BI of the future: Are you thinking about it today - Part 1
By Nitin Vilas Kulkarni
Today, there is an unprecedented focus on Business Intelligence and it is on the top of investment list for CIOs. While there is no need to emphasize need for BI solutions and its criticality to organizations, it is important to have right investments in place to ensure value from investments. Before we delve into what are the key components of future BI solutions and platform, let's see today's key challenges in BI.
• Low BI Adoption - Despite big investment in BI tools and technologies, the penetration of BI in the organizations remains low. This has raised questions on the return from BI investments. The reasons for BI adoption can range from lack of self service tools to data quality issues. The outcome is that we have not come out of the 'spreadsheet world' yet - the promise of BI tools. BI capabilities deployed must link to business objectives. The lack of alignment between IT and business leads to expensive technological capabilities that do not deliver value leading to much frustration for sponsors and low BI adoption.
• Lack of agility - Most organized built layered and scalable architecture and put in strong governance processes. While, this was extremely important, it has resulted in lack of agility. IT is not able to catch up with business needs and power of BI remains underutilized as a result.
• Lack of advanced analytical capabilities - While BI has come long way from operational reporting, most organization do not have visibility of the entire data that impacts their performance like external data. Also, advanced analytical capabilities involving predictive analysis is not leveraged to take full advantage of BI. Thus, today's analysis is largely analyzing past data leaving predictive analysis to imagination of users.
I believe that the future BI solutions must address these challenges and deliver value. The following will be key areas in 'BI of the future'
- Real Time Analytics
- In-memory Solutions / Appliances / Big-Data Solutions
- BI on Cloud
- Mobile BI
- Agile BI
- Event Correlation / Predictive Analysis
- Next Gen Architectures
- Social Media Analytics
We will discuss on each of the above in the next part of this series. Watch this space for more. We will also explore how the key trends for the future may help in overcoming today's challenges. Any views from the readers in the meanwhile would be appreciated.
About the Author: Nitin is Principal Consultant currently part of Retail, Logistics and Life Sciences unit at Infosys. His areas of expertise include Business Intelligence with special focus on In-memory solutions and BI architecture.