Top Trends in Business Intelligence Worth Knowing 

Business intelligence continues to be an important sector for businesses everywhere. As data becomes more and more important, and we find new ways to collect and analyse it, it’s vital to keep up with how things are changing and growing. Business intelligence analysts need to keep their finger on the pulse in this fast-growing field to ensure they stay up to date on best practices. Some of the things influencing business intelligence include ethics, new technologies, connecting with consumers and different models for analysing data. Each year brings new trends in business intelligence that are worth paying attention to if you want to be at the cutting edge and improve business efficiency.  

Use of natural language with tech 

Technology is great for doing things for us, but it’s not always so great and understanding or using English (or other languages). You might have to use specific keywords to get a tool to do something for you, even if it doesn’t sound that natural. But advances in Natural Language Processing (NLP) are improving computer performance by helping them to understand human language more easily. A person can have a more natural “conversation” with a system, asking it questions that flow in more of a pattern and don’t need to be asked as individual, standalone questions. 

Connecting analytics and action 

Analytics is essential for driving efficient business decisions
Use analytics to inform actions

Collecting and analysing data is all very good, but that data has to be put to use as well. Analytics might reveal some interesting trends, but the next step is to turn them into actions. Business intelligence platforms are evolving to put both data and actions in the same place. By doing this, productivity is improved because it isn’t disrupted by having to switch between applications. Some things that are helping include mobile analytics, embedded analytics and dashboard extensions, which all ensure people have access to the analytics that they need in more convenient ways. 

More ethical behaviour for social good 

The ethics of data collection and analysing have been hot topics in the last few years. With the EU introducing their new GDPR legislation, everyone has had to take a good look at how and why they use people’s data. What ethical data practice might look like in the future is essential to consider. When data is used, it could be put towards a good cause, with the “data for good” movement growing. Social causes can be driven by the ethical use of data, and it’s becoming more affordable for nonprofits and charities thanks to technology like cloud computing. 

Telling stories with data 

Use data to create a story others can understand
Create a story with your data

Translating data into language that others can understand is an important skill for any business intelligence analyst. Data storytelling takes data and turns it into something that makes sense for even those who don’t spend all day analysing it. Data visualisation is a key tool for making data more presentable and digestible for everyone. Good storytelling and visualisation requires people who are good at communicating their findings and ideas. 

Business intelligence is always changing, so keeping up with the latest trends is essential. 

A new approach to selling

What are they really selling?

A new era of Sales

Is it sell – at any cost?

Perhaps the greatest dynamic in communication is the art of Selling. Verbal influence based in understanding another’s wants and needs builds rapport and natural empathy. The instruments or delivery systems of sales can be as diverse as the attitudes of the clientele.

For example, an annoying jingle that becomes an official institution? More common is the half-price, three-month contract that builds in years of collaboration between client and provider. The aim of the Professional has always been to engage quickly with whats-in-it-for-them. Or so we thought?

Tips for sales professionals
The art of selling

The key indicators are to promote benefits and advantages which after years of research data have trained the seller to ask the right questions. The natural strength of those who are best-in-the-business is that they present

solutions as if each were a precious opportunity. The question is, are you selling an idea, a product or a relationship? What do you really want from the client contact points? Is it now all about the sale – at any cost?

Is it service provision or service by demand?

Times are changing. The purpose of market strength used to be ‘the customer comes first’. Brands were separated not by cost but service. There was an ambition to value long-term relationships. The sales professional used to be diligent.  That attention to detail was a finesse of strategy moulded from understanding needs. Like an art form, it took years of practical experience to perfect.

Now it appears to be losing ground to the simplistic web of today’s ‘one-clickcheckout trends. Space-age algorithms that work on optimising the customer base to suit profitability. Insurance companies running initial enquiries like an interview to define parameters. Now service reveals itself in a far more benevolent way.

With the consumer’s attention absorbed in the on-line battle for supremacy over delivery times and the ‘black’ days of shopping, the forward-thinking corporate recognises that longevity and operational integrity go hand-in-hand. To be needed is the driving force. This practise may offer efficient insurance against the upheavals of our financial markets and avoid direct competition, but is it ethical? Is it service by demand?

Has the Consumer been transformed?

Has the quality of service that used to set corporates apart become out-dated? Is the technology trend for processing performance power and updates the new demand? Just look at the era of mobile phones and the advent of monthly contracts, designed to snare users into a lifetime agreement. Contracts which guarantee to replace handsets every two years. Combine that with the threat of unsupported updates for older models and suddenly product and service have become a united force.

The market is still eager to turn a client into a fan, yet it now comes with a threat that compliance loyalty is a resource that has re-shaped modern civilisation. The idea of customer loyalty has been manipulated through both commercial and private sectors into cornering consumers into long term commitment. The customer has been transformed.