Accounting Blog for Business
Posted by Cedric Joshua Martinez
Sep 14, 2017 10:00:00 AM
Business intelligence has been one of the fastest growing technologies in the past few years. Business intelligence trends continue to grow in many different directions, stirring innovations in different fields such as human resources, IT, market research, and even accounting and financial services. In a report by leading research and advisory company Gartner, the business intelligence market is expected to grow to US$22.8 Billion by 2020.
Today, ‘modern’ business intelligence is continuously driving the industry to bigger heights with better visualization and in-depth data mining and analysis. The increasing complexity and utility of BI Tools make it hard for anyone to forecast where the industry will be in the next decade. For now, as the year reaches the last mile, here are the top business intelligence trends that large corporations in the US and Australia need to watch in 2018:
1. Self-service Natural Language Generation
There’s no doubt we have come a long way in terms of data collection, storage, security, and data analysis. However, businesses across the world still struggle with enabling a wider capability to interpret the results of data analysis across different levels. Companies currently rely on visualizations that can only be interpreted with the help of data scientists.
However, the emergence of Natural Language Generation (NLG) provides business intelligence companies to translate data analysis results into readable information. Industry leaders such as YSEOP and Gartner predict that as NLG software matures, it will eventually evolve to the direction of self-service software, enabling companies, not just those in BI, to make sense of data.
2. BI Cloud Deployments will continue to grow
More and more software solutions are working through the cloud, and business intelligence is no exception. Just like in marketing solutions, accounting, and financial services, and IT support, BI Cloud solutions reduce the cost of ownership, increase data security, and enable collaboration inside and outside your organization.
Collaborative analytics through BI cloud deployments will help employees to build on each other’s work, raise certain doubts, and cross-check the inputs of their teammates. Increase in collaborative work also brings in better ideas and leads to more intelligent business decisions, with the help of business analytics.
3. Real-time Data usage will increase
As people become more and more dependent in using smartphones for daily activities such as social interaction, product queries, and even purchases, the number of real-time data available through mobile are also increasing. Innovations such as data streaming, movement sensors, and virtual assistants makes it easier to capture real-time data that companies can leverage to produce products that will cater to specific consumer needs.
The challenge is now in the hands of software vendors to produce a platform that will combine data captured in real-time with data sourced through other channels.
As businesses continue to use data in making better and faster decisions, the need for advanced business intelligence solutions are also on the rise. It is hard to predict how the industry will look like in the future, but as the year comes to a close, business intelligence trends and needs for 2018 are becoming more apparent, with solutions shaping up right around the corner.
Still wondering how you can benefit from Business Analytics and Intelligence? Download “The Role of Business Analytics for Better Business Outcomes” and find out how business analytics will help you in making better business decisions!
Topics: Business Financial Forecasting