14 Sep 8 the most important trends of business analytics
Comprehensive knowledge is a prerequisite for accurate decision-making. It enables us to comprehend the reasons for changes and processes. Such an awareness is also critical to forecasting the effects of actions taken. Therefore, business solutions for effective business analytics are valued highly among companies nowadays.
Business Intelligence (BI) is a process of transforming data into meaningful information and subsequently into knowledge that boosts the productivity and efficiency of an organization.
BI tools can be effective only if they use high-quality data warehouses. In the data warehouse, data retrieved from various systems used within one company can be standardized and linked.
1. The growing significance of data in the management process
Solutions designed for self-service business, improved data visualizations, advanced dashboards, easier and more intuitive BI. These are the developments that pave the way for a management culture based on data and data analytics.
It is expected that BI solutions for self-service analytics will gain more popularity among entrepreneurs. As such solutions evolve, they will provide more and more capabilities to the workforce. This means that end users will be empowered to create reports on their own. Such reports containing meaningful data will contribute to streamlined decision-making, better quality of work and more accurate decisions.
BI systems will not be perceived as additional, optional solutions. They will be commonly used by employees at lower level in the organizational structure.
2. Self-service tools – the future of modern business
Modern business requires fast actions and immediate decision-making. If you want to leave your competitors behind, there is no time to wait for time-consuming analyses from specialists. For this reason, self-service tools that enable each user to generate an analysis, are gaining more and more popularity.
The technology has been designed to empower users to create reports quickly and easily without support from the technical department.
3. Data visualization and manager dashboards
Data visualizations and management dashboards enable you to understand trends and identify irregularities. Because they are easy to interpret, they provide more knowledgeable insights than tables. The human mind comprehends data in a graphical form better than data presented in tables. By eliminating the burden of processing numbers, data visualizations ensure easier analysis, comparisons and conclusions. Work becomes more effective.
In years to come, new libraries of graphs and diagrams will become available, providing users with unlimited possibilities to combine data by creating custom maps and graphs.
With an enhanced pool of data and increased availability of BI solutions, employees will be able to make more accurate decisions by drawing on useful information and data that comes from data warehouses.
Owing to improved user experience, the use of data will become even more intuitive. As data analytics will no longer be a troublesome task, employees will be able to create advanced business analyses themselves.
4. Quit mundane report building
New BI tools ensure huge time and money savings by facilitating the preparation of reports.
Both large corporations and small family businesses can afford business intelligence systems for real-time data. Owing to in-memory technology, it is possible to analyze large volumes of data fast. It is not necessary to build data warehouses and analytic cubes.
Nowadays, companies withdraw from time-consuming analytical solutions. As new innovations become available, new capabilities emerge for organizations. The number of tools for fast data integration is growing. Analytical platforms that are not fast enough are replaced with new ones.
5. The art of analytical story telling
Communicative story telling is a prerequisite for the successful interpretation of numeric data, especially for non-analytic users. It is important that analytical systems should enable the user to create a meaningful and easy-to-understand history based on data.
In modern business analytics, one image can convey more information than hundreds of figures. If supplemented with simplified descriptions, it can highlight clearly the functional features of the system.
Business Intelligence solutions based on natural language processing are a trend that will grow in years to come. It will enable the integration of text representation of visual data into executive dashboards. Data visualization including data descriptions is a useful enhancement.
6. Growing significance of predictive analytics
The future of business is based on collecting data from existing data repositories in order to identify regularities and create forecasts for future events and trends. Companies use predictive analytics to monitor current and historical data, and track the results of their business activities to forecast consumer behaviors and identify potential threats and opportunities.
Research shows that the following years will bring the development of forecasting models and enhanced awareness of benefits that can be obtained by using predictive analytics. Forecasting tools will also become more common.
It is expected that more algorithm types will be developed to enable companies to forecast trends and events more easily.
The Internet of Things, which has become an intriguing and trendy topic, will also be used more consciously. Using the concept of the Internet of Things, the Targit Decision Suite, as a BI and analytics tool, provides the user with a custom dashboard and storyboard available on different devices (both stationary and mobile). This way findings based on observations and analyses are distributed easily across the organization, which makes task monitoring much easier. With the Targit Decision Suite, you make conscious decisions based on reliable information and analyses, no matter whether you are working on premises or mobile.
7. The cloud more and more visible
Data and applications available both on the cloud platform and within on-premise systems can be mingled, enabling efficient information management.
In the near future, the cloud will gain even more significance as a data source and BI platform. As mobile access to analytical tools is becoming a standard solution, users have better access to analytical tools from anywhere at any time. With the integration of analytical systems with the cloud, an average user will gain more benefits, enjoying a better insight into the most up-to-date company data.
8. Integration with ERP systems
For many years, organizations have been struggling with fast growing volumes of data. In addition, market growth puts pressure on executives to speed up business decision-making based on the latest figures. In such cases, it is very important to have BI solutions and analytic tools on hand to be able to gain a competitive advantage.
In the era of the digital economy, the processes of data filtering and interpretation have become the starting point in the decision-making journey. They have to be executed in real time, regardless of fast changing conditions. Innovative ERP systems can be integrated with analytical tools to ensure access to complete business data and information.
Targit Decision Suite
The Targit Decision Suite is a modern Business Intelligence solution that is fully compliant with Microsoft Dynamics NAV. When integrated with the ERP system, it can be used to create analyses, reports based on various sources and different executive dashboards. The Targit Decision Suite provides critical information for accurate and effective decision-making. It supports analytics, controlling, result forecasting and risk management, using the latest improvements in in-memory processing and data warehousing.