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10 up to date BI terms

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Man of today is an active user of advanced technologies. Every day each of us deals with different technologies that lighten and improve the life: internet, smartphones, messengers, cloud data warehouse, online banking etc. Business also doesn’t stand apart and implements different technologies to optimize its operative activity. It’s difficult to imagine that all these technologies can get along without analytics. In spite of its not always proper and effective usage, the practice necessity is out of questions and doubts. Data is a valuable company resource that deserves attention and analytics the relevance of which continues to grow. Let’s consider 10 key words of business intelligence 2021.

  1. Embedded Analytics – analytical content integration into business process applications. With the help of this decision there appears possibility to get all necessary information. In addition, users work efficiency and ability to solve complex business tasks improves.
  2. Cognitive computing – this is the trend of the last few years, without doubt. Every day «tons» of data are generated, and work with it is overwhelming for human brains. The main ability of this technology is to process a huge amount of structured and unstructured data and transform it into valuable information.
  3. Data accuracy – effective business decisions can be made using accurate data. This is the first and the main rule of the valid business analytics. Understanding it company management begins to focus more on an organization of the effective data management process. For example, COVID-19 situation has shocked the whole world and affirmed the importance of accurate data ownership. All people wanted to know the truth concerning number of infected, vaccinated, mortality etc.
  4. Decision intelligence – new and important discipline of artificial intelligence age that is oriented to transform information into the best practical solution. This discipline is a complex of data science, social sciences, decision science and management science. Using decision intelligence organizations can improve their operative activity, literacy, project management effectiveness, strategy management and decision-making procedure.
  5. Predictive analytics – is indispensable business tool. Advanced analytics technologies give an ability to forecast event and decisions results that help to prevent risks or mitigate effects. This tool promote business to reach new level.
  6. X-Analytics – not always data analytics relates to numbers. Analyzed business data can be in different types: text, video, audio etc. To gain competitive advantage it is necessary to analyze such data too. X-Analytics sense is to make different type analytics of structured and unstructured data (video analytics, text analytics, audio analytics etc.).
  7. Mobile Analytics – the growth of mobiles usage has instigated appearing of mobile analytics necessity. Mobile decisions implementation and usage in business give many benefits specifically data access in any time and in any location. Also, mobile analytics allows companies to get access to data in real-time mood in any place.
  8. Augmented data management – the task №1 is to provide data security and quality for real-time analytics. But it is quite difficult to make. In this case augmented data management helps to realize it. Gartner’s and Deloitte’s reports affirm this trend and accent benefits that could be achieved by artificial intelligence and data management combining.
  9. Prescriptive analytics – users’ prescribing all possible actions that they have to perform. The main task is to help specialists to choose the correct predictive model for the best decision achievement.
  10. Collaborative BI – is the combination of social media and other advanced technologies with online business analytics. It serves as a powerful tool for business to make rapid and effective decisions.
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