Report on Current Trends in Business Intelligence, Data Mining, and BI

This report provides a comprehensive overview of current trends in business intelligence (BI), focusing on data warehousing, data mining, and data visualization. It examines how BI is evolving, with a shift towards customizable visualizations, self-service analytics, and the democratization of data. The report highlights the importance of advanced tools for creating powerful graphics and the increasing role of data analytics in various business functions, particularly marketing and sales. It also discusses the benefits of data visualization, such as improved decision-making and the ability to identify market trends, while acknowledging the limitations and potential drawbacks of these tools, including the need for expert interpretation and the possibility of erroneous conclusions. The report concludes by emphasizing the vital role of BI in modern businesses and the importance of making effective use of it.

BIG DATA

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
CONCLUSION................................................................................................................................4
REFERENCES................................................................................................................................5

INTRODUCTION
Business intelligence can be defined as architectures, processes and technologies which
are used for converting raw data extracted from various sources into meaningful information for
driving profitable actions. It is a combination of service and softwares for transforming data to
actionable knowledge and intelligence. It also refers to technological process to analyse data and
present actionable information for helping managers, executives and corporates for making
decisions. BI uses different types of tools, methodologies, and applications for enabling
organizations for collection of data from internal as well as external sources. Analysis and
queries are raised against data for creating reports and data visualisations so decision makers are
available analytical results. This report will reveal current trends of business- intelligence in data
warehousing, business intelligence and data mining. It will also cover comprehensive knowledge
and systematic understanding of essential concepts (Business intelligence. 2013).
MAIN BODY
Business intelligence deals with applications, technologies and various practices for
collecting, integrating, analysing and presenting the business information. Motive behind BI is is
for supporting effective decision making for business. BI systems are defines as Decision
Support System (DSS) which are data driven. BI system gives past, current as well as future
views of business operations.
Business intelligence has been revolutionised over past decade. Data has become big and
spreadsheets have turned into actionable plus data visualisations and interactive business dash
boards. Self service analytics have democratized data chain. Landscape of BI is continuously
evolving and strategies for business intelligence are moving towards customizations. Businesses
are now demanding for BI solutions that are best their specific businesses instead of increased
access. Trend is moving towards data discovery and quality data management which is strong,
simple and powerful and most importantly it is clean and secure. For responding to demand of
self service, reassessment of current IT practices is necessitated by business intelligence. IT will
be required to assess the different needs and make available the technology services for
addressing self service needs (Thomas, 2015).
The biggest trend of business intelligence is More advanced, Customizable
Visualizations. This trend is focusing on tools for creation of powerful graphics and specifically
towards developing advance cloud authoring capabilities. These tools will satisfy needs of data
1

engineers, but industries will have to suffer with tools that are user friendly for occasional
customers. The trend also predicts business analytics in SMB place will be moving from
traditional reporting to visualisations snippets in dashboard forms for applications that are based
on browser including graphical elements over mobile and tablets. Data analytics will be required
to play pivotal role among different departments of business specifically in marketing and sales
functions of business. Companies are investing huge amounts in this area therefore the ficus on
this can't be divided (Ain and et.al., 2019).
Industry has to ensure that with advanced and customizable visualizations it has to
develop self service information systems which are built by specific apps and interfaces for
customers.
Advanced customizable visualisations are important for empowering people as if it is
their own business. Companies have identified allowing employees with access and authority of
tracking operational and analytical data has improved the working efficiency of employees. It
has also helped them to achieve goals by monitoring the real time effort that are put by
employees along with business plans. BI is helping teams of organisation by giving opportunities
for telling data stories, and working much faster and smarter. It is providing them with work
space which is more open and transparent (Yeoh and Popovič, 2016).
Data visualisations is a very wide term and is playing significant role in present time for
businesses. Large amount of data is generated every moment. Tools and techniques of data
visualisations are offering executives and knowledge workers approaches for improving ability
of grasping information to take decisions for organisations.
It provides enhanced assimilation of business information. It enables users of data
visualisations to receive huge amount of informations related to business and operational
conditions. It enables decision makers to identify connections among multi dimensional data and
provides with new methods for interpreting data by using heat maps, rich graphical and fever
charts representations. Though introduction of new tools companies are still using traditional row
and columnar methods as they are simple and easier to understand. Another advantage about
data visualisation is that it gives quick access over business insights(Scott, 2015). It is improving
ability of managers to find data and informations they need more quickly and they are using
these informations more productively as compared with other companies. Studies have given
2

