What is Business Intelligence?
Business Intelligence is the transformation of raw data into meaningful information for businesses to make actionable decisions. The term encompasses the processes and methods of analyzing, displaying, and reporting from business operations or activities in order to optimize performance. Business intelligence solutions enable organizations to streamline processes, automate tasks, and become productive overall through the ability to automate and sort data. Furthermore, with business intelligence, organizations are able to overcome various business challenges including managing high volumes of data and having inaccessible information.
Learn more about BI: Your Guide to Business Intelligence
What We Will Be Discussing
As with other technologies, business intelligence is evolving at a rapid pace. In this blog post, we will be sharing 3 business intelligence trends to watch out for in 2022:
- Automation & Prescriptive Analytics
We have seen large leaps in terms of automation capabilities in the last decade. There is a move towards making analytics more prescriptive, or forward-looking in nature. Analytics have primarily been very descriptive in nature, typically giving you insight on what has occurred in the past. Organizations are increasingly turning towards leveraging automation and prescriptive analytics to uncover trends or insights that can help them make more informed business decisions. Businesses can become more forward-looking with business intelligence powered prescriptive analytics, which can help guide them towards next steps. As opposed to being more reactive, businesses can expect to be more proactive if prescriptive analytics are leveraged.
- Data Quality Management
Organizations nowadays are collecting an abundance of data. However, it is not only the quantity that matters, but it is also important to ensure the data you’re collecting is of good quality. The more accurate your data, the better information you have to base decisions on. It is ever more important to ensure that your data is accurate, timely, and consistent. Especially with the shift towards prescriptive analytics, it is salient for your data to be reliable. Companies are increasingly relying on the insights and recommendations generated by such collected data to generate forecasts that drive marketing campaigns and other key business decisions.
- Collaborative Business Intelligence
As technology advances, businesses are increasingly spreading their reach through websites and social media channels. An abundance of data inherent to each platform, such as information about customer preferences, is being collected and leveraged to make decisions. Drawing from different data sources, collaborative business intelligence, or social business intelligence, merges business intelligence and collaboration tools to enable higher visibility across the organization. Having data be accessible and visible for more departments can increase data-driven decisions across your business. Especially as more organizations are shifting to a hybrid or work from home model, this can help keep everyone on the same page and enhance collaboration as there is greater visibility on data across various departments.
Overall, an increasing number of organizations are adopting business intelligence solutions to help them make more actionable business decisions by leveraging the real-time raw data collected. Leverage a business intelligence solution to become a more data-driven organization. Are you interested in implementing a business intelligence solution at your organization? Contact us today!