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Why Enterprises Shouldn’t Ignore BI Tech

Why Enterprises Shouldn’t Ignore BI Tech

Business AnalyticsBusiness-intelligence (BI) technology has changed a lot in the last couple of years. However, many big companies in the enterprise software industry have not adapted well to this change unlike the relatively-new companies. Older companies need to realize that newer, adaptable BI tools and their offerings will become a huge part of the way communication and business will be done.

Here are three business trends in BI technology that will benefit businesses:

1. Smart analytics emergence

BI software tools are used so that they can help the consumers make more informed decisions. With everything moving in the speed of real time in all businesses, businesses require software that will enhance the insights faster. For a company to predict future trends or understand their customers better or to drive strategic decision-making, smart analytic tools can be used. These tools will use the companies’ old data and provide them with newer leads and insights. Smart analytics being a relatively new trend for numerous companies, is also easily available. This is a tool that all businesses must look into.

2. Rise in social intelligence

Businesses today have become more customer-centric. This has happened due to increased use of social media and its impact on the customer behavior. Smaller businesses are required to use this social media platform to move ahead. Businesses cannot simply expect their customers to just buy their services or products. Now, potential or current customers are also participating by sharing reviews on social media platforms like Twitter and Facebook or by writing blog posts as well as commenting about the business via other social networks.

Social media platforms have been giving marketers numerous ways to connect with customers and through which these businesses can pick up data trails created by the networks. However, creating Facebook pages or Twitter account is not good enough. Businesses have to be active on it. They cannot expect users to buy their services or products because they have a social media page or account. Also businesses are relying more on advanced technologies in order to mine the Big Data sources. That way they learn more about the customers as well as gain more insight about the ways they like to communicate.

Social business intelligence combines the traditional roles of business intelligence software by creating dashboards, scorecards, reports, in order to track the performance and focus on the key performance indicators. Social intelligence is more proactive and smarter when it comes to engaging with the brand’s customers than the brand itself and will help improve their conversion rates.

3. Increase in threat intelligence

For a small business owner, threats such hacker attacks or malware is less likely to happen. However, with the rise of new cloud-based analytics and security tools, then every other BI software vendor tends to notice. Threat intelligence is increasing day-by-day and has become a huge concern for many industrialists. Many top companies have been introducing new threat analytic tools that are easy to use and gives the consumers a comprehensive overview of where these threats are coming from. Small businesses need to start thinking about bettering their threat intelligence, in order to be safe than sorry. They need to start thinking ahead, especially when it comes to enhancing their technology and make their business more reliable.

Being intuitive is extremely important, especially when it comes to analyzing the places where your company is most vulnerable when it comes to attacks. In this day and age, where consumers are constantly using numerous devices from distant locations in order to access company resources, it is not surprising that most of these attacks come from user credentials that are mostly compromised. Implementing the business intelligence threat analytics tools will secure all businesses and they will be more prepared to analyze the attacks when they do occur. It is best to be prepared than remain vulnerable in certain spots that could lead to bigger troubles.

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