How Can Integration Of Next-Gen Technologies Further Evolve Business Intelligence Solutions?

CIOReviewIndia Team | Friday, 14 February 2020, 13:46 IST

How Can Integration Of Next-Gen Technologies Further Evolve Business Intelligence Solutions? Today, Business Intelligence and Analytics services have become the core of every successful business, irrespective of industry vertical.   According to procurement intelligence firm named Beroe Inc, Business Intelligence market is expected to reach USD 22.8 Mn until 2020, growing at a CAGR of 7.6 percent. And, the factors driving its growth bandwagon are the demand for self-service and personalized BI-Capabilities, big data analytics, increasing demand for data-as-a-service, across organizations. Among these the increasing demand for big data analytics has been the crucial driving force behind the growing market of Business Intelligence.  As world is steadily moving towards a completely data-driven world, Business Intelligence has become the most needed tool to stay relevant to the ever changing dynamics of the market.

If we refer to Porter's Five Forces Analysis, BI will have a very competitive edge in the market as there is no such threat when it comes to its substitution. As there is a great demand for BI solutions in the current market, multiple vendors are coming up with solutions integrated with value-added services, so as to deliver end-to-end solutions to its partners.   

This analyses also reported about the over BI implementation onto the cloud and on-premise deployment would take 2-3 months and 6-12 months, respectively. Furthermore the increasing connected devices and ever increasing data volume will make BI market even stronger while bring forth several other opportunities. While if we come to Cloud-based BI Solutions, it can be easily integrated with any third party applications. This will also ensure robust security at all levels.         Even the utilization of BI is gradually transferring to more of an intuitive visualization based model with a business user-centric approach from an IT-centric.  Here are some of the noteworthy trends of BI in 2020:

DQM (Data Quality Management)

Ensuring quality of the data will become a mandate for organizations to bring in efficiency and productivity in operations. Data Quality Management will be just in handy to keep quality in check while collecting data from various disparate sources.

Augmented Analytics

Significantly enhancing the concept of show casing reality, Augmented Reality is everywhere; hence BI integrated with machine learning and data science would be able to make effective use of augmented analytics to take decision making to a whole new different level.      

Moreover, there are various other technological trends that are set to evolve BI to a whole new different level, including, Cognitive Computing, Natural Language Processing, Collaborate and Self-service BI, Machine Learning-as-a-Service, among others.

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