In an ever-changing economic environment, business intelligence is an integral part of an organization’s ‘scalable success’. When employees make critical decisions on behalf of the company, they need to support real-time data to reduce distortions and increase the likelihood of future success.
In defining business results, organizations are increasingly seeking to integrate business intelligence (BI) and data analytics into their workflows. Lately IDC Information Strategy Research, 52% of software companies and 50% of finance companies confirmed the use of BI to identify new revenue streams. This strategy is the key to growing your business.
Closer to home The UK business intelligence market is forecast to reach a CAGR of 9.2% over the forecast period 2021-2026. Mordor’s reconnaissance.
Unleashing the evolution of BI into the cloud
BI transforms software and services to transform data into organizational insights. BI comes with ‘generations’, and each generation gradually improves with the new generation.
The 1st generation focused on the on-site server, IT-generated reports, and static data to be transferred.
At the same time, the 2nd generation is focused on streamlining business through self-service, interacting with dashboards, and providing the insights needed. 2nd generation BI also focuses on making data more consuming, easier to use, and more readily available by putting power in the hands of the company.
However, Gen 2 has scaling issues and aggregate screens are not accepted as predicted. Stakeholders in organizations find these aggregation screens difficult to interpret, leading to opposition to the inclusion of aggregation screens in workflows.
3rd generation of business information and a new time of operation
Data analytics has evolved and we are currently moving into the “Gen 3” series of BI and analytics. With “Age of Action”, 3rd generation BI guides in a new, agile way to use artificial intelligence and analytics in every decision. Commentators expect this generation to revolutionize the promotion of business innovation.
In an era of operation, insights derived from analytics and artificial intelligence are no longer a luxury, but a necessity to become competitive in the marketplace. Whether it’s hiring new staff, developing a customer image, or analyzing internal processes and workflows; all can be cured with artificial intelligence.
Here comes Gen 3. Gen 3 focuses on cloud services and artificial intelligence-based analytics to deliver data as needed. It allows users to be physically distant, have more information at their fingertips, and have personal information and real-time insights through contextual understanding.
Gen 3 deals with human interaction and the exploitation of analysis and real-time insight. For example, an AI platform may market a marketer from real-time advertising or campaign performance to immediate action that changes based on the marketer’s personal workflow. This is the same with BI; the most appropriate information for the situation is first displayed to the user.
Opening up cloud, BI and fresh business opportunities
Organizations that leverage Gen 3 BI are able to improve efficiency, identify risks, and turn data into real-time practical insights. Here are three recent examples of how BI has a positive impact on businesses.
Global e-learning provider, Learning pool, the recently embedded Sisense BI tools to combine the power of its leading artificial intelligence-based analytics cloud platform with the world’s most widely installed Learning Record Store (LRS), Learning Locker. To manage more than a billion data points, Learning Pool customers use Learning Locker to manage their learning records.
Learning Pool is preparing to release a new addition to the Learning Pool series, aptly named “Insights”. This new addition incorporates Sisens ’artificial intelligence capabilities for personalization and automatic intelligence, helping to turn information into real insights.
Insights creates artificial intelligence-based, expertly designed aggregation screens built specifically for data analysis.
By presenting easy-to-use, customizable, and functional visualizations grouped into relevant aggregation displays, Insights provides Learning Pool customers with practical insights into the learning ecosystem and users ’past, present, and potential future performance.
In the United Kingdom Open Bank Reporting (OBR), data-driven risk management fintech, together with Sisense and data science firm Profusion, is launching a new platform, OpenRep, to help lenders provide more support to SMEs.
OBR CEO Eddie Curran said: “OpenRep uses advanced analytics and robotic automation to deliver real-time automated monitoring, proactive alerts and practical insights to users. This allows lenders and SMEs to address business risks earlier in the cycle, reducing costs and developing costs business relations.
“With Sisensen, we have been able to develop an early warning system that can help SME owners and lenders identify risks and opportunities not only with the latest information but also with tools and technology to provide useful insights.”
With the help of the Sisense Fusion Platform, Air Canada was able to build effective concepts to improve safety throughout the airline. By sending effective information to its stakeholders (front-line employees and key personnel), Air Canada enabled these stakeholders to focus and act immediately on important insights into their day-to-day operations.
Air Canada is Canada’s largest international and domestic airline, serving more than 50 million passengers annually. Air Canada was able to develop new innovations, such as providing important and personal information to its employees and front-line employees. The results of the testing showed that there was no equal size in sharing information and insights with employees.
Shaul Shalev, Air Canada’s Chief Security Analytics and Innovation Manager, said: “The extensibility offered by the Sisense Fusion Platform is a significant difference from any other major player with BI tools.
“Taking a complex database and moving it into a more agile and better-managed data model so we can experiment and develop infusion analytics was paramount.”
The future of BI in the cloud – what’s next?
The future of BI and the cloud is exceptionally exciting. There are many facets to BI that organizations can benefit from in the near future. From personal charts, from next-generation artificial intelligence analytics to code-free customization and expansion options. The possibilities for BI are limitless. No wonder many future-thinking organizations see BI as the key to moving their operations forward.
Enter transcends traditional business intelligence by enabling organizations to add analytics everywhere, embedded in both customer and employee applications and workflows. Sisense customers overcome the barriers to analytics deployment by going outside the dashboard with Sisense Fusion – a highly customizable, artificial intelligence-based analytics cloud platform that always infuses at the right place and at the right time. More than 2,000 global companies, including GitLab, UiPath, Tinder, Nasdaq, GE, Rolls Royce and Philips Healthcare, rely on Sisense to innovate, disrupt the market and bring about meaningful change in the world. For five years in a row, Sisense has been ranked number one corporate communications company in terms of customer success as Forbes ’Cloud 100, the world’s best cloud services company. Visit www.sisense.com and contact us LinkedIn, Twitterand Facebook.