The Digital Revolution is having a roaring good time, and the market is subject to trade places as per the very demanding nature of consumers. While Data has become a powerful thing, every industry is diving into the unknown, taking risks to place themselves in an advantageous position. However, the rapid development of technology and innovation has guided us through a tough time and equipped us to provide the right. At this time, businesses need a thorough, insightful model of functioning processed through Business Intelligence.
A report by Zion Research predicts that the global Business Intelligence market is accounted for US$16.33 billion in the year 2015 and is expected to expand to a whopping US$26.50 billion by 2021. This makes Business Intelligence one of the best career option for the year 2021. In this blog, we will find out how the worth of Data is directly propositional to the growth of Business Intelligence in the Job Market?
Why do Companies need Business Intelligence?
Customer Engagement is a massive subject and companies are working tremendously to extract quality data from their customers to provide the best suitable services, products or solutions. So, what is the role of Business Intelligence, and how is it transforming businesses? Business Intelligence is a combination of strategy, technology and tools that helps or influences strategic discission for any organization.
Data Mining, business analytics, data visualization, and implementation of tools and infrastructure help improve efficiency, productivity and all in all the revenue of any business. Thus, Business Intelligence processes data and provides actionable insights to look into. BI displays a clear picture of what is trending and what is affecting the business’s performance in the market or even predicts the future to capitalize on the opportunity.
What are the trends that are providing BI with an Edge?
Just like the growing technological developments around the globe, the future of Modern BI looks promising. A better customer engagement and retention is the goal for every business and the following trends are boosting its relevance with each passing day.
According to Forbes, Strong Data Governance will help Business Intelligence have a new perspective. In the present time, Data Governance and Management has become the key priority for businesses. Organizations emphasize just any data but useful quality data curated by classifying it into categories like its source, accessibility, and how it will help them achieve the desired goal? With proper Data Governance, they will improve data quality, privacy and security and thus help BI.
2. Prescriptive Analysis
After much research on Descriptive and Diagnostic Analysis, future trends suggest that businesses will invest in the prescriptive analysis. A great deal of time and effort is put into the strategic planning of the approach, and Prescriptive Analysis is about creating a model that will highlight any market’s future. This determines a well-thought-out outcome than rushing into discussions.
3. Collaborative and Integrative BI
Collaborative BI is the combination of business intelligence software and collaborative tools, as well as social and web technologies, to enhance data-driven decision making. It explores data in real-time, where systems will be able to send automatic alerts to users and update them about needful changes that must be made in the data to operate better.
4. Natural Language Processing (NLP)
Along with AI and Machine Learning, NLP has been helping BI to indicate a plan for future business strategies. Chatbots and virtual assistants are dealing with humans since some time now. It is only through NLP, they will help address human concerns (your customers) preferably human-like by analyzing customer sentiments and response, abstract information from statements through conversational AI and registering appropriate data to act upon and also to add personalization to consumer needs.
To conclude, the BI landscape is shifting only to adapt to the market’s current needs only to increase the business’s competitivity structure. If you think this is the right time to switch careers and step into the world of Business Intelligence, enrol yourself in Big Innovation Centre, India’ e-learning Course on Power BI. Check out our Membership Options and Sign in Today.