Companies are increasingly using data to increase sales, market share and profits. The data used in this way is called Business Intelligence or BI, and can confer an edge on competition to your SMEs. Business Intelligence includes various aspects that you could use to build your business. The list below deals with five recent business intelligence trends that may be relevant to your business.
Business Intelligence is Increasingly Accessible
Data analysis is increasingly accessible and user-friendly, meaning that you and your employees can use it yourself without being experts in data analysis or using a specialist. The technology is now less focused on reporting and more on gathering information from multiple sources, including forecasting and data discovery.
Many organizations use forward-looking analysis to improve their customer service. Forward-looking analysis uses customer, product, marketing, finance and sales data to provide information that will help companies increase profitability. Companies that use forecasting analysis and other business intelligence solutions will better adapt to changing market conditions and grow faster. As technology becomes more accessible, there is no reason not to use it.
Business Intelligence Becomes More Efficient for Business Users
As business Intelligence software becomes more user-friendly, more and more business users want to use it and monitor the results themselves.
Business professionals, rather than coders and software developers, continually influence the future development of data analysis tools. This trend means that Business Intelligence software is more user-friendly and can deliver results more effectively. Software users can use these software without the need to know how to code, and they can produce very useful reports for making business decisions in the future.
Business Intelligence on your mobile devices
In recent years, businesses and consumers have interacted differently with online services and information. Many people use their smartphones and tablets, rather than their desktops and laptops, to keep their businesses online. Business Intelligence and data analysis make a similar transition. In the years to come, you can expect business intelligence software to be used more on mobile devices. This will allow organizations to track their data remotely and receive updates in real-time, whether you are in front of a computer or not.
Cloud Technology for Business Intelligence
More and more companies have begun to store their data using cloud technology. Cloud storage allows businesses to save storage space, coordinate communication, and access their files and information remotely.
Business Intelligence services will become increasingly available through cloud technology. This means that companies can conduct online analytics rather than buying, downloading and running software. This allows companies to save the cost of purchasing software and hardware, and increases their flexibility.
Increased collaboration with Business Intelligence software
Increased flexibility and accessibility make Business Intelligence software more useful to businesses. Software developers also want to allow companies to collaborate easily using the results of data analysis.
Social and collaborative functions are becoming available in Business Intelligence. This may mean that options will be created in the software to share and respond to the results, and create reports in collaboration with multiple employees or business partners. It will be much more efficient to share and use the results of business intelligence software.
As Business Intelligence solutions are becoming more flexible and less expensive, even SMEs can use Business Intelligence to adapt to market trends, increase their revenues, and ensure their growth.