Written by: Imran Ahmad
Business intelligence (Bi) plays a major role in helping an organisation achieve its business milestones. It influences software and services to transform data into actionable insights that inform an organisation’s strategic and tactical business decisions. The data of an organisation is analysed using different digital tools and strategies to improve business operations, make future predictions, and adapt strategies to fit observed trends. Some fortune 500 companies are utilising business analytics and to address the issues of low performance, unsatisfied clients, and loss of customers.
In the past few years, there have been radical changes in business intelligence. Data generation and extraction are now a big in business organization. Cloud and cloud-based apps have replaced old technologies like spreadsheets. Organizations are moving towards data visualisations and interactive business dashboards to supplement decision making. Data is changing the way businesses are connecting with consumers. Organizations are leveraging data analytics to improve the products and services offered to consumers by studying consumer behaviours.
In this context, here are the top 5 analytical trends that are shaping the business strategies.
- Augmented Analytics
Augmented analytics is setting new trends in the world of digital commerce. Business organisations are using augmented analytics to collect and analyse data for accurate predictions and business decisions. Augmented Analytics help businesses derive actionable insights from large data sets using machine learning and natural language processing.
- Explainable AI
Artificial intelligence (AI) is playing an important role in today's business environments. AI models can help businesses in predictions, business analytics, and concreted decision making. Explainable AI can explain the impact of an AI-driven decision and can be helpful if the organisations are affected negatively after making an AI-Driven decision.
- Subjective Analytics
Subjective analytics can consider both the operational data and subjective experience of the user/ individuals to get the customer needs and habits.
- Graph Analytics
Analysing the relationship between the organisation, people and transaction can help businesses. Graph analytics shows which influencer yield the most social power with buying product and services.
- Compliance Analytics
Compliance analytics helps businesses be in a better position to address high-profile events such as data breaches, questionable sales practices, and organisational misconduct.
That’s impressive, isn’t it?
With the increasing demand for professionals in this sector across the globe and being a pioneer in providing IT education in Oman, Middle East College offers a variety of programmes in the newly emerging fields of Computer Science like Data analytics, Software technology and more.
The Computer Science with pathway in Data Analytics programme addresses the skill requirements of many business sectors and industries that are associated with the use of heterogeneous data, taking into account the need to balance theory with practice. The programme allows individuals to build master skills one needs to establish a successful Data Science and Analysis career. Besides, the innovative teaching and learning practices adopted at MEC to enhance the learning process, regular workshops, lectures by industry members, training, and research activities give the students a brilliant learning experience.