Last week was Part 1 of our two-part series – Top Business Intelligence Trends of 2018 , detailing the leading business intelligence trends for 2018. Key decision-makers across the globe are adopting these strategies in an effort to improve operational and business efficiency and enhance customer experience. Today, we will discuss trends six through eleven. Let’s get started.
6) Natural Language Processing (NLP)
NLP goes hand in hand with several of the BI trends we discussed last week. Also known as computational linguistics, NLP is the division of artificial intelligence that helps computer programs understand human language(s). This artificial intelligence analyzes data and identifies relevant linguistic correlations. This intuitive approach leads to a deeper understanding of the speaker’s intentions and the human language as a whole. Virtual assistants like Siri and Alexa were some of the first applications to be introduced into our everyday lives.
Businesses are seeing incredible results with customer service chatbots, which provide clients with real-time, accurate answers they need. According to a recent Gartner report, NLP will play a major role in business analysis moving forward, automating nearly 40% of data science tasks. IT professionals will simply need to orally ask their computer software a series of questions relevant to the answers they need. The program will dig through all the data, identify useful data, organize it, and report its findings in an organized and concise manner. The time saved will prove invaluable.
7) Growing Importance of The Chief Data Officer
The Chief Data Officer (CDO) or Chief Analytics Officer (CAO), falls seventh on our list, but is quickly moving towards number one in today’s business landscape. There is no denying data’s contribution towards our modern business’ success. Historically, the Chief Information Officer (CIO) was assigned the task of overseeing an organization’s security issues and information management. As enterprises gain access to an increasing amount of data, however, the need for a more focused executive has grown. To ensure security and governance of data isn’t compromised, many organizations are appointing a CDO. Through the enhancement of data analysis, the Chief Data Officer plays a critical role in creating a culture of analytics. The positive effects of this spans every facet of the organization, from finance to procurement and marketing/sales. Gartner predicts that, by 2019, 90% of large companies will have a CDO in place.
8) Embedded Business Intelligence
According to TechTarget, embedded business intelligence “is the integration of self-service BI tools into commonly used business applications. BI tools support an enhanced user experience with visualization, real-time analytics and interactive reporting.” Through raw data, users gain access to real-time analytics and interactive dashboards, ensuring stakeholders are able to make data-driven decisions. Because of this embedded technology, data access time is shortened and users are able to access richer information without switching from one application to another.
9) Collaborative Business Intelligence
Question any modern day workplace manager and they will tell you that collaboration is critical to ensuring an engaged and productive workforce. With competition at an all-time high, partnership plays an important role in organizational success. Collaborative BI is, in essence, exactly what it sounds like. It gathers and interprets data from “self-service” BI tools, such as social media and other user-generated sites, offering valuable insight into what drives consumers today. Automated reports can be customized and generated. Dashboards can be created and shared, and interactivity can be set based on organizational goals.
10) Investment in Multi-Cloud
As enterprises place an increasing amount of importance on data, many are beginning to realize the need for multiple information sources. With both current and future needs in mind, it has become evident that investing in multiple software solutions is not only beneficial, it is necessary. Gartner’s study indicates that “a multi-cloud strategy will become the common strategy for 70 percent of enterprises by 2019, up from less than 10 percent today.”
11) IoT Innovation
Over the last several years, the Internet of Things (IoT) has become the top buzz word in the business realm. It connects disparate information, gathering it from multiple sources, ensuring a more collaborative and data-driven environment. By 2020, it is predicted that more than 20.4 billion IoT devices will be online. Leveraging the power of location-based data is one of the leading IoT trends being implemented today. Decision makers are better able to understand what is happening now and how a space is being used. The knowledge gained through devices, such as Bluetooth Low Energy (BLE), badges, and smart watches offers a broader picture, allowing them to better prepare for future needs. IoT is expected to grow to over $5 billion by 2021.
A data driven workplace is no longer just an option; an organization’s success is dependent on it. Technology is advancing at a rapid rate, allowing enterprises to refine their processes more than ever before. What business intelligence tools are you implementing this year?