Business intelligence and analytics will play an increasingly important role in reinventing business models. While analytics used to largely be about IT projects, digital technologies now dominate CIO technology priorities, increasing the influence of analytics dramatically.
It has been predicted that analytics will reach 50 percent of potential users by 2014, with that figure rising to 75 percent in 2020. This is taking place in a landscape where rapid innovation is enabling IT, businesses and individuals to analyze data in a much deeper fashion than ever before.
In 2010, IDC predicted the business intelligence software market to grow at an annual rate of 6.9 percent to US$11.3 billion in 2014. Business intelligence is certainly a good area to be in right now, expanding faster than any other area of enterprise application landscape.
JY Pook, Vice President, Asia Pacific, Tableau Software, discusses the top 10 trends in business intelligence that will be imperative for businesses in the year ahead.
- The end of data scientists
Data science will move from the specialist to include generalists, and the rank and file. Familiarity with data analysis becomes part of the skill set of ordinary business users, not just experts with "analyst" in their titles. Organisations that use data to make decisions are more successful, and those that don't use data begin to fall behind
- Cloud business intelligence goes mainstream
Organisations that want to get up and running fast with analytics will drive the adoption of cloud-based business intelligence. New scenarios such as collaboration with customers and outside-the-firewall mobile access also accelerate adoption. The maturation of cloud services helps IT departments get comfortable with business intelligence in the cloud
- Big data finally goes to the sky
Cloud data warehouses like Amazon Redshift and Google BigQuery transform the process of building out a data warehouse from a months-long process to a matter of days. This enables rapid prototyping and a level of flexibility that previously was not possible. Cloud offerings like Teradata Cloud and SAP HANA from traditional vendors validate the space
- Agile business intelligence extends its lead
Self-service analytics becomes the norm at fast-moving companies. Business people begin to expect flexibility and usability from their dashboards. And the monolithic infrastructure stack finally crumbles in favor of solutions that can work with new data sources
- Predictive analytics
Predictive analytics, once the realm of advanced and specialized systems, will move into the mainstream as businesses seek forward-looking rather than backward-looking insight from data
- Embedded BI begins to emerge
In an attempt to put insights directly in the path of business activities, embedded BI, where analytics live inside of transactional systems, begins to emerge. Scenarios like customer relationship management will lead the way with analytics providing support for the many small decisions salespeople make in a day. Ultimately, embedded BI will bring data to departments that have typically lagged - for example, on the shop floor and in retail environments.
- Storytelling becomes a priority
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