The Business Intelligence (BI) space has been morphing and growing rapidly over the last few years and therefore new trends and practices are always coming up. Here are the top five trends that we should look out for in 2019 and the rest of 2018.
- Artificial Intelligence
Artificial intelligence (AI) is the sizzling topic that everyone in the IT industry and other industries are talking about. A recent study has shown that nearly 60% of businesses are looking into ways to integrate AI in their line of work to facilitate and add value to their process. In 2018 we should keep an eye out for further introduction of AI technologies in the BI industry.
Qlik, for example – the software vendor specialising in data visualisation, executive dashboards and self-service business intelligence products – introduced AI to the latest Qlik Sense update that was released last June. Qlik Sense now suggests different charts depending on what data has been loaded into the application. Also, with the introduction of machine learning, we can now expect quicker and faster ETL processes on larger datasets.
- Data Visualisation
Data Visualisation is more than just fancy and bombastic graphs and charts. Visualisations are created to give the business leaders a tool to monitor the business and its processes over time and in a timely manner. Such capabilities allow the necessary actions to be taken and acted upon. These insights are proving to be crucial and game-changing in this day and age. By using products such as Qlik and Tableau, you will be using the market-leading tools to steer your business to success.
- Data Governance
In the new concept of self-service analytics, companies are being driven towards better data governance. BI tools like Qlik and Tableau promote their BI software for visualisation and data preparation to help empower users to analyse and visualise data on their own. This eliminates the need to share data sets and therefore risking that this data falls in the wrong hands.
- Multi-Cloud Strategy
Data Security was always a hot issue for organisations planning to adopt a full cloud architecture. With the new multi-cloud strategy in 2018, all BI tools are giving the possibility for companies to have a hybrid storage of data. Sensitive data can still be stored in a local server on the company’s premises while other data can be stored safely in the cloud. BI technologies like Qlik, Tableau and Talend will then give you the ability to join and union this data into one dashboard or one process making no difference of where your data resides.
- Data insurance
The global average cost of data breach last year was more than €3 Million and with data usage on the rise and new regulations being imposed; the cost is estimated to keep increasing in 2018. Businesses in 2018 are highly advised to purchase data Insurance. Companies worldwide are experiencing data breaches which carry a subsequent loss to the organisations. The cybersecurity insurance is causing distress amongst insurance companies in the UK. More than half of the insurance companies are not listing cybersecurity insurance as an area of growth believing that the risk and volatility of data breaches are borderline insurable. But with the increase in data usage, it is still expected that more companies will invest in cybersecurity insurance. Moving forward, Data has become the most powerful weapon for any organisations and with a proper insurance, they can be protected from the responsibility and the burden of data breaches.
Business Intelligence is no longer a nice-to-have asset for business owners, it is a must. Business owners are always looking out for the best solutions around and business intelligence is the best solution to get the best insight of your data over time. If you have not yet adopted any of these trends in your BI solution, now is the time to start!
At iMovo, we work with best-in-class technologies to enable organisations to mine and visualise their information in a meaningful way that helps them to take the right decisions at the right time. As an expert in the field of Business intelligence and Big Data Analytics, we can help your company implement and sustain a product and guide you on how BI can complement your existing environment. For more information contact us on [email protected].