The world of business intelligence is maturing and early years of turbulant time is over. This progress is witnessed with increased importance seen from companies to drive their BI initiative from a business point of view rather than technology driven. Additionally, we have seen steady progress in the development of standards, models, and frameworks in the last few years.
Gartner, American information technology research and advisory firm, has made four predictions on future of BI and BA. Important part of this prediction is that BI and BA will remain top focus for companies through 2017.
Gartner Predictions on Business Intelligence and Analytics
IT driven to Business user driven BI
By 2015, companies will move their IT authored reporting system to business user driven analysis solution. While IT authored, system-of-record reporting will not disappear, it will become a smaller proportion of overall analytics use.
Producing and harvesting more data
By 2017, companies will strive to build BI solutions with more data intensive. Data will be collected from physical assets and other event sources, the market will expand for flexible, multipurpose sensors for temperature, humidity, vibration, pressure, sound, light/color, electrical or other utility flows, motion, facial expressions, voice inflection, health monitoring and other systems.
Domain specific analytic applications
With more emphasis on business needs, technology vendors need to augment their software to give more business centric solutions. By 2017, Gartner expects that analytic applications offered by software vendors will be indistinguishable from analytic applications offered by service providers.
Spending on Big data to grow
There is a lot of confusion about benefits and possibilities of big data technologies. There are very few companies that successfully made their investment to give some results in their production system. Gartner predicts that until 2016, big data confusion will constrain spending on BI and analytics software to single-digit growth.
How good are these precitions?
Has this prediction is seen in some of the organization that are early adopters of BI technologies? The answer is yes, we have already seen many of the companies or industries that are poineers in the use of business intelligence and business analytic technology adoptation.
Business driven Business analyitcs
Many organisations today prepare a business case in advance in order to assess whether the payback period of data warehouses and Business Intelligence applications is in line with current economic and business standards. Business Intelligence becomes increasingly business-driven and permeates through the organisation more easily.
In the recent past, it was all about snazzy reporting tools with all sorts of ‘bells and whistles’, performance, technical debates about the most suitable data modelling method and advanced drill-down possibilities. These ‘toys’ diverted our attention from the real purpose of Business Intelligence, namely creating a truly intelligent organisation. Fortunately, today we see that Business Intelligence is increasingly driven by the business and that the attention shifts to the behavioural side.
Focus on BI governance
BI governance is about defining and implementing an infrastructure that will support enterprise goals. That infrastructure includes the hardware, software, staffing, and strategy needed to glean intelligence from data. Many organizations see the importance of solid governance for their BI implementation. Top executives see BI initiative as part of their key strategic plans.
Integration of data, application, and processes
Unlike in the past where data integration process, applications, and processes are all isolated part of the organization, we will see more closer link among these technologies. Some examples include that few suppliers of ETL tools also offer various EAI possibilities.
Knowledge management to be part of Business intelligence
KM is slowly being integrated into Business Intelligence. With increased focus on BI, focus on KM is diminishing.
Knowledge management (KM) is the process of capturing, developing, sharing, and effectively using organisational knowledge. It refers to a multi-disciplined approach to achieving organisational objectives by making the best use of knowledge. Whereas KM takes knowledge as its starting point, BI takes the signals and data that underpins information and knowledge as its starting point. The better we set up the registration of data, the more likely it is that we create and discover the information and knowledge we require (using BI). It is then no longer necessary to rely solely on the existing knowledge of (our) people because that same knowledge also exists – although still hidden – in the data sets belonging to the registration systems. Therefore, we see that the area of attention of KM shifts because we need to focus less on existing knowledge within the organisation. Instead, in order to maintain distinctive quality, we increasingly need to focus on creating new knowledge and thus on innovation processes.
While many of these predictions above will inevitably lead to different prognoses, there’s one aspect on which BI analysts, experts, and fortunetellers seem to be unanimous. That is, 2014 and beyond will see substantial market growth with more companies continue spend on their BI and BA solutions. As per MarketsandMarkets, market research and consulting company, BI & BA market to grow from $13.9 billion in 2013 to $20.8 billion by 2018 !!