Business Intelligence (BI) is much more than just a buzzword! But, is the hype worth the required attention? Various BI tools are making sensations in today’s marketplace and we’re likely to experience something better than mere business-driven data.
With the increasing e-commerce and customer-centric industries, it’s the race of acquiring more customers ultimately fetching more business. While numerous vendors are already working towards the increased integration of BI tools for better business analysis tapping greater possibilities for attaining and maintaining customers for long!
How does Business Intelligence help in reducing spend?
Every business today aims to integrate business intelligence and analytics solutions, the question is how is it useful? And does it solve the purpose? For instance, an advertising company spending heaps on the marketing budget to acquire new customers may someday reduce the spend allowance once the outcomes do not match the desired ones. While the situation could be saved if the there are instant actions on the exact things which need fixing. With the help of Bi analytics tools, a user will be able to access the necessary systems and make required changes as and when required. This can be done through the functions of third-party systems integrated into your BI tool, offering you a full-service platform.
Is BI the potential technology to rule the future?
Apart from the above-mentioned analytics benefits, Business Intelligence software users will be able to access data analytics without opening the program. Auto SMS alerts and emails with specific updates will be sent to the connected users in case of changes in the data. It is expected that this technology will evolve into AI-powered chatbots. Native language will be able to provide direct answers to user’s BI queries. Another revolutionary trend is Machine Learning, having a fair potential expected to take off in the business intelligence software industry in the near future.
BI is an absolute self-service but is security a loophole?
Having Business Intelligence integrated doesn’t always mean a central data warehouse which can only be accessed by the IT experts having no possible connection with a layman language or access rights. The later scenario will have no similarities with the current one as with the advent of BI tools, companies will improve their agility by increasing user independence from IT departments specifically to access the derived data affecting customer acquisition and hampering the required actions. As per a recent Gartner report, citizen data scientist will surpass data scientist in the amount of advanced analytics produced by 2019. Citizen data scientists will soon be able to conduct applicable tasks as assigned.
In terms of security, it is imperative to keep a check on the assigned users which are allowed to peep in the program and make changes as assigning access to the ones who should not have the same could be a threat to not just the system but, also the entire business strategies going forward.
As technology is reaching heights and the no business runs without it, get your business the latest integrations along with a custom AI development solution ensuring multiplied business success rates.