Tendencies For The Future Of Business Essay

Question:

Discuss about the Two Tendencies For The Future Of Business Intelligence.

Answer:

Two tendencies for the future of Business Intelligence

Over the past few decades, the business environment has become dependent on technology. By and large, business intelligence pertains to the technology-driven process for analyzing and presenting useful information to allow business managers and other corporate executives to make informed decisions for the business. Today, there are various trends and tendencies for BI for the future. These tendencies include the incorporation of new technologies into the business system, applications to new areas and domains of action, applications to impact studies, augmented analytics and redefined business reporting among others.

Augmented Analytics

Over the recent past, the massive increase in volume and number of business data has made data analytics prominent in the global business community. It is expected that this volume and diversity of business data will continue into the future and, thus, necessitates significant improvements in data analytics methods (Ghosh, 2017). Imperatively, it is expected that new business technologies will comprise of augmented analytics that combine (Dingeldein & Hope, 2017). It is also expected that augmented analytics will provide decision makers with the gift of time, something that is not available to the traditional methods of analysis. Mainly, this will be achieved through the use of machine learning and natural-language processing mediated processes and analytics in data preparation, discovery, and decision making (Dingeldein & Hope, 2017).

Aside from that, it is predicted that analytics in the business environment will become more conversational. For a long time, the utilization and communication of analytics have centered on the drag and drop style visualization. Therefore, it is expected that the trend will shift towards conversational analytics that comprises of simplified analytics, findings and storytelling to allow users of the information to interpret and understand the data. Overall, the technology will utilize virtual assistants and chatbots as the new means of communication and interaction.

Redefined business reporting

As years go by, time will be of the essence in the business environment. People will have less time to dive in and investigate business information in detail. Instead, they will see various users with different sets of skills. Predominantly, this implies that in the future, reporting will be more redefined through offering not only analytics but also participants with highly contextualized information (Sommer, 2017). As such, business intelligence in the future is expected to invert business analytics that exists today. Thus, instead of executives having to go a particular place to conduct analysis, it will come to them embedded into the work space where people are. In turn, this implies that it will facilitate the getting of the right information, to the right people, at the right time, in the right place and in the right context (Sommer 2017). As a result of the new function, more business executives and managers will have more data and information than ever before. Reporting will also be made easier and intensive, thereby ensuring informed decision making at the business level (Sommer, 2017). All in all, business intelligence in the future will significantly improve business operations and, hence enhance business performance.

References

Dingeldein, T. & Hoppe, G. (2017). 5 Significant Business Intelligence Trends for 2018. Capterra. Retrieved 12 June 2018, from

Ghosh, P. (2017). Business Intelligence and Analytics Trends in 2018. Data Versity. Retrieved 12 June 2018, from

Sommer, D. (2017). Opinion Predictions 2018: 11 top trends driving business intelligence. Information Management. Retrieved 12 June 2018, from

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