Business intelligence (BI) is the analysis of a company’s raw data to produce actionable insight. BI encompasses so much more than just analyzing Excel spreadsheets. It takes reporting a step further, using data to improve a business’s decision-making — which is why CIO communities are generating considerable buzz about creating new BI strategies for 2019.
BI will likely become part of your organization’s standard workflows next year. From data visualization to new analytics tools, BI is a highly anticipated trend that will benefit businesses of all sizes. How can BI increase employee productivity, capture more market share, and help organizations create better business-building strategies?
Big data made a big splash in 2017, and in 2018, big data became actionable with the use of self-service BI tools. But what is BI — and why is it important?
BI gleans insight from the data a company captures. BI refers to the technology, the data, and the analysis used to create new business insight. BI platforms typically use next-generation predictive analysis with a backbone of machine learning to improve how companies query and analyze data. While BI uses some of the standard data visualization tools, such as pivot tables, these systems are more intuitive, more integrated, and more useful than prior software models. BI is meant to infiltrate every aspect of a business, democratizing the data analysis process with self-service tools while providing business insight to every department.
BI is the next evolution of data capture and data analytics. Creating a data-driven culture is imperative for competitive advantage in the coming years.
4 everyday BI tools for 2019
Toolbox Tech predicts that the following four BI trendsetters will ease their way into our daily decision-making next year:
- Master data and quality management —The quality of the original data becomes more important with BI applications. How companies unify business data culled from multiple disparate systems will become a bigger issue next year to ensure it’s not “garbage in/garbage out.”
- Data discovery and visualization —New BI tools emphasize intuitive, user-friendly data analysis and visualization. This trend will eliminate reporting complexities that required teams of data scientists to comprehend information.
- Self-service BI — BI takes the concept of software as a service (SaaS) and applies it to big data and analytics. As a result, more employees are empowered to actualize insight from the data at their fingertips.
- Data governance — While self-service BI will free up IT from reporting tasks, it will also create new high-end responsibilities in data governance. Collating data from every corner of a business will create new data lakes that will require careful management. Data security will also become an increasing concern.
In 2019, BI will democratize data by cropping up in a slew of self-service SaaS models. New data visualization tools will take the data we have and make it consumable and actionable for all audiences. But how will businesses get the most from these opportunities?
Getting the most from your BI
CIO suggests that businesses have a real opportunity to use smart BI tools to improve the entire organization. In 2019, BI will help businesses:
- Improve marketing and customer service by spotting consumer trends that businesses can respond to earlier.
- Learn more about unstructured data by gleaning insight from formerly inaccessible information.
- Improve employee productivity via real-time analytics.
- Automate and improve reporting, budgeting, and forecasting to save time.
- Predict trends and revenue streams that add money to the bottom line.
BI is a rapidly changing phenomenon. In 2019, BI tools could have a positive impact on every department in your business.
Synoptek can help you effectively integrate BI into your daily workflows. Contact us to find out more.
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About the Author
Synoptek is an established firm that provides information systems consulting and IT management services. Synoptek and its predecessors have been providing these services for 23 years.