The task of mining data for business intelligence can be a daunting one, but one that can be made easier with the right tools and methodology.
Business Intelligence (BI) has become a must-do for companies of all sizes – from SMEs to global enterprises. Without the right kind of data to hand, their business decisions will be uninformed. They need to be able to leverage every bit of useful information they can to be able to make effective decisions that will have a positive impact on their bottom line.
The recent COVID-19 pandemic has made the business climate much more difficult than ever – and is even more reason for companies to invest in BI. Companies must employ all of the tools available to them in such a tough climate to help them stay ahead of their competitors. Business Intelligence is one tool that can be a game-changer for businesses of all sizes.
There are many reasons why Business Intelligence is so vital in 2022, and these include:
Augmented Analytics
Augmented analytics, powered by Artificial Intelligence (AI) and Machine Learning (ML), allows non-technical people within a business to create highly advanced data analytics models quickly and derive insights from this data. They also help businesses to handle complex data at scale by easing the collection of data and data cleaning.
Augmented analytics makes data analytics accessible so everyone in the business can get value from it by generating insights in an easy-to-understand manner.
Collaborative Business Intelligence
There has been a lot of progress in the area of Collaborative Business Intelligence in recent years. It is a combination of BI tools and collaboration software that work together to contribute towards better data-driven decision-making.
If companies start to use Collaborative Business Intelligence, then the sharing of analytics and reports becomes more straightforward – which can help with decision making. Employees from all business areas can become involved in decision-making, which encourages problem-solving.
Connected Cloud
Every business tool you can think of is moving to the cloud if they are not already in it. Even Business Intelligence elements such as analytics models, computing power, data models, data sources and data storage are in the cloud. This makes it a catch-22 situation for businesses as they are forced to adopt cloud analytics whether they like it.
With many different systems in the cloud like this, it can be complex for businesses to handle. It can also bring some risks and additional costs. In a similar way to Business Intelligence, there is no one-size-fits-all solution to cloud computing, which is where the connected cloud becomes a more credible strategy.
Data Governance
Data governance is the process that provides companies with the steps they need to take to manage data assets, operational infrastructure and data architecture. Thanks to data governance, companies can now successfully use the power of people, processes and technology to deliver secure, trustworthy and understandable data. With the General Data Protection and Regulation (GDPR) legislation in 2018, it is now crucial for businesses to implement a data governance program. Modern Business Intelligence tools can support this to maximise the value of analytics.
Data Quality Management
Data quality is one of the challenges that analysts worldwide face regularly face. Business decisions are only as good as the data they are based on, so data quality management is key to ensuring intelligent insights are gained. Data quality management must be ensured throughout data handling, from acquisition and implementation to distribution and analysis.
Data quality is based on five traits:
- Accuracy
- Completeness
- Reliability
- Relevance
- Timeliness
The higher the data quality at your disposal, the better your decisions will be.
Data Security
Having accurate and updated data is key to the success of Business Intelligence. Recently there have been data breaches in some of the biggest tech companies in the world, with cyberattacks resulting in the loss of customer data.
No matter what size your company is, you are susceptible to cyber-attacks. Implementing security mechanisms to cover the loopholes is the only way to better prepare for them.
If you want to strengthen your Business Intelligence team or take the next step in your career in Business Intelligence, please get in touch with the team at Agile Recruit. Our highly experienced BI experts will ensure you are on the right path toward Business Intelligence success.
