The Future of Business Intelligence, New and Improved
What has been happening so far?
Over the last few years, new trends have emerged that have had an enormous influence on how organisations operate, interact, communicate, collaborate and protect themselves. In regards to business intelligence solutions, our understanding was that it is a technologically based method of getting data in a presentable format that can help make the best decisions for an organisation. Business intelligence has served as an accurate and constructive tool for organisations and has been a vital element in all industries’ growth so far.
As we take stock of the progress that has been made over the past five years, we see that companies are placing big bets on data and analytics. But adapting to an era of more data-driven decision making has not always proven to be a simple proposition for people or organisations.
In the near future of Business Intelligence
The tools of business intelligence itself is taking major leaps forward — and the next generation of technologies promises to be even more disruptive.
With the year 2018 almost at its end, we have witnessed quite a few advancements in business intelligence data, however, the future promises much more.
Since the rapid growth in the technology sector over the decade, it is no surprise that the technology-based method of data extraction would catch up to provide us with a better and efficient way of analysing data.
What we are expecting in the near future of business intelligence, are self-servicing business intelligence tools that are no longer dependant on the IT or tech person to operate. This form of user independence immediately increases the efficiency making it much faster and accessible. These advancements will allow much more organisation’s personnel to access the tools, through selected permission, allowing them to monitor and respond to the situation more precisely.
In the future of business intelligence there are even talks of getting augmented and automated analysis through technology to provide actionable answers by the year 2020, never before in business intelligence was this considered, as it was only designed as a tool to get data to impact on the decisions. However, now we are looking at the possibility of getting recommended and calculated answers directly.
The Future looks bright
Business intelligence provides organisations with power. The power of knowledge. This accumulates many benefits that can transform the way you do business forever. Enhanced business intelligence capabilities can bring business insights and boost company growth and revenue.
According to McKinsey’s Global Institute, organisations now have troves of raw data combined with powerful and sophisticated analytics tools to gain insights that can improve operational performance and create new market opportunities. Most profoundly, their decisions no longer have to be made in the dark or based on gut instinct; they can be based on evidence, experiments, and more accurate forecasts.
Examples of the Populous World XBRL platform
The Populous World BI platform offers business intelligence solutions, and provides an easier understanding of data visualisation. With the platform, users and investors can access reports, which compresses weighty statistics into digestible information.
The Populous World XBRL platform can formulate industry specific reports which includes:
1. Report based on a specific type of business
2. Industry trend from prior years
3. Tree map comparison and other visual displays of statistical data including mean and median sales, receivables and payable
4. Top 3 largest charges provider of a certain industry
5. Heat map of the largest and most players of a particular sector are located
6. Linkage to census data to the heat map to show areas where the players are most concentrated along with the description of the areas
In addition, the powerful tools of business intelligence enables users and investors to gain valuable insight from high-performance data analysis. Answers are now available in seconds, rather than hours or days.
Lou Chan, Populous World.
The Populous World platform provides data sets and analysis tools in a cost-effective way, so that businesses of all magnitudes can access the vast array of publicly available data and present it in an easily digestible format to efficiently make decisions that will drive their business forward.
