Business Intelligence and Predictive Analytics – An Overview
Business intelligence and predictive analytics adoption showed a marked increase in 2017, with business intelligence experts and data scientists, working across industry verticals, leading the way.
According to a report released by Dresner Advisory Services, executives and third party consultants are the least likely to rely on business intelligence and predictive analytics.
Enterprises that are dedicated to use business intelligence as a strategic part of their growth strategies are investing the most in analytics reporting, customized dashboards, advanced data visualization modules and end-user “self service”. According to the report, business investment in cognitive business intelligence, text analytics and Internet of Things is still in its emerging stage.
Moreover, enterprises that are turning to custom-made or SaaS business intelligence and predictive analytics tools are preferring certain functionalities related to traditional statistical methods in place – regression models, textbook statistical functions, and hierarchical clustering. Geospatial analytics, which includes use of maps, and recommendation engines also figure high up in their set of requirements.
All in all, when it comes to business intelligence and predictive analytics, enterprises are heavily investing in In-memory analytics, in-database analytics, and In-Hadoop analytics, categorising them critical to their efforts.
Based on this report, it is clear that the industry has started to invest in business intelligence and predictive analytics. However, the rate of investment and adoption is still slow, when compared to other emerging verticals.
Business intelligence and analytics, powered by big data and artificial intelligence, will come to influence boardroom decisions across all industry verticals. Such is the potential of this emerging technology.
Here are some advantages offered by business intelligence:
- It is instrumental in removing guesswork from business decisions. Business intelligence helps inform business decisions and helps decision makers chart out a growth strategy for the company. The intelligence provided is churned through tons of business data. It eliminates chance and offers new direction to strategists.
- Reports on demand. Decision makers are able to access critical analytics and intelligence in a manner of seconds, from anywhere they are, using any device. Decision makers simply need internet access and a mobile device, like a smartphone, tablet or laptop, to access critical business reports.
- Get in the minds of customers. Thanks to big data analytics, the level of insight that businesses now have on their target customers is startling. Business intelligence allows decision makers to analyse tons of customer data and inform their decisions accordingly.
- Always on. The scope of business intelligence is such that decision makers can get data-backed, instant answers to their questions. This allows for more informed, and faster decision makers, that are key for any organization’s success.
- Understand business better. Business intelligence allows decision makers to get an indepth understanding of their business, by analysing past, present and future data. They also get an insight into the business landscape they are operating in and analyse market competition as well.