A few years back, business intelligence and data analytics became the buzzwords for high efficiency and productivity of business operations.
But, things have changed now.
The BI arena keeps evolving, and everyone wants to use the best BI techniques available. As new things emerge, some not-so-fancy terms also seep into mainstream operations.
And, it is time for you to update yourself with these rising buzzwords. Here are four such buzzwords you need to know to keep your head high in the BI world.
We all were aware that big data was the next big thing to happen. This belief is proved by the various big data applications that offer valuable insights.
But then, here comes another data term that can even surpass big data. Smart data, a growing BI buzzword is to watch out for.
Though it has not been put into any notable use, smart data may turn data analysis to qualitative analysis rather than the quantitative aspect as accomplished by big data.
Smart data is all about value and veracity. Volume and variety have little importance
here. Smart data could help in finding the interrelation between various events.
It may also help us understand the reasons behind a certain event. It is the first step towards a data-driven culture from a data management culture. This new culture places significance on the value of data and not on its volume.
Real-time analytics can prove to be an effective technology. Using this, the data could be analyzed as soon as it enters the system (within one minute from its entry). There could be a little delay, but real-time analytics is powerful as compared to the store and analyze methods.
We will be able to use it in operations that need continuous updates. Such operations may include refreshing results for customer-related events such as page views, shopping cart use, and keeping track of the digital activity.
Dynamic analysis and reporting on user behavior is another useful application of real-time analytics. Real-time analytics is still growing. The proper execution of this technique could be a game changer for your BI operations.
While predictive analysis and mobile analytics are the mainstream buzzwords, some more techniques have also come into the limelight recently.
Personal analytics is one such term that is gaining popularity now. It has been in the known in the business world for sometime as the analytics drawn from wearable devices. The growing popularity of wearable gadgets such as Apple watches and Fitbit wristbands has given rise to new forms of analytics. It combines fashion, health, and embedded computing.
Personal analytics is yet to capture more audience because the wearables are not as popular as smart phones. There are any reasons for this. Customers do not find them necessary, and most of the wearables still need a connected parent device.
Intelligent Decision Automation (IDA)
Combine Artificial intelligence with Business intelligence. The result will be something called as IDA.
IDA’s potential to impart wonderful capabilities to decision-making system has made it popular. IDA systems can make sense out of huge data and streamline your decision making process in an automated way.
They are even capable of working with unstructured text and human speech. Embedding the IDA functionalities in your workflow can help you maximize productivity.
These functionalities will enable you to take the right decisions at the right time. But, it is important to include humans to review and approve the machine decisions.
The applications of IDA are limitless. You can use it in a wide range of tasks from data collection to guiding autonomous vehicles and robots.
Commercial systems are already using IDA to help customers find the best deal based on their profile analysis. Other applications of IDA are intelligent credit card processing and classification of documents based on content and relevancy.
But there is still a wide room for improvement in the IDA space. The techniques need to be applied more, and there is a lot to learn in devising intelligent systems.
So, do you have any favorite BI and analytics buzzword? Please feel free to leave your comments below.