Traditionally, big corporations such as SAP and Oracle have been the ones to look out for when it comes to advances in business intelligence (BI) technology. These days it is all about the kids though, with some of the newer companies in the industry offering the latest developments of BI software products.
Recent developments from companies such as Salesforce, Revel Systems and Tableau have included an Analytics Cloud system, real time data reporting and mobile POS solutions. Whatever it may be, it’s clear that monolithic systems are becoming outdated, with fresh, more agile BI tools sweeping the industry. With this in mind, we’ve considered three new BI trends that could prove a big hit for your business.
The numerous and seemingly ever-growing number of social media platforms has resulted in businesses being able to connect with consumers in new ways. Sharing reviews and commenting on business Facebook pages or Twitter has allowed customers to become engaged with the products and services that they are buying. This in turn offers you a huge opportunity to get fast, accurate feedback on how you’re performing.
By assessing the big data sources you can easily understand more about your customers and their preferences. This ‘social business intelligence’ software is a becoming a critical tool, providing the opportunity to tie together social networking, monitoring and analytics into one dashboard interface.
The key to making this successful is to be agile and proactive, which will help you to engage better with your customers and improve conversion rates and ultimately ROI.
The business world is now all about the here and now, which means the software we use needs to produce real time figures. Smart analytics tools can do this, using old data to deliver new opportunities and insights.
Cox Communications are a company who have done this impressively recently. The US cable entertainment and broadband provider used predictive analytics to highlight key business drivers for growth before assessing which customers to target with new offers. The technology to forecast trends is now with us and it will be more widely used in the short term future, offering an invaluable boost to businesses.
One of the recent trends over the last few months has been the concern over increased threat intelligence, with IBM and Microsoft both introducing new threat analytics tools in the cloud. The technology allows users to view a top-down assessment of where threats are coming from, with an easy-to-use platform.
It’s incredibly important to be thinking ahead when it comes to technology that improves the reliability of your business. You can’t afford to be resting on your laurels; otherwise competitors will get the edge on you. It’s also imperative to analyse where your business is vulnerable, and with 76% of malicious attacks now coming from compromised user credentials, you need to make sure you stay on top of all angles. BI threat analytics tools will make you better prepared for attacks when they do come, helping you to remove the blind spots.
So there you have it, three of the latest BI trends to not only be aware of but to actively pursue if you want to keep pace with the industry and improve your business.
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