With all the tech stacks that come and go on a daily basis, we can confidently say that no data-driven strategies are complete without analytics and Business Intelligence. After all you need the reporting and insight to make business decisions that much faster in this rat race.
Here are the 10 most prominent business intelligence buzzwords to give you an understanding:
Embedded analytics – This is nothing but the integration of analytic content and capabilities within business process applications. It is by this that one can get hands-on all the relevant information. This further enables the users to work smarter and efficiently. High-value business problems are no longer a problem area with Embedded Analytics in place.
Cognitive computing – This is one of the most trending fields, without a doubt. Talking about this here thus makes every possible sense. No doubt, we have to deal with tons of data Interpreting and processing such humungous structured, and unstructured data is the potential of this computing. Simply put, this technique helps in transforming the data into valuable information.
Data accuracy – Data accuracy is yet another most prominent business intelligence buzzwords that one gets to hear – all because of the pandemic. The pandemic has left people to crave accurate data, be it in the form of the number of infections, vaccination status, mortality rate, etc. Organisations have realised that accurate data is the backbone of the business, so they are relying on AI for this.
Decision intelligence – Needless to say, a business cannot flourish unless the management is able to make better decisions. Hence, organisations taking full advantage of data and analytics to draw meaningful insights that would further aid in taking better decisions come as no big surprise.
Predictive analytics – To predict the future by using the past and present data can never go out of style. This has served to be a blessing for most organisations, making it into the list of the most prominent business intelligence buzzwords. This technique is considered one of the best ways to identify the risks and opportunities for the business.
X Analytics – This term, coined by Gartner, where X is the data variable for a range of structured and unstructured content such as text analytics, video analytics, audio analytics, etc., is the ability to run any analytics data structured or unstructured. Considering how reliant organisations are on data, this concept has a pivotal role to play as far as recognising, predicting, and planning are concerned.
Mobile analytics – Who would deny the increase in the usage of mobiles? Well, no one – and that’s pretty obvious. Now that a lot of vendors are offering mobile solutions within their software, organisations are inclined towards mobile data. The market size will continue to grow, and that is solely why this factor cannot go unnoticed for calling it a buzzword.
Augmented data management – Securing high-quality data for real-time analytics has always been a challenge. This is where augmented data management comes in handy. With this in place, companies can harness data through cross-department collaboration that ultimately means better business decisions.
Prescriptive analytics is where the users “prescribe” several different possible actions to undertake and guide them towards a solution. In addition to talking about what will happen, this analytics also highlights why it will happen to take all possible actions.
Collaborative BI – This is a combination of social media and other modern technologies with online BI. It serves as a powerful tool for businesses as they get involved in faster and more informed decision-making.