How Business Intelligence Impacts Organizations in 2020
Business Intelligence landscape is evolving tremendously and the businesses of all sizes are looking forward to the next year as data quality management and data discovery can clean and secure data combined with a simple and powerful presentation. Business intelligence and artificial intelligence will be collaborating huge this upcoming year to improve efficiency and profit.
Now, predictive and prescriptive analytics is the most trending trends among BI professionals. Big data is now the main focus of analytics processes it is followed by not only big enterprises but also small and medium-sized businesses alike. Predictive analytics refers only to past data and is the extension of data mining. It analyzes and identifies what can happen in the future and with an acceptable level of reliability, including a few alternative scenarios and risk assessment. When it comes to business, it analyzes current data and historical facts to better understand the clients, products, and partners to indicate potential risks and opportunities for a company. Similarly, prescriptive analytics observes data or content to determine the decisions to achieve the intended business goals. It helps organizations to optimize scheduling, production, inventory, and supply chain design to offer what the customers in the best way.
Without analyzing the data and making the decision can lead to potential damages which will be difficult to recover from later. Implementing the data culture across the various departments can help the board by improving the mentality of employees, data can be stored on the cloud which can be easily accessible, accurate market segmentation can be a standard and the costs will significantly decrease. Each business will get the chance to improve in the digital environment if each employee works with data.
Mobile business intelligence is well integrated into the BI solutions and is one of the most prominent emerging trends in business intelligence identified by over 3000 professionals in the industry. It is expected to grow at a rate of 22.43 percent by reaching 2024, thus it enables companies to access the data in real-time, by ensuring faster reactions to other businesses by giving more power to the users. However, the future of business intelligence will depend upon the following factors such as data discovery, artificial intelligence, collaborative business intelligence, embedded analytics augmented analytics, and data automation and embedded analytics.
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