data Discovery

Data discovery has witnessed a boost since 2018 due to which the empowerment of business users has appeared to be a consistent and robust trend. However, it is essential to remember that the data discovery tools are dependent on a procedure. It is imperative to remember that the data discovery tools are depended on a process, and the general findings will bring business value. This process needs the understanding of the relationship that is shared among the data in the formation of data preparation, guided advanced analytics, and visual analytics.

Artificial Intelligence

Machine learning and AI is transforming the procedure in which consumers cooperate with their analytics’ and data management. From static, users have started evolving into passive reports of things that have already taken place, starting from proactive analytics to live dashboard, and this assists the businesses in seeing the things that are going around every second and aware if there is any suspicious occurrence.

Predictive and prescriptive Analytics Tools

The predictive analytics tools consist of the thought of future data, and therefore, there are high chances of errors from its definition. Predictive analytics predicts the future and is reliable, inclusive of a few alternative scenarios and risk assessments. On the other hand, prescriptive analytics is about the advance step taken in the future. It analyzes data and plans out a proper decision that has to be made to achieve a fundamental goal.