5 Business Intelligence Trends You Don't Want to Ignore
Business intelligence (BI) tools are empowering a new era of project managers, small-business owners, and enterprise growth.
While these tools seem frightening, they will be the driving force behind rapid scalability and responsiveness throughout the economy. Specifically, BI tools and abilities are going to become evident in several ways and trends, which include the following.
BI Trend 1: Cost of Business Intelligence Tools Will Decrease
The use of cloud-computing technology is encouraging competition between tech giants and driving the cost of BI tools down. As a result, more advanced, capable BI tools will become available on monthly or quarterly subscriptions. This will ensure a positive return on investment without significant costs, which is critical to small-business owners.
BI Trend 2: Business Intelligence Will Become More Focused on Self-Service
As more users come online, BI tools will turn to self-service capabilities to reduce overhead costs. This will continue to reduce cost of these tools, and the cycle will become self-propelled. In other words, the decreasing cost will become dependent on more users and vice versa.
BI Trend 3: Mobile Business Intelligence Dashboarding Will Become “Gold”
When BI tools first emerged, the use of a mobile dashboard seemed like a dream, and it was only available at great costs. However, today’s BI solutions are transitioning to become a mobile-only tool, and the concept of using these tools in a desktop environment is quickly deteriorating. Furthermore, this will allow management professionals to monitor activities and tasks from an infinite number of places.
BI Trend 4: Use of Data Will Focus on Real-Time Management
Big data and analytics, two components of BI solutions, routinely focus on the review and analysis of past data to determine ways to change future processes. Today’s BI tools are turning toward a more proactive methodology that provides real-time insight and management of an organization or business. This will reduce errors and enhance risk management strategies by allowing an organization to pinpoint exactly what is going wrong and how it can remedied.
BI Trend 5: Business Intelligence Tools Will Become More Customized For Each Organization
BI tools include thousands of metrics, key performance indicators, and intrinsic algorithms. However, all of this information is useless if it’s not customizable. You will see the rise of more user-friendly, customizable dashboards in BI tools. This will further increase visibility and accountability throughout all organizations.
Business intelligence tools are no longer strictly for large-scale enterprises, and their benefits are being felt across all industries and countries. Ignoring these trends could be devastating to your business or organization, and you don’t want to ignore how these trends could give your competitors an advantage over you.
- The cloud will drive the adoption rate of BI tools across organizations of all sizes, which will further reduce the cost of implementation.
- Self-service will replace the need for costly IT departments.
- Mobile dashboarding will become the typical means of using BI tools.
- BI tools will drive real-time process management.
- Organizations will be able to select what types of BI tools to use and create custom dashboards and applications.