Big businesses will hardly survive without the important input of the technologies and strategies used to analyze their data. In recent years, the concept of business intelligence (BI) has indeed evolved.
For instance, in the past few years, the concept of business intelligence has been driven by technology. Back then, business intelligence was usually associated with all forms of technical debates on issues like the most appropriate method of data modeling and the likes.
These kinds of trivial issues took away the attention of users on the actual purpose of business intelligence—creating an environment that is truly intelligent.
Current and Future-Emerging Trends in Business Intelligence
Business Intelligence is now business-driven
Today, business intelligence is now driven by the business itself and there has been a shift in attention to the behavioral aspects of it.
Business intelligence has moved from the era where all users thought it could provide was statistics homework help. Organizations now prepare a business case for future purposes, in a bid to ascertain if the payback period of applications for BI, as well as data warehouses, correlates with the recent business and economic standards. This drives home the point that Business Intelligence has become more business-driven and now gains access through the organization in an easier manner.
Good metadata keeps getting important
Tools for BI are set to become integrated more and more. This will allow businesses to work through the decision-making cycle as well as the Business Intelligence cycle at a go. This move would require the storing and exchanging of metadata in a proper manner. In addition to this, the acceptance of data warehouses, where metadata is usually stored buttresses the need to organize the metadata in the organization in a proper fashion.
There is an advancement of BI governance
Many organizations no longer see Business Intelligence as a stand-alone concept. Rather, they are now embracing it as a strategic weapon that is to be merged with strategic management, knowledge management, change management, and innovation management.
This is all due to the advancement of BI governance and thanks to this advancement; there would be a formalization of the organization of Business Intelligence in the form of a BI competency center or a shared service center. There, all skills related to Business Intelligence will be coordinated.
Business Analytics competes with Knowledge Management
As Business Analytics keeps gaining importance, the status of KM in organizations is dwindling. Business Intelligence is gaining the heart of users. However, there’s a plot twist now; KM is now being incorporated into Business Intelligence.
They have common grounds between them. An example of this is the concept of data mining. This, however, does not take out the fact that the basic principles and the methods of the two concepts are different. While KM picks knowledge as its starting point, BI uses the data and signals which underpin knowledge and information as to its own starting point.
On the overall, the market is seemingly choosing Business Analytics
All kinds of integration grow closer
In the future, technologies will come together and get integrated. This is referring to the steady advance of portals in which these technologies usually merge, in terms of the pivoting of the organization as well as the supply of electronic services. At the moment, suppliers of ETL tools give a wide range of EAI possibilities. It also occurs vice-versa. Although ETL and EAI partly overlap, they are still two different worlds with natures that are basically different and will not only come together at a technical level. This implies that EAI tools, as well as ETL tools, are not set to replace one another and if at all; it won’t be done easily.
Business Intelligence is rapidly maturing
The turbulent years of the initial emergence of BI are now over. The essence of the concept of BI is now better understood and rapidly welcomed.
These trends are here to stay. They depict the future of BI. Therefore, users need to align themselves with these changes.