Traditionally, business intelligence (BI) was restricted to business analysts who supplied information based on a collection of data over set time periods. The evolution of data and the collection of real-time data has greatly influenced the structuring of BI trends. The speed of data is imperative to drive timely actionable insights. Data that had been the metrics a day back would become stale within the next few days. Consequently, live access to data and its immediate interpretation has become the core of BI models. Like data, BI models too have started changing constantly with time bridging the time gap between data gathering and analysis.
The dawn of digitalization
The metrics of digitalization, consumerization, agility, security, analytics, cloud, and mobile are also simultaneously influencing the changing landscape of BI. One of the revolutionizing ideas that are taking form for better BI control is Artificial Intelligence, the AI. This has become a new face in the BI space as real-time data crunching has become more demanding for second by second analysis. Using the evolution of built-in algorithms and age-old data analysis tools, businesses could build effective models through AI. It makes the data not just live but also visualized for effective analysis.
Current tech landscape of AI
The purpose of business analytics is to answer and project what the future holds. Artificial Neural Networks (ANN) and Autoregressive Integrated Moving Average (ARIMA) are two common techniques that are enabling better BI under predictive analysis. While the ANN models work just like the neurons of the human body is trying to chain the data into visualization, the latter technique, ARIMA, is concentrated on time series analysis that predicts scenarios by synchronizing both the past and current data.
Besides providing real-time data analysis tools, Artificial Intelligence (AI) is indeed engulfing the business intelligence. We have witnessed several business modules incorporating AI models for efficient functioning and success of their business models. It would be safe to say that some of the areas where AI has been quite successful would be in sales, general electric companies that deal with intricate repairing of machinery, hospitals and in certain cases to monitor machine fleets and factories. If we are not convinced with the fact that AI is slowly taking over BI – here is a fact for you – AI is now the new decision maker! If you are looking for a smart business partner, you know who to reach out to next! This brings a rather intriguing quote from Woodrow Wilson, who has stated: “We should not only use the brains we have but all that we can borrow.” Ain’t that quaint?
The way forward
We have seen upscale in BI technologies such as cloud analytics and embedded integration systems all through the year 2016 and they will continue to reign the BI world since smaller businesses are still in the process of shifting gears into bigger technology. The year 2017 has been predicted by business analysts as the year for businesses to start migrating into the technologically advanced BI models.
Here is a million dollar question – Are you leveraging BI to your strength?
Drop a comment, and I’d be happy to discuss the future of BI with you.