Recent research shows that data-driven business intelligence (BI) has become an indispensable asset to today’s companies. A survey conducted by NewVantage Partners showed that 97.2 percent of the executives who responded are actively investing in big data and artificial intelligence. More significantly, almost three-quarters of those respondents are seeing measurable results from their investments.
Forrester Research helps to put those results into perspective. The firm estimates that insight-driven companies outperform the competition by 30 percent annually. In fact, companies with a data-first approach are projected to earn $1.8 trillion by just 2021. Data is an asset for companies that know how to leverage it well, and a liability for those that don’t.
It doesn’t matter if you’re a BI veteran or someone still contemplating your first integration: You need to know where this technology is headed over the coming year. Here are some of our predictions for BI this year.
Aided by Artificial Intelligence
Data grows in value as it grows in volume. Unfortunately, even with an army of administrators, it’s challenging to manage data manually. Artificial intelligence has become much more accessible in recent years, allowing companies to automate data-management workloads that would otherwise become unsustainable. Throughout 2019 and beyond, we will see companies rely on automation to quickly condense more data into better insights.
Available to Every Organization
Previously, only the biggest, richest, or most tech-driven companies were seriously using BI. Yet in 2018, it was companies with fewer than 100 employees that were adopting BI at the highest rates. And according to NewVantage, the majority of BI investments were under (or far under) $50 million. Now that BI has become more affordable, more intuitive, and more applicable, it’s a tool being embraced by companies of all sizes across industries.
Articulated through Visualizations
BI should make insights both more accessible and more digestible. Companies are increasingly relying on data visualizations to accomplish the latter. Instead of presenting insights using tables and static spreadsheets, they’re transformed into charts or graphs. Visualizations are great for highlighting key insights, illustrating trends and patterns, and communicating information to stakeholders at all levels. Improving the look and feel of BI will be a priority throughout 2019.
Accessible to Average Users
Perhaps the most exciting BI development is that it’s moving out of the IT department and away from the C-suite. Self-service BI is intuitive enough for anyone to use without needing extensive training. Instead of waiting for insights or acting without all the necessary data, individual users can find the information they need on demand. BI is finally available to everyone at any time.
What are your plans for BI in 2019? How do you want to leverage data by the end of the year, and what will it take to get there? Having BI tools in place is just the first step. If data is going to become accessible and actionable, reporting tools are just as important. Ultimately, reporting is what turns business intelligence into practical decision making.
insightsoftware has developed a suite of solutions to enhance BI from all the major vendors. Make 2019 the year digital transformation takes hold. Contact us to achieve your goals within the next 12 months.