The idea of business intelligence originally referenced banks that relied on information to make business decisions. Business intelligence has evolved, however, hand-in-hand with technology and is now a must have decision-making tool for all business owners, not just bankers.
The following three trends reflect the latest innovations in the field of business intelligence:
Visual Data
Visual data refers to the concept of presenting information in a more easily accessible and comprehensible manner. Instead of reviewing data logs, number charts, or written reports, visual data allows you to get an accurate idea of the current state of your business with visual representations such as pie charts, flow charts, or other types of graphics. Visual data is also easier to share, as even “non-experts” can analyze it, and facilitates communication with ease-of-use.
Cloud Computing
Cloud computing relies on a central server to make information available to a network. A cloud-computing platform can be used to store data as well as run applications; this is important in a business because it allows multiple devices from multiple locations to access the data. Now, instead of being stuck at a desk with a wire plugged into the wall, information is available anywhere with an internet connection. Cloud computing is making businesses easier to run by offering a convenient way to access and retrieve information, encouraging collaboration and the sharing of materials, and improving customer service, among other advances.
Mobile Computing
Smart phones, laptops, tablets, and other portable ways to access information is making communication easier than ever. Things like texting also make communication less intrusive – need someone to see something more quickly than they’d see an email but that isn’t important enough to warrant a phone call? Send them a text message. Being able to review business intelligence information on a mobile device allows for greater flexibility, more efficient collaboration, and faster responses. (Note that being mobile doesn’t necessarily go hand-in-hand with cloud computing; some businesses may offer secure log-ins to their onsite servers from mobile devices rather than having their information in the cloud.)
These three trends are a reflection of the changes taking place in today’s business world. If you don’t keep up with business intelligence tools, your workplace will be less connected and less flexible, giving your competitors an advantage.
In order to learn more about business intelligence tools and to stay ahead of your competition by implementing some, contact Oates & Company today.
