Current Trends in Data Analysis that May Help Your Small to Medium-sized Business

Increasingly, more businesses are utilising data to improve their sales, market share, and profits. Data used in this way is called business intelligence, and it can give your small business a competitive edge. There are a number of aspects of business intelligence you should be aware of that you can use to build your business. Our list below covers five recent trends in business intelligence that may be relevant to your business.

Business Intelligence is Becoming More Accessible

Data analysis is becoming more accessible and user-friendly, meaning that you and your employees can use it yourselves without being experts in data analysis or employing a specialist. Technology is currently shifting from a focus on reporting to a focus on drawing information from multiple sources, including predictive analysis and data discovery. A leading company in enterprise software estimates that 45% of organizations were using predictive analysis to improve their customer services in 2013.[1] Predictive analysis draws on customer, product, marketing, financial, and sales data to provide information that will help companies increase profitability. Businesses that use predictive analysis and other business intelligence solutions will be better able to meet market shifts and generate growth. And as the technology becomes even more accessible, there’s no reason not to use it.

Business Intelligence Is Becoming More Efficient for Business Users

As business intelligence software is becoming more user-friendly, more business users want to use it and control the results themselves. Increasingly, business professionals, rather than coders and software developers, are influencing the future development of data analysis tools. This trend means that business intelligence software is becoming simpler to use and obtaining results more efficiently. Users of the software can do so without needing to know how to code, and they can generate reports that are highly useful for making future business decisions.

Business Intelligence on Your Mobile Devices

In the past few years, there has been a notable shift in the way both businesses and consumers interact with online services and information. Many people are using their smartphones and tablets, rather than desktops and laptops, to maintain their business’s online presence. Business intelligence and data analysis are making a similar transition. Over 2015, you can expect to see business intelligence software used more on mobile devices. This will allow businesses to track their data remotely from any location and receive real-time updates regardless of whether you are at a computer.

Cloud Technology for Business Intelligence

More and more businesses have begun to store their data using cloud technology. Cloud storage enables businesses to save on storage space, coordinate communication, and access their files and information from any location. Business intelligence has yet to take full advantage of cloud technology, but we can expect that to change over the next year. Business intelligence services will likely become increasingly available through cloud technology. This means that businesses can perform analytics online rather than buying, downloading, and running software. This saves businesses the cost of purchasing physical software and hardware, and it also provides enhanced flexibility. Cloud technology can be used through any connection to the internet and is a natural partner for mobile internet usage.

Enhanced Collaboration within Business Intelligence Software

Increased accessibility and flexibility is making business intelligence software more useful to businesses. Software developers also want to make it possible for businesses to collaborate easily using their data analysis results. In the coming year, we can expect to see business intelligence software adding more social and collaborative features. This may mean in-software options to share and respond to results, and to create reports in collaboration with multiple employees or business partners. This will make it much more efficient to share and use the results of business intelligence software.

These trends should make business intelligence and data analysis software even easier to use and more beneficial over the coming year. Small businesses can use business intelligence to stay on top of market trends, generate increased revenue, and enhance company growth. Contact us today to find out how NewIntelligence can assist you in determining how you can best utilise your company data to improve your bottom-line.

[1] “Transform Your Future with Predictive Insight.” SAP, 2013.

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