Current Trends of Business Intelligence

Current Trends of
Business Intelligence

Table of Contents
INTRODUCTION ...............................................................................................................................3
TASK....................................................................................................................................................3
Artificial Intelligence.......................................................................................................................3
Data Security....................................................................................................................................4
Data literacy ....................................................................................................................................4
Data visualisation ............................................................................................................................4
Natural Language processing
........................................................................................................................................................5
CONCLUSION ...................................................................................................................................5
REFERENCES.....................................................................................................................................6

INTRODUCTION
For running a successful business in today's rapidly evolving corporate climate, businesses
have to be nimble and adapt with the same pace. Failing to keep up with the technological
advancement can leave a company obsolete. This report will observe and discuss the current trends
in business intelligence (BI) and companies dependence on it BI is an umbrella term explaining the
processes that enable business organizations to make data-driven decisions at a higher level. BI
encompasses activities such as business analytics, mining of data, visual representation of that data,
data techniques, etc.
TASK
Businesses are multi-faceted operations. It includes running the sales & marketing
departments, a finance department, and an operations department which oversees the smooth
running of the business's core function. As competition grew fierce it got important for firms to be
more optimal and efficient. The rise of technology, gave companies computing power to take more
accurate business decisions, taking guess-work out of the equation. Now, company's management
could base decisions based on what their business data suggests. BI has helped companies with
providing an accurate quantitative analysis, helps businesses to measure their performance in
comparison to the goals set by them, gaining insights directly from the customers' behaviour, and
identify new opportunities for businesses. With a constant evolution in BI, the trends in the field
keeps changing quickly, however, these are a few trends that may continue to assist organisations in
the coming future. These trends are:
Artificial Intelligence
One of the few mainstream terms which is heard very frequently these days in the cyber
world are Artificial Intelligence (AI). AI can loosely be described as the development of computer
software and programs which empower them to do those activities and enable them to solve those
problems which can usually be solved by human intelligence. Incorporation of AI in business
intelligence give companies the ability to improve their revenue streams and also provide them with
valuable insights. AI helps in this by solving high volume of data with ever increasing complexity.
This has attracted organisations in adopting AI to enhance the value of the enterprise.
AI if used in conjunction with machine learning provide companies to draw valuable
insights assisting them to forecast the trends that may occur in the industry, and the behaviour of the
users of their product/service. This will allow businesses to take holistically informed data-driven
decisions and allow companies to gain an competitive advantage over its rival firms (Artificial
intelligence, 2022).