The term Business Intelligence (BI) refers to the methods for the presentation, collection, integration and analysis of business information.
The purpose of Business Intelligence is to help the companies in making better decisions. Business Intelligence helps usin many ways including briefing books, report and query tools and executive information systems.
In the current situation companies are in the middle of profound changes, during this times the amount of data available to the companies and rate of producing fresh data is growing rapidly. And as we know the business models and processimprovement methods rely on data and analytics.
Data science is a unique style or method through which knowledge is extracted from large structured or unstructured data sets. The method consists of data cleaning (preparing data for analysis), data analysis and data presentation (presenting findings) to inform high-level decisions in an organization.
We currently live in the time where there is access to artificial intelligence and smart applications and tools, also there is a rapid development happening in the sector of artificial intelligence.
There is a rapid growth in IoT (internet of things) and there has been an evolution for big data analytics which help businesses to make smart and wisely decisions and help them to get over their data and help them to achieve their objective. With the help of IoT growth there has been a growth of edge computing. In recent future Edge Computing will takeover mainstream cloud systems, it helps organizations to store streaming data close to the data sources so that they can be analysed in real-time.
Data services are online services which handles the programming logic for data virtualization in cloud data storage. Data services are useful when organizations needs to store data in more than one places and consumers of the data just need to find ways to analyse the data without bothering about the location of the data.
Data services gives companies more flexibilities on how and where to store data, also it gives companies a choice of location of storage of data with cost efficient, convenient to maintain location where the data is easy to find access.
Business Intelligence Services is a medium which a company uses to analyse its data and deliver the right information to the right people. Business Intelligence services use particular data science tools developed by them to analyse the data.
BI and data science have grown a lot since the past 2 years. 2020 has seen BI tools and strategies being more customised so far and the need for these tools will increase rapidly in coming years. We can say 2020 is a year of collaborative BI and Artificial Intelligence.
Some of the many trends seen in BI and data science are:
In conclusion, now a days,organizations see data and content them under the same umbrella and started to manage them in an integrated manner instead of considering them as separate aspects of information management.
Operational Business Intelligence is booming in the current organizations and it is currently served and uncontested by vendors.
In early trends Business Intelligence vendors were targeting only the top of the pyramid but in the current trend there is a paradigm shift of Business Intelligence vendors to the bottom of the pyramid with an aim of self-service business intelligence.