Staying on top of business intelligence tools can be a tricky task; it seems like the minute you finally figure out how to navigate the cloud or use Oracle financial analytics, a new business intelligence tool is released and you’re already left in the dust.
But to be fair, the newest strategies that you see in the news all the time actually fall into one of three categories:
- A fad that really isn’t effective and won’t last more than a few months
- A tried-and-true strategy that continues to be effective, year after year
- A realization that the industry of cloud computing and data warehousing has changed, resulting in a “new and improved” strategy based off an old one
With this in mind, it’s easy to see why you don’t want all of your business intelligence services to be brand-new; instead, many “trends” — like the ones you’ll find below — are strategies based off extensive analysis of the market with the intention of giving you long-term results.
So just how can you start using your business intelligence services more efficiently?
- Use a combination of business intelligence services and analytics — and make sure you find programs that work well together. Unless you find a way to analyze all the data you collect, you’ll just be adding to the 99.5% of big data that floats around unused.
- Keep using social media, and don’t underestimate the power of seemingly mundane data. Tracking how many Facebook “likes” a page gets each week might seem useless at first, but over time you’ll have a large collection of data; this is the kind of information that 54% of businesses today use for analytics.
- Real-time computing programs are more important than ever! At this point, the ability to receive and share data in real-time isn’t so much of a luxury, so it’s something that any standard cloud computing service will automatically provide.
- As data collects, the importance of simplicity increases. Effective business intelligence isn’t the service providing the most tools, but the service providing tools you can actually use. Businesses using analytics typically make decisions five times faster than others without these tools, but too much extra information can slow this process down.
- If you can’t use a specific type of data, someone else definitely can — so don’t get rid of it! Business intelligence is quickly becoming a B2B industry, and you’ll find that you can create some valuable partnerships simply from trading data.
So now we’re turning to our readers for some input — do you agree with these trends? Is there something important we left out? We’d love to hear your thoughts on how business intelligence will develop throughout 2015.