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Business Intelligence - Outperform Data Scientists

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In the past, companies relied heavily on data science. They utilized data science, as well as analytics, in order to get the insight that they needed to make operational decisions. The main problem was that this required constructing data centres and hiring IT experts, all of which are expensive. It is a good thing for them that, with time, analytics systems have become more affordable. What about nowadays? Organisations turn to business intelligence tools when they need commercial information.
 
Business intelligence, or BI, can be defined as the set of strategies and technologies used for data analysis. Is there any distinction between business intelligence and data science? In fact, there is. The key difference lies in the roles that they play. While BI is all about past data, data scientists use the info so as to predict the future. Nonetheless, attention needs to be paid to the fact that business intelligence answers important questions, such as what preferences clients have.
 
It is expected that business intelligence will outperform data science. Experts, such as Gartner Inc., claim that business intelligence tools will be much more effective. In other words, they will offer more reliable amounts of information. Knowing for sure what the future will hold is impossible. The only thing that we know for sure is that those companies who adopt business intelligence derive maximum benefits. Is it a good idea to follow in their footsteps? That is a question that entrepreneurs have to answer themselves.  
 
Business intelligence trends in 2018
 
It is not possible to predict when exactly business intelligence will beat data scientists. What is possible, on the other hand, is to talk about the trends that will make a significant impact in 2018. Here is a succinct list of the most important business intelligence trends in the market.
 
1.     Artificial intelligence
Business intelligence and artificial intelligence represent distinct disciplines. Many are of the opinion that artificial intelligence is the new BI. The matter of the fact is that AI can be used in such a way so as to drive business growth. As business intelligence systems continue to evolve, they can incorporate prescriptive analytics and even automation. What artificial intelligence does is transform huge amounts of information into insights at scale, thus being of great help for businesses that are looking to find company information. Owing to machine learning, it is possible to get hold of relevant insights within a matter of seconds.
 
2.     The cloud
Those who have not been living under a rock  certainly know what the cloud is. Simply put, the cloud is the data that is stored onto somebody else’s server. At present, business intelligence applications are hosted on the Internet. The reason for this is that the cloud is a lot safer. There is no need to worry about things like losing information or lack of access to data. Cloud solutions help people work smarter in the sense that they are able to leverage data without resorting to hardware components or implementing an additional infrastructure. While in the past it was normal for applications to run on physical hardware components, such as computers, this is not the case anymore.
 
3.     Natural language processing
By natural language processing, it is understood the analysis of natural language, as well as speech. How can this be useful when it comes to BI? Well, this type of artificial intelligence can be used in order to enhance the capability of business intelligence tools. Just like Google’s algorithm make associations between words and phrases, so does the natural language processing system. Clients receive precise information, not to mention that the way in which they interact with the BI tools. The result is that the data is available to a wider audience, which is a good thing.
 
Common reasons for using business intelligence tools
 
In the process of decision making, a great many companies use business intelligence tools. Needless to say, each of them has their own reasons for doing so. It is not hard to understand why more and more businesses resort to BI tools. As mentioned before, these companies derive maximum benefits and they are successful in their chosen fields of activity. But what benefits are we talking about?
 
The main reason for adopting business intelligence is cost reduction. Let’s take an example. A company wants to launch a marketing campaign. The only thing is that the marketing department lacks important details, like data regarding company location, number of employees or industry. Thanks to BI, the company can easily obtain these details and create a targeted marketing campaign.
 
Another reason for using business intelligence tools is increasing operational efficiency. When employees are provided access to the information that they need, they are able to get their tasks done and, most importantly, be efficient. The thing is that workers don’t spend a great amount of time accomplishing the tasks that they were given. On the contrary, they work so as to achieve maximum potential. It is normal for things to be that way.
 
The last reason why BI is so popular is that it helps businesses make better decisions overall. The results provided by specialized tools are as insightful as they are precise. What is more, in today’s digital world, it is hard to make sense of anything without data. The present age is called the Information Age for a reason. Obtaining huge chunks of information should actually be the goal of any organisation, that is, if they want to save time, money, and resources.
 
The bottom line is that it is important to take note of the emergence of business intelligence. Whether or not it will surpass data scientists, only time will tell. Until then, however, organisations can uncover the information that they need in what way they see fit. Gathering raw data is ultimately their problem. Finding the right data management solution may not be easy, but neither is it beyond the bounds of possibility. Both data science and business intelligence bring about considerable benefits, so that is that.


Latest Activity: Feb 07, 2018 at 6:58 AM


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