proofs that companies using business intelligence and visual data in that are able getting required
informations timely without taking help of IT Professionals.
Data that is represented using data visualisations give better understanding of business
and operational activities. It is enabling users to identify more effectively connections occurring
between business performance and operating conditions. In today's competitive environment it is
important for companies to identify relations between data for figuring out the factors that
requires potential improvements. It provides multi-faceted business view and operating
dynamics, which helps leadership teams to review the business performance helping companies
to dramatically enhance customer satisfaction (Babelyuk, and et.al., 2017.).
These visualisations are helping organisations to identify latest market trends. Companies
are able to gather large volume of data related to market conditions and customer trends.
Managers are using these data for framing new strategies and for creating business
opportunities. They are able to customize their visualisation as per market conditions and
customer behaviours and get more quickly accurate informations from mountains of data.
Companies are able to create personalized dashboards for businesses giving them better
satisfaction and user experience over cell phones, tablets and desktops. It is allowing users to
design their own personalized dashboards without having any knowledge of programming.
Customisable data visualisation is helping organisation in data manipulation and interaction in
direct manner (Olah, Mordvintsev. and Schubert, 2017). One of the greatest strengths is that it
brings out actionable insights over surface.
Though there are number of benefits of data visualisation but advancements have two
aspects positive and the negative. There are also significant limitations of visualisation which can
create big problems with their growth of data. Data visualisations tools only represents but do
not give explanations. They can be generated over real time but do not gives explanations. The
companies are drawing insights using same processes. The process of data visualisation is very
slow for market and also expensive for companies. Data visualisation tools requires the user
should be an expert of data and in corporate best practices. Different users even confronted with
similar data visualisations do not come with same conclusions, which depends on prior
experiences and specific level of specialisation and it is creating several problems for companies.
Companies are drawing erroneous conclusions costing company which can put companies at big
risks. Companies are not provided with guidance for interpreting data in correct manner which
3

can lead to incorrect and misleading suggestions to customers (Delen, Moscato and Toma,
2018).
CONCLUSION
Carrying out the above study conclusion can be drawn about Business-intelligence that it
in present time it is having importance in businesses. It is helping out companies to represent
data in visualised form from bulk of information. It is helping companies to deliver customers
values within applications. Data visualisation are flexible as it allows customization, integration,
in single programmable format. It is providing more powerful tools to companies for analysing
data and coming at accurate and decisions. Along with advantages it is also facing drawbacks
like interpretation problems of data extracted. Different conclusions are drawn by users as they
are using informations according to their prior experiences. So business intelligence is playing
vital role in growth of businesses so it is important that companies make effective use business
intelligence.
4

REFERENCES
Books and Journals
Thomas, D.C., 2015. Cultural intelligence. Wiley Encyclopedia of Management. pp.1-3.
Ain, N. and et.al., 2019. Two decades of research on business intelligence system adoption,
utilization and success–A systematic literature review. Decision Support
Systems.p.113113.
Yeoh, W. and Popovič, A., 2016. Extending the understanding of critical success factors for
implementing business intelligence systems. Journal of the Association for Information
Science and Technology.67(1). pp.134-147.
Scott, D.W., 2015. Multivariate density estimation: theory, practice, and visualization. John
Wiley & Sons.
Babelyuk, V.Y. and et.al., 2017. Causal relationships between the parameters of gas discharge
visualization and principal neuroendocrine factors of adaptation. Journal of Physical
Education and Sport.17(2). p.624.
Olah, C., Mordvintsev, A. and Schubert, L., 2017. Feature visualization. Distill.2(11). p.e7.
Delen, D., Moscato, G. and Toma, I.L., 2018, January. The impact of real-time business
intelligence and advanced analytics on the behaviour of business decision makers.
In 2018 International Conference on Information Management and Processing
(ICIMP) (pp. 49-53). IEEE.
Online
Business intelligence. 2013 [ONLINE] Available through: <https://www.guru99.com/business-
intelligence-definition-example.html>
5