Business software is always changing to adapt to the evolving business environment. Cloud analytics platforms and Business Intelligence (BI) software are no exception. Over the years, BI software has evolved from limited products geared toward experts to end-to-end self-service products accessible to business users at all levels. These platforms will continue evolving to consistently meet the needs of modern businesses going forward.
Some of the current trends in cloud analytics platforms to keep an eye on include:
Differentiation Among Vendors
There are a lot of vendors in the business intelligence space. A trend you may notice is that these vendors are increasingly differentiating to focus on providing more specific business intelligence products. Some vendors gear their platforms specifically to enterprises in a particular industry like finance or manufacturing. Others emphasize particular features of their platforms such as natural language processing or geospatial data visualizations.
As BI software vendors differentiate further, it will become even more important to carefully select your intelligence software. Invest time thinking about what you’re looking to get out of your business intelligence software before diving into your research into vendors who provide those solutions. When you’re evaluation platforms, make sure you consider questions such as:
- Is the software truly cloud-based or does it require some local software?
- Is the solution quickly scaleable in any direction?
- Does the BI software perform well even when many users are accessing it simultaneously?
- Does the BI software include AI capabilities and machine learning?
- Does the BI platform integrate with the other cloud services your business uses?
- Can the BI platform seamlessly integrate many internal and external data sources?
Chances are good that you will be able to find a vendor who specializes in the particular type of cloud analytics software you need for your business.
One of the many reasons why companies choose cloud-based BI software over on-premise solutions is the lower upfront costs. Purchasing and setting up the infrastructure necessary to handle complex data in-house is very expensive and time-consuming while paying a subscription fee to a cloud-based provider is generally more affordable.
The current trend for businesses using cloud analytics platforms is to only sign up for short contracts with their vendors, generally 1 to 3 year terms. Making a short-term commitment to cloud analytics vendors can help companies worried about budgeting concerns. In the current uncertain economic environment, that flexibility within spending constraints is likely something business leaders value. Opting for a shorter-term cloud analytics software contract opens up the opportunity to negotiate for a better price if the company chooses to renew down the line. When their contracts end, they also have the option to choose a different solution and stay in front of the innovation curve.
Agile Methodology Implementation
Agile development methodologies refer to software development approaches that deliver work in small batches rather than all at once. The same principle can be applied to software implementation, and many cloud analytics providers are now making that possible.
Cloud analytics tools that can be implemented incrementally help businesses attain results faster than solutions that need to be implemented all at once. Agile implementation is a way to meet stakeholder requirements and hit the ground running with your new BI software. Expect more vendors to offer this flexible approach going forward.
Emphasis on Artificial Intelligence
Artificial intelligence (AI) in analytics isn’t new, but the emphasis on AI in data analytics is only growing each year. AI is a vital part of any modern cloud analytics software, and more and more companies are looking for solutions that include this technology. One of the key advantages that AI offers in data analytics is the ability to process large quantities of data very quickly. By processing data at an incredible speed, AI makes it possible to gain real-time insights from data that humans could never find so quickly. AI also helps businesses make predictions about the future and the outcomes of various courses of action.
The Future of Cloud Analytics Platforms
Cloud analytics platforms will continue to develop advanced technology for analyzing data and delivering actionable insights to businesses. Some experts expect analytics platforms to move beyond descriptive and predictive analysis toward prescriptive analysis — describing what will happen in the future and how companies should handle those future events. Even more advanced than prescriptive analysis, cognitive analytics is a way for software to describe what will happen in the future and make automatic adjustments accordingly. It’s one possibility for cloud-based analytics platforms of the future.
One development that’s likely closer to implementation is the rising velocity of data analytics by cloud-based platforms. Data freshness is key to helping business leaders make better-informed decisions for their companies. The faster these platforms can analyze large data sets while maintaining data quality, the better off companies using the platforms will be. Real-time data analysis is the goal that many platforms are working toward.
Expect a greater emphasis on real-time data visualization in the future, too. Already some platforms offer real-time data visualization, a method for representing large data sets visually to better understand them. These visualizations make it easier for decision-makers to conceptualize what’s happening in their external and internal business environments in real-time so they can develop more informed strategies.
Stay Ahead of the Trends (and Your Competitors)
If you want your company to stay competitive in the modern business environment of 2023 and beyond, stay on top of trends in business intelligence software. Using modern, top-of-the-line cloud analytics platforms can propel your business ahead of your competitors and set you up for longstanding success. It’s all about unlocking the information in data sets and using it to your advantage with the help of the right tools. Live Earth is one of the cloud analytics platforms leading the pack. Live Earth’s platform leverages machine learning technology and diverse data sources to provide real-time actionable insights to your business. To learn more about this cloud-based business intelligence solution for modern enterprises, contact the Live Earth team today.