I like to call data the oil of the 21st century. There is more and more data becoming readily available to businesses, both internally and externally. As a result, business analytics has become a cornerstone for informed decision-making in organizations. Here are trends in the field that are reshaping strategic planning in the business world and how to be part of the big data boom.
Growth of the Business Intelligence Market
The business intelligence market is projected to experience significant growth, with estimates suggesting it will reach $33.3 billion by 2025. Furthermore, expansion of self-service business intelligence (BI) tools now allows users to create reports and dashboards without relying on IT departments. The adoption of BI tools on all levels streamlines the decision-making and allows for more tailored insights. The new BI tools are becoming more user-friendly and accessible to a broader range of users.
What are Self-Service Business Intelligence Tools?
Self-service business intelligence (BI) tools empower users to analyze data, create reports, and build dashboards without requiring technical expertise or IT support. These tools are designed with intuitive interfaces, enabling non-technical users to gain insights and make data-driven decisions independently. As a result, organizations can foster a more agile and data-literate workforce.
These tools include: Tableau, Microsoft Power BI, Qlik Sense, Looker, SAP BusinessObjects, Domo, IBM Cognos Analytics, Sisense
Big Data, Real-Time Data Processing & Cloud-Based Analytics
Big Data allows businesses to explore multiple dimensions of their potential and actual customers. More importantly, this data is readily available in real time, for example, as a customer clicks through the links on our website or through our ads on social media. Businesses are increasingly utilizing advanced analytics tools to process and analyze data as it is generated, which allows for faster response to current market dynamics and trends.
Related to the previous point, substantial amounts of data forces businesses to find fast and reliable analytics solutions, which brings us to cloud computing. The cloud-based business intelligence market is the fastest-growing segment in business intelligence, providing organizations opportunities to access and analyze large datasets without the constraints of traditional on-premises systems.
Predictive and Prescriptive Analytics
Traditional analytic solutions are based on historical data, where the businesses are looking at its readily available data to explain their successes and failures. Organizations are moving beyond descriptive analytics to embrace predictive and prescriptive models.
Predictive analytics forecasts future trends, while prescriptive analytics recommends actions based on those predictions. This natural step allows businesses to proactively capitalize on emerging opportunities.
Data Governance, Security, Ethics, and Literacy
As data becomes crucial to business operations, ensuring its quality, security, and compliance is becoming a top priority. Stable data governance frameworks are essential to manage data integrity and protect against breaches. As analytics tools become more widespread, there is also a growing emphasis on data literacy—the ability to read, understand, and work with data.
Organizations are investing in training programs to enhance data literacy & analytic skills among employees, so that the insights derived from analytics are effectively interpreted and applied.
Integration of AI and Machine Learning
The integration of artificial intelligence and machine learning into business analytics is transforming how organizations interpret data. These technologies facilitate predictive analytics, automate routine tasks, and uncover patterns that may not be apparent through traditional analysis methods. This is also known as augmented analytics. This approach benefits users, regardless of their prior technical expertise, providing them with the ability to interact with data more intuitively.
Earning an MS in Business Analytics
The future of business analytics is characterized by increased accessibility, advanced technologies, and a deeper integration into organizational processes. Implementing top-edge business intelligence and analytics solutions will be essential for businesses aiming to maintain a competitive edge in an increasingly data-driven world.
If you’re curious about the value of an MS in Business Analytics or how it can shape your career, explore our comprehensive MS in Business Analytics guide. Our MS in Business Analytics program is designed for busy professionals ready to lead in the data-driven world.
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In Person Format |
30 Credit Hours |
1-2 Years to Complete |
Discover more about our program and how it can help you take the next step in your career.
