BI Top Trend Analysis - Part 1
According to the HP top 10 trends for 20101 in Business Intelligence space were predicted as follows:
Trend 1: Increased data and business intelligence program governance
Trend 2: Enterprise-wide data integration: A good investment
Trend 3: The promise of semantic technologies
Trend 4: Expanding use of advanced analytics
Trend 5: Narrowing the gap between operational systems and the data warehouse
Trend 6: Data warehousing and business intelligence: A new generation drives new priorities
Trend 7: Growing impact and opportunity of Complex Event Processing
Trend 8: Growing importance of integrating and analyzing unstructured/semi-structured data
Trend 9: Social computing and the next frontier for business intelligence
Trend 10: Growing interest in cloud computing for business intelligence
If we try classifying the trends as changes within organization and changes outside the organization, the Trends Category A:[1,2,4,5,6] will fall under changes within the organization boundaries at a high level. Whereas the Trends Category B:[3,7,8,9,10] are impacts due to external world changing and the behavior of customers, channels and options available to access the information is changed a lot. Althought the trend 10 in Category B is the growing need to optmize the operational cost of ownership of Infrastructure, and explore options to move not so much relevant data outside the organizational boundaries in addition to the demand for space due to spurt in the volume of information generation need.
Let me begin with one of the eye catchers and hot topic that's on everyone's lips - Trend#9 Social Computing.
We are all aware of B2C, and B2B scenarios & even the C2B in some cases. These models have been prevalent in industry for long time, now there's a "New Kid on the Block" - the C2C. GotchYa - never thought about something like this !!!. Isn't it surprising no one ever thought on the power of this model considering that we are social living beings who tend to interact with like minded beings, and take time to adopt not-so-like minded beings. We share, we talk, we discuss, we regret, we cribb, we complaint, we appreciate and recommend and comment on things that we do, we buy, we sell/reject or work we get invovled with. To illustrate the point with few examples of how without any company/organization involvement the marketing/branding is done either rewarded or not:
1. Word of mouth by like minded communities discussing about brands : Social Marketing
2. Referrals for job postings within organization : Social Sales
This trend takes the enhanced customer experience to next level of Business Intelligence by capturing the social interactions, and networking the customers are having on various channels like Twitter, Facebook, Linkedin etc. Those channels have bigger influence today on customer decision process of buying a product or brand than any direct marketing campaigns of those product/brand companies.
Natural question then to ask is the interactions on those channels are primarily freeflow text or jargoned languages or simply un-structured data, how can one make meaningful data out of this to define behaviors, attitudes or co-relations. Thanks to the great world of complex data mining, statistical analysis and text analytics which offers various options to build/classify those conversations into taxonomies/categories and provide scores on the performance of each.
Next blog will continue on Social Computing and Social CRM Analytics - keep watching for more...
1 HP Top 10 Trends in Business Intelligence for 2010 - http://h20195.www2.hp.com/v2/GetPDF.aspx/4AA0-6420ENW.pdf