Data is everywhere. But is it healthy for your business? Businesses are throwing data at an unstoppable rate in the form of customer information, transaction details, product, supply chain management, finance etc. But what is the need for these data? Where they are getting used?
Well, The true answer is- for making these businesses smarter. As today’s market has become consumer-centric where consumers’ perform a complete background study before buying any services or products. Organisations are leveraging the data collected from various sources such as social media, customers, feedback, survey etc., to enhance their service quality. Accumulating this data with advanced technologies like machine learning, AI models, big data etc., to achieve the required result is the main motive of the organisation. Let’s explore top five data-driven BI trends to boost your business productivity:
1). Machine Learning: A powerful step towards the innovation
Whether it is the prediction made for the ups or downs in stock prices or the customer behaviour analysed for the recommendation- machine learning is everywhere. In a real-world application, businesses are adopting this technology at a very higher ratio as its market is predicted to reach 8.81 billion USD by 2022. Various sectors are using ML technology to streamline their business operations by recognising the real-time anomalies, critical decision making, providing personalised experience etc. And, these quality results are the outcome of the collected insights from the ML data models.
The demand for bots you are hiring for customer support or visitors interaction has also increased drastically in the past 2-3 years. Its overall market is chasing the businesses with CAGR of 27 percent estimated to touch 994 million USD by the end of 2024. CPUs are replaced by the GPUs to support execution of the advanced and complex machine learning models, which now demand more advanced infrastructure through the cloud. Big giants like Google, Amazon, Microsoft are already working hard to fulfil this increased demand for infrastructure and security. Going through the Software Development Course will be very helpful to boost your career growth. Well, software development is in trends these days. Everyone wants their website and application after the introduction of cloud computing.
2). Internet of Things: A complete automation achieved
The technology which has influenced the man-to-machine and machine-to-machine interaction is now getting popular among various sectors. Industries including manufacturing, healthcare to supply and distribution are leveraging the use of sensors, actuators and many more smart devices to collect and acknowledge data in real-time. The introduction of fog and edge computing like technologies which allows organisations to analyse and eliminate data at the network node has added five stars in this technology. With them now it has become easy to provide valuable insights through real-time data analysis at the network node and raw data elimination saves extra storage it demands as well.
Healthcare sector warmly welcomes the Internet-of-Medical-Things (IoMT) in their premises where it is currently being used in the wearables, Telehealth and Chronic Disease Management, fitness devices etc. While Industries are already including this technology for asset monitoring and tracking, logistics, process optimization like tasks.
There will be more than 30 billion devices connected over the internet with the market growing at the CAGR of 26.9 percent. Its overall market will grow up to 561.04 billion USD by 2022. You will get to see its impact in almost all the sectors leveraging
3). Big Data Analytics: who will win this match?
A full proof big data analytics outcome was observed when Germany wins the FIFA world championship. It was revealed that the SAP HANA and big data analytics assist the whole team by providing useful insights by analysing historical and real-time data collected from the videos and other resources. These insights were used for making effective strategies to beat the opponent on the field- This is what we called the importance of the data. Various frameworks like Hadoop, Spark, Hive etc., used for analysing the data. Explore these technologies through video tutorials, real-world examples, blogs etc., through the internet.
Big data is already used among healthcare, avionics, education, online businesses, marketing, healthcare etc., with its powerful impact in decision-making, prediction modelling, sentiment analysis etc. Its market will grow up to 118.52 billion USD by 2022.
4). Cloud Computing: I have got a virtual storage.
The term cloud computing is buzz these days. Almost 80 percent of the organisations have already migrated their business over the cloud. From a simple storage service to the vast infrastructure including vCPUs, network etc.,- everything is easily accessible under your fingertip. Just choose your vendor and start exploring these on-demand services. The improved infrastructure results in the introduction of the advanced platform for developing modern applications like chatbots, virtual assistant, real-time application etc. Its overall market is projected to reach 159.28 billion USD by 2020.
Either you are looking for a platform to deploy your web code or you are planning to strengthen your network firewall, cloud computing is the best option. The recent advancement has taken cloud computing to another level breaking the limits for the innovations.
In the traditional computing environment, it was very challenging to develop applications like automated chatbots as they require significant time, cost and thousands of line of codes. But, now things are changed. Amazing platforms available accessible over the cloud are suitable enough to push their APIs and required data sets for its easy implementation. And the best part is- you will only pay for what you used.
The incredible tools available over the cloud are very helpful for processing a huge amount of raw information emerging from the organisations. In result, available CRM tools with integrated telephony, social media marketing, support etc., like features use the valuable insights to get visitors trust and convert them into qualified leads. In upcoming years, as most of the organisations have understood the value of these technologies, they all are getting smart with this flow. Even small business owners are implementing big data, pattern analysis, recommendation engines, chatbots like services on their platform.
5). Mobile Trends:
The business environment these days are at fast-paced, so the decision makers demands for accessing the essential information anywhere, anytime.
As a result, it becomes easier with the involvement of increased BI’s accessibility. It improves the ability of smartphones, by allowing more comprehensive information to analyzed using a smartphone. It will lead to the advent of Mobile Business Intelligence.
If you see the past few years, you’ll notice that the businesses which are using Mobile BI have increased widely. Getting forward to the Statista report, app development market will touch 188.9 billion USD by 2020 through app advertisements and stores.
Aberdeen Group has stated that the enterprises which are using the “Mobile Business Intelligence” have 68% more possibility to receive data on time, compared with companies not implemented BI.
So, you can understand that in this cutthroat business environment, the companies using mobile BI are considerable in a better position. Moreover, by implementing the data-driven decision making also increase the chance of staying ahead in the competition.
These trending technologies are transforming modern businesses taking them to one next level. One fine day- automation will control almost every business steps you take. Machines will handle all business operations either in the form of robots or algorithms to accomplish their task- from attracting visitors to perform advanced surgery in the hospitals. The only thing remains till yet are human emotions.
