Business intelligence (BI) tools have become an essential requirement for any firm wanting to succeed in the modern world; however, global giants such as Oracle and SAP are not necessarily leading the charge anymore, with smaller companies providing new and innovative solutions for firms to take advantage of. These can include cloud analytics tools, real-time reporting and mobile solutions. With BI becoming more flexible and scalable than ever before, there are several trends that companies could follow to boost their business.
One of the first trends companies need to sit up and take notice of is social intelligence. Modern organisations have had to become consumer-centric to keep customers from moving away; as a result, it is ever-more important to keep an eye on how clients behave, particularly online. Regardless of how small a firm is, it is essential to utilise social intelligence. The rise of social media has resulted in some extremely positive steps for companies; after all, by engaging with people on platforms such as Facebook and Twitter, businesses can create a loyal fan-base. By using a social intelligence tool as part of a BI package, invaluable insights can often be gained.
Another trend to look into is the emergence of smart analytics. BI tools are increasingly providing clients with better information, allowing decisions to be made with real-time and accurate data. Real-time data is essential if businesses want to understand their consumers, predict future trends and drive strategic decision making.
Finally, there is now an ever-increasing threat of cyber-attack, which all companies have to take seriously. Whilst large businesses might be able to counter or recover from an attack, smaller firms can be so badly affected by hacker attacks or malware that they never recover. The issue has been highlighted by Cisco, which has created a host of new analytical and security tools available in the cloud.
Increased threat intelligence is essential if organisations are to take actionable steps to safeguard themselves against potential disasters. It is not only Cisco that has released tools, with IBM launching a threat analytics solution in April and Microsoft following a month later with the debut of Advanced Threat Analytics.
BI tools will continue to evolve as modern business changes, and new solutions can be expected to emerge all the time. By ensuring organisations are on-trend and utilising threat intelligence tools, smart analytics and social intelligence, firms can put themselves in the best place for success.
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Montash is headquartered in Old Street, London, in the heart of the technology hub. Montash has completed assignments in over 30 countries and has appointed technical professionals from board level to senior and mid management in permanent and contract roles.