The Evolution of Business Intelligence in 2008: Trends and Developments to Watch Out For
Business intelligence (BI) has revolutionized the way businesses make their data-driven decisions. It uses technologies, processes, and applications to transform raw data into meaningful insights. However, the BI landscape has had its share of challenges and trends over the years. In this article, we’ll take a look at the evolution of BI in 2008, its trends, and developments to watch out for.
What is Business Intelligence?
Business intelligence (BI) refers to the process of analyzing data to gain insights and make informed business decisions. Its purpose is to provide reports, dashboards, and data visualizations that highlight trends, patterns, and anomalies that would be hard to detect by human analysis. BI tools and techniques cover data mining, predictive analytics, statistical analysis, and data visualization.
The Evolution of BI in 2008
In 2008, business intelligence was in its early stages. Most companies were using traditional BI tools like spreadsheets, OLAP cubes, and enterprise data warehouses. However, these tools were often cumbersome, requiring specialized IT skills to set up and manage. Moreover, the data was often stale, not real-time, and required manual processing.
The emergence of cloud computing and big data analytics changed the BI landscape. Cloud-based BI tools such as Amazon Redshift and Google BigQuery allowed companies to store and process massive amounts of data at a lower cost. In contrast, big data analytics allowed companies to analyze data from diverse sources, including social media and the Internet of Things (IoT). These trends resulted in the democratization of BI, making it accessible to anyone who needs it, not just IT professionals.
Trends and Developments to Watch Out For in 2021
Since 2008, BI has continued to evolve, and several trends and developments are worth watching out for in 2021. These include:
AI and Machine Learning
The rise of AI and machine learning has transformed the BI landscape. AI tools can now automate tasks such as data preparation, cleaning, and modeling. Moreover, machine learning algorithms can help identify patterns and relationships in data that would be hard to detect by humans. As such, businesses can use AI-powered BI tools to gain deeper insights into their data and make better decisions.
Embedded BI
Embedded BI refers to the integration of BI tools and dashboards into other business applications like CRM and ERP systems. With embedded BI, users can access real-time data insights without leaving the application they are working on. This trend is becoming increasingly popular, especially in SaaS and cloud-based systems.
Conversational BI
Conversational BI refers to the use of natural language processing (NLP) and chatbots to interact with BI systems. Users can ask questions in plain English, and the system responds with data visualizations and insights. Conversational BI is a game-changer, making BI more accessible and easier to use for non-technical users.
Conclusion
In conclusion, the evolution of business intelligence in 2008 marked a significant turning point in the BI landscape. Since then, BI has continued to evolve, and several trends, including AI and machine learning, embedded BI, and conversational BI, are worth watching out for in 2021. However, for businesses to capitalize on these trends, they need to invest in modern cloud-based BI tools that are accessible, scalable, and easy to use.
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