The year 2009 is going to witness some significant changes for IT vendors due to the economic downturn. Most analysts forecast that Business Intelligence will grow significantly during this year. The projected growth rate is between 2% to 10%. All industries running IT will adopt BI to increase Business strategy and business value. Most Global 2000 organizations are aware of the need to better manage information; many companies consider it a corporate asset. After my prolong discussion with the data management expert for different IT sector in BFSI sector, I compiled a list of top 10 BI trend as follows that I would like to share with you.
- IT is more consumer centric technology now a days: Social networking has witnessed significant boost for the last few years. IT savvy user get their news via Twitter, use Facebook or mySpace to stay in touch in a collaborative fashion. This new trend will dictate BI more visualization, greater collaboration and incorporate new source of data.
- BI moves towards more real time: Since 2007, BI moved from historic data analysis to Real Time Analysis. New initiative like SOA and collaboration based on Web 2.0 technology is pushing Real Time Analytics further ahead.
- Data Integration and Data Quality is getting momentum: The global financial crisis leads industry to take a close look at corporate finance. BI helps enterprises to make better decision making and increase adaptability to the continuous change of business environment. As per the survey by HP, 36% of respondents indicated that they have a formal enterprise-wide data governance process in place. M & A due to economic downturn increased the demand for master data management.
- Analytics is becoming more sophisticated: Data Analytics has moved to the front office during the last few years. Corporates tied up BI with the ERP, CRM and SCM applications in order to become more competitive. Data modelers were hired before to do data modeling which used to take quite a while to finish a certain numbers of data model. But, using this sophistication by means of tools helps business managers to finish more number of data modeling in the same span of time.
- Operational BI is the latest buzzword: This has become top priority for the companies now a days. Operational BI pushes business decisions closer to the business event by putting timely information into the hands of operational-level workers for decision-making. Gartner estimates that by the end of 2009, 90 percent of Global 2000 companies will have mission-critical BI and data warehouse systems – up from less than 25 percent in 2007.