Analyzes on firm’s internal processes and business environment are the driving engine in modern companies. This is moneywise evident in the large-scale investments that the big firms are still making to build new business intelligence tools. If the current growth continues, Gartner estimates that the total value of business intelligence business over triples by 2020 (current size estimated at 57 billion USD).
“Gartner proposes that in near future simulation based models are required to make more sophisticated predictions…”
The fastest growing subclass in business intelligence is data discovery or more generally large data analysis tools. These tools give an opportunity to describe and understand what the data implies. The current trend is that these tools are developing towards more visualized and illustrative ways to present the datasets.
Predicting the future means looking forwards – This is also the future of business intelligence according to Gartner. The article identifies that the next breakthrough in business intelligence is predictive analytics, which will increase the accuracy of predictions. Currently used methods such as extrapolation enables predictions to certain accuracy, but Gartner proposes that in near future simulation based models are required to make more sophisticated predictions. Gartner foresees that having an efficient way to utilize big data in predictions and then building decision-making on them is a critical component in building foundations for firm’s sustained competitive advantage in the future.
It’s hard not to agree.
Read the full article HERE.