By 2021 the big data and intelligence markets are expected to reach around $90 billion, so it’s no wonder many businesses are trying to understand what Business Intelligence (BI) is and how it can improve their business. We answer some of the most popular questions surrounding BI.
What is the difference between Business Intelligence and Analytics?
According to Forrester, BI is:
“A set of methodologies, processes, architectures, and technologies that leverage the output of information management processes for analysis, reporting, performance management, and information delivery. Research coverage includes executive dashboards as well as query and reporting tools.”
BI’s relationship with Analytics is that it uses the data produced by analytics reporting tools to make suggestions based on insights, user queries and behaviour.
What is the future of Business Intelligence?
BI software is rapidly developing as it grows into a necessity for many businesses. The future of BI will include features that make it easier to use, easy to understand, more streamlined and smarter predictive features. The areas of growth we expect to see BI improving on include:
- Collaboration – BI tools will be introduced that focus on teamwork. Tools such as Microsoft Teams and Slack already offer tools for collaboration using BI.
- Integration – more third-party applications will be able to be integrated into crucial business systems
- Machine Learning – AI (Artificial Intelligence) and BI together will be able to provide more accurate predictive analysis based on machine learning
- Data Pro-activity – Proactive features will be able to serve users faster and smarter with BI
What should you look for when hiring a BI specialist?
When looking for a Business Intelligence Specialist, it is important to be aware of the skill set the specialist is looking for. Below are the most important skills required when it comes to a career in Business Intelligence:
- Data Analysis – A BI specialist must be passionate about data and able to use the data to make better decisions
- Business Decision Making is fundamental to BI. Any specialist will need to understand the business domain in order to be successful
- Good knowledge of analytical tools such as the Microsoft Stack and visual modelling tools
- SQL – businesses looking to hire individuals for roles in BI rate SQL as essential, ensure the BI specialist you are looking for is advanced in SQL.
Have more questions related to BI? Ask us in the comments below or contact us.