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What are the current trends and challenges in BI?

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Business intelligence (BI) is the process of collecting, analyzing, and presenting data to support decision making in various domains. BI can help you gain insights, identify opportunities, and improve performance in your organization. However, BI also faces some challenges and trends that you need to be aware of. In this article, we will explore some of the current issues and developments in BI and how you can leverage them for your benefit.

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Amit Shivpuja

Director of Data Product, Governance, & Strategy - Walmart | Strategy, Data, Business Intelligence, Analytics
Mohamed Harshad Haroon

Conscientious and disciplined person, thorough, and accurate in work. Take pride in an exacting approach and delivering…
Joey Lin CA CFA ACMA

Commercial CFO | M&A | Transformation | Top Linkedin Voice |

1 BI Challenges

One of the main challenges of BI is data quality and integration. Data comes from various sources, such as internal systems, external vendors, social media, or sensors. To ensure that your BI reports and dashboards are accurate and reliable, you need to cleanse, validate, and consolidate your data. This can be a complex and time-consuming task, especially if you have large volumes of data or different formats and standards. You also need to ensure that your data is secure and compliant with regulations and policies.

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Joey Lin CA CFA ACMA

Commercial CFO | M&A | Transformation | Top Linkedin Voice |
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"The sheer volume of data out there can be overwhelming, but here's the secret sauce: raw data is like a lump of clay – it's what you sculpt out of it that counts! The real treasure lies in the insights we extract. So, it's all about having clean, valid, and accurate data as the bedrock. After all, you can't build a castle on a shaky foundation, can you?

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2 BI Trends

Staying up-to-date with BI requires an understanding of the emerging trends and technologies that are transforming the field. Self-service BI, for example, allows users to access, analyze, and visualize data without relying on IT or data experts. Additionally, cloud BI offers advantages like lower costs, faster deployment, greater scalability, and easier collaboration. AI and ML are also playing a key role in BI, allowing systems to learn from data and automate tasks. These technologies can be used for natural language processing, sentiment analysis, anomaly detection, forecasting, and optimization.

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Amit Shivpuja

Director of Data Product, Governance, & Strategy - Walmart | Strategy, Data, Business Intelligence, Analytics
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I agree with many of the recommendations above. The primary trend is that organizations are taking a more strategic perspective to data and NOT just a tactical view of generating insights. So like the above mentioned self-serve companies have realized and are investing time and effort on governing datasets such that data can be built once and enabled multiple times.

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3 BI Benefits

By following the current trends and overcoming the challenges of BI, you can reap many benefits for your organization. These include improved decision making, increased efficiency, and enhanced customer satisfaction. BI can help you make informed and data-driven decisions that align with your goals and strategies. Additionally, it can streamline processes, reduce waste, optimize resources, automate tasks, eliminate errors, improve quality and productivity, understand customers better, anticipate their needs, segment customers, analyze their behavior, and personalize communication and offers.

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4 BI Best Practices

To make the most of your BI initiatives, you need to follow some best practices that can ensure your success. Before you start any BI project, you need to have a clear vision of what you want to achieve and how you will measure it. Align your BI objectives with your business goals and strategies, and define the key metrics that will indicate your performance and progress. Depending on your needs and resources, select the best BI tools and platforms that can support your data collection, analysis, and presentation. Consider factors such as functionality, usability, compatibility, scalability, and security. Furthermore, BI is not a one-way process but a collaborative effort involving different stakeholders such as managers, employees, customers, and partners. Engage these stakeholders in your BI projects, solicit their feedback, address their concerns, and train them on how to use and benefit from BI.

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5 BI Examples

BI can be applied in different contexts, such as marketing, finance, and healthcare. For example, marketers can use BI to segment their target audience, analyze their behavior and preferences, optimize their channels and content, and measure their return on investment. Finance professionals can use BI to track their income and expenses, forecast their revenues and costs, identify anomalies and frauds, and comply with regulations and standards. Healthcare providers can rely on BI to monitor patients' health, diagnose conditions, prescribe treatments, and prevent complications. All of these use cases can help improve quality of care, patient satisfaction, and operational efficiency.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Mohamed Harshad Haroon

Conscientious and disciplined person, thorough, and accurate in work. Take pride in an exacting approach and delivering results that meet the established goals.
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Organizations tend to get fervent in the use of BI initially as a tool that enables their decision making, however they fail to realize that assumptions were made in how the data is crafted, business process at the time, external factors and so on. BI goes from sacrosanct to questionable as little attention is paid to keeping the long "supply lines" of data stable/coherent/relevant. Organizations need to accept that every new data point/insight created requires some level of SME, staffing to support business validation, competency, ensure that underlying datasets are being perceived with the right context, in essence there is an upper bound on what an organization can support as a healthy BI ecosystem based on their internal support team

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What are the current trends and challenges in BI?

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1 BI Challenges

2 BI Trends

3 BI Benefits

4 BI Best Practices

5 BI Examples

6 Here’s what else to consider

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