When you have been implementing a BI solution since a very long time, you always keep an eye on the latest trends to understand what the market can bestow upon you. While on the due diligence, you must have come across an epiphany that BI goes parallel with data analytics. Cassian Consulting has listed some of the latest data analytics trend that helps in achieving your current Business Intelligence solution. As a matter of fact, many of the trends are similar in BI as well as data analytics. The execution of a few could be a little taxing, while others may call out for a few significant tweaks when it comes to technology stack, approaches and methods.
- AI based on Machine Learning
When it comes to the problem of customer churn, the conventional BI systems understand the response of the customers in the last interaction. When analyzing the churn rates, you think about returning to the customers. The ship has sailed, the customers deal with your competitors now and you will have to win them back. With the machine learning based AI, businesses determine the highly risky customer target market in advance. The analytical system assesses the customer activities to check if their behavior is inclined to leaving their business. The symptoms need to be filtered to check if they are important for your business, score each of them and let your system learn. This gives you a good churn in advance like targeted marketing campaigns.
- Predictive analysis
Having accurate and timely reports are all you need to predict historical data efficiently. But many businesses believe that this is not enough. As a matter of fact, companies also need to believe the future possibilities to implement preventive actions today. This is where you need predictive analytics.
- Big data
When your business is on the edge of a huge transition, you will need collection, processing and analysis of big data. And your analytical system must be fully prepared to handle this very challenge. A conventional BI solution must always be extended. Big data needs a diligent and dedicated technology stack like Apache Hive, Apache Hadoop, Apache Spark etc. In order to gain huge insights from the big data sets, you need to have many data analytics methods at hand like pattern matching.
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