In today’s modern world, business intelligence is of utmost importance as data in business practices take center stage. BI will stand in the prime of all this and will direct future marketing strategies and business decisions. After all it is proven that companies using analytics are 5x more likely to make faster business decisions.
Today we look at BI’s prospects and why it will be the epicenter of all major business decision-making in the future and hence startups should be focusing on exploiting it.
As the graph of Big Data increases, the no of people required to crunch that data and arrive at an intelligent solution for a business enterprise will simultaneously increase. A report by Mckinsey global institute states that in the next four years the US alone would face a shortage of 1.5 million managers and 1,90,000 analysts.
Currently, BI is specifically targeted to internal employees and information workers. The more it spreads out and the more relevant it becomes to everyone, it will be a Game Changer. Outside the purview of corporate boundaries, it should reach out to suppliers and customers. Business intelligence has the power to enable businesses to compete more effectively and change people’s way of working.
As the cost of storage for data shrinks rapidly, it would be much easier to analyze past events and data. For example, currently due to data cost we are able to analyze just an economic cycle but in future, we can analyze much more than that. This will help us in forming a strong pattern. This will help businesses to bear just minimum losses in the event of a recession. History is a great teacher and BI will help us avoid repeating the same mistake.
As more and more data gets collected in the system, the future definitively holds good for personal analytics. It can primarily be used for self-improvement. Also, it will be used for improving family life and local communities. BI won’t be geeky in the future and everyone will be able to self-analyze. There are tremendous opportunities for software vendors to develop tools regarding personal analytics.
The future of the BI would bring different tools and platforms together. Today individual BI is the norm, tomorrow it will be collaborative. Shared and immersive analytical experiences would increase in great proportion. The form factor of the devices will also gradually shift from small to large. This will help a group of data scientists explore data in real time basis.
Data knowledge Gap in the next few years will further narrow from a group of data scientists to a normal manager or executive. As more forms of data visualization grow, more people will become familiar and comfortable with it. Major companies will also mandate training in BI.
With the above-mentioned points, there is ample evidence that Business Intelligence is here to stay. We can safely assume that, not only will it make a big impact but also it will scale up rapidly.