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What are the top priorities for Analytics and BI technology in 2019?

by Mike Jones in Data Analytics 31/12/2018

Recent findings from the TDWI Best Practices report, BI and Analytics in the Age of AI and Big Data suggest that over 80% of enterprises are focusing significantly on analytics and BI as a major part of their budget for new technology and cloud-based systems. The report also suggests that over 50% of businesses believe AI, Machine Learning and Natural Language Processing are vital areas for future investment plans. Further findings also reveal that just over 40% of businesses are looking at improving user experience by automating the process of data insights.

The study emphasises that businesses are placing a strong emphasis on developing their current systems and replacing old technology and data platforms and replacing with innovative cloud-based BI and predictive analytics. Transforming Data with Intelligence (TDWI) is a global network of professionals within AI, analytics, data science and machine learning interested in progressing their development within the industry.

The TDWI report displays the top priorities for businesses based on investment levels for implementing new technologies and cloud-based systems.

SOURCE: TDWI BEST PRACTICES REPORT, BI AND ANALYTICS IN THE AGE OF AI AND BIG DATA. PUBLISHED DECEMBER 2018

The graph indicates that data warehouse and BI platforms are two of the main types of technology businesses are intending to use in 2019. What the study really highlights is that cloud based platforms are becoming the norm for businesses implementing new analytics and BI strategies. Cloud data storage facilities and data virtualisation are two other technologies that businesses indicate are of top priority when considering investment plans in analytics and BI strategies.

SOURCE: TDWI BEST PRACTICES REPORT, BI AND ANALYTICS IN THE AGE OF AI AND BIG DATA. PUBLISHED DECEMBER 2018

 

According to the report creating a high level of query performance, managing visualisations and having the ability to personalise dashboards and reports are key factors for delivering positive user experience. The report explains that predictive analytics and forecasting tools, ‘what if’ analysis and data searching on a report has resulted in the lowest level of satisfaction.

 

Over 80% of businesses are exploring their analytics and BI platforms to expand their insights and intelligence options. According to the report, Cloud based platforms, new analytics and cloud based data lakes are the top systems businesses intend to develop or use to replace current BI and analytics systems.

SOURCE: TDWI BEST PRACTICES REPORT, BI AND ANALYTICS IN THE AGE OF AI AND BIG DATA. PUBLISHED DECEMBER 2018

 

Systems. Aside from analytics and BI, a large proportions of businesses intend to develop and acquire Artificial Intelligence (AI) and Machine Learning (ML) platforms to enable a fully customised approach. Over 40% of businesses in the report plan to develop and purchase AI and ML tools, a figure that stands higher than other surveys related to AI integration. Over 10% of businesses plans to develop their own specific AI and ML systems.

SOURCE: TDWI BEST PRACTICES REPORT, BI AND ANALYTICS IN THE AGE OF AI AND BIG DATA. PUBLISHED DECEMBER 2018

 

Systems. The ability of Machine Learning to apply algorithms to large data sets and deliver insights is the main priority for most businesses. Over 50% of companies in the survey suggested this was a top factor. A further 47% of businesses believe AI and Machine Learning will improve the accuracy and overall quality of the information. An additional 40% of businesses view AI and Machine Learning systems as vital to support decision making by providing recommendations.

SOURCE: TDWI BEST PRACTICES REPORT, BI AND ANALYTICS IN THE AGE OF AI AND BIG DATA. PUBLISHED DECEMBER 2018