According to a recent research conducted on 2800 professionals by Business Application Research Center (BARC), an analyst and consulting firm few top Business Intelligence trends came into existence.
It said that there are no significant changes in the BI trends as compared to this year. This clearly indicates that no major disruptions in the market or market shifts are going to affect this sector.
Trends that influenced the market in 2016
With the rising advancement and disruptions in the IT sector, a few trends were spotted that created a direct impact on strategies, operations, and investments in growing enterprises. They are Consumerization, Digitalization, Agility, Cloud, Security, Analytics, Mobile and AI.
These trends seemed to drive the rising demand for data management, business intelligence, and BI analytics. And, the changes in these meta-trends would pave a new way for the upcoming trends in 2017.
Top 3 trends in 2017
An article published in the EconoTimes says that the BI Market is expected to witness 8.4% CAGR between 2016 and 2021 around the globe.
According to a report published by Zion Research, the global business intelligence market stacked its accounts with $16.33 billion in 2015 and is expected to grow by 8.4% in 2021 increasing the amount to $26.50 billion, globally.
There are 21 new trends waiting in a row to be implemented in 2017. The top 3 trends are as follows:
- Data discovery and visualization
- Self-service BI
- Data quality enhancement and master data management
However, ‘data as a product’, ‘data labs and data science’ and ‘cloud BI’ have become the trends with very less significance.
The year 2016 witnessed the implementation of BI majorly in the finance department and then in management and sales. There was a minor variation in their usage in the past 3 years.
However, there was a noticeable surge in BI usage in operations and productions department that increased in 8 years, from 20% in 2008 to 53% in 2016. This hike in demand for BI usage is expected to grow continuously till 2021.
What are Business Intelligence tools?
Business intelligence analytics is a very complicated chapter, and as we know till now that BI is going to be at the peak of demand in the upcoming years, BI analytics will be a matter of major concern.
Looking at the rising demand for implementation of BI into different sectors, many vendors have come forward.
Leading top bi tools vendors such as Microsoft, IBM, SAP, SAS, Qlik Technologies, Jaspersoft, AWS, Tibco and so on have come up with affordable BI products.
Hence, this article makes it easy to choose which BI tool will suit the requirements of your organization.
Let us have a look:
Microsoft BI Platform: This Business Intelligence tool provides multiple services like Analysis, Master Data Services, Integration Services, Reporting Services and multiple client applications that are used to create and manage analytical data.
This tool gives you the flexibility to install analysis and reporting services as standalone servers, shared service applications or in scale-out configurations in a SharePoint environment.
Oracle: Oracle presents three Business Intelligence tools, namely, Oracle BI, Oracle Enterprise BI Server, and Oracle Hyperion System.
Oracle BI is a collection of enterprise BI functionality which provides a fully fledged range of BI capabilities which includes full ad hoc, dashboards, ardent intelligence and alerts, and so on.
The Enterprise BI server comes with the capabilities of Oracle BI tool with additional features such as enterprise and financial reporting, business process invocation, search and collaboration, mobile, integrated systems management, and so on.
You must go for this tool if you have low ownership budget and want the highest return on investment as it blends with an organization’s IT infrastructure with a very low cost.
Oracle acquired Hyperion System to bring up a highly efficient software that has magnificent intelligence capabilities to deal with enterprise performance management.
AWS: There would hardly be anyone in the market who is unaware of cloud infrastructure services of AWS. It has recently launched a cloud-based business intelligence tool, QuickSight.
This tool enables the user to connect data in prevailing repositories or upload new data to AWS. It also helps in making data ready for analysis and prepares reports.
It was used by 1500 AWS customers during the preview and so far, it has brought a revenue of about $3.2 billion in the third quarter.
SAP: SAP brings an array of predictive analytics tool which gives the users the parameters to predict new developments, proactively decide future trends and brace themselves for challenges in the future.
It has launched three BI analytics tools, namely, SAP Business Intelligence, SAP Business Objects, SAP NetWeaver BW.
Pentaho: This smart business intelligence tool, Pentaho simplifies the process of creating and integrating any data and unleashes an organization’s ability to extract value from all the data.
Pentaho has a very flexible and open architecture to ensure that each member of the team can translate data into value with ease.
IBM: IBM’s Cognos Intelligence helps the user to combat the disturbances arising due to multiple platforms, information silos and excessive usage of spreadsheets.
It eases the process of analyzing business data and recommending suggestions to improve performances.
It helps the user to explore information from different perspectives and compare it with continuously changing data and gain a proper insight into the business.
SAS: Initially, SAS proved to be another great market leader in the predictive analysis after Oracle and SAP, and now its business intelligence capabilities are worth appreciation.
It gained popularity because of its well-integrated platform that provides scalability, customization, amazing data integration and much more, and thus, it is an undoubtedly one-stop solution to any BI queries.
According to Forrester, SAS visual analytics was ranked eighth in the number of BI queries and about 14% of customers depend upon SAS for their BI needs.
Tableau: This business intelligence tool has an exclusive feature that can implement data visualization best practices and help its customers select the appropriate visualization in accordance with the data and analysis they are performing.
However, for analysis using advanced visualization integrated with statistical modeling, TIBCO Spotfire, and SAS will stand at the top.
Jaspersoft: After predictive analysis, when it comes to interactive analysis of end users, Jaspersoft BI Suite stands as an apt choice.
Casual users can simply change a report’s filter settings to view a different face of data. Data analysts can use it to write powerful multi-faceted expressions.
Qlik Technologies: Presenting the QlikView Business Discovery platform that brings up an experience of using true self-service business intelligence tools.
It empowers its users by driving innovative business decision-making by enabling them to develop, maintain, re-engineer and enhance robust services. The user can understand all the data in the business bucket and create highly sustainable reporting solutions.
A business Intelligence tool is a ticket to achieve great business. When used efficiently, they can provide spectacular results in no time.