From the Industrial Revolution to the Technical Revolution, and now to the nascent Business and Artificial Intelligence Revolution…
The technology landscape is perpetually evolving as new solutions and platforms are developed. What’s next, you ask? Nick VanderLaan, owner and primary consultant at VanData, answers just that. The future is never certain, but understanding which direction the business intelligence (BI) field is heading can be a great asset to your company. It allows you to lead the future and helps you to avoid lagging behind those that are on the front of the technical revolution.
The current BI landscape is still in its beginning stage, even now there are many companies who do not completely understand BI and the value it can bring. This will change over the next few years as companies adopt increasingly complicated enterprise resource planning (ERP) and production systems. The need for BI development will continue to expand as these companies seek a higher return on investment (ROI) from the various platforms they’ve chosen to implement. As time progresses, more companies will realize the benefits of integrating BI practices across the board, eliminating data silos while maintaining security, predicts Nick.
AI and ML will…
Artificial intelligence (AI) and machine learning (ML) will continue to grow increasingly important. The resulting effect is already clear in the healthcare industry. The disruption BI tools have brought to healthcare will extend to all industries moving forward. AI and ML capabilities will become a necessity in order to compete as opposed to what is seen today as more of a “want.” The ability for decision-makers to quickly analyze and present data is going to be crucial for companies to stay in business moving forward.
Nick emphasizes that BI will not replace people’s jobs, “ I’ve heard people say they’re worried about business intelligence, artificial intelligence, and machine learning replacing jobs but this isn’t the case… it is only changing how they perform their job. The focus can shift to decision-making and away from spending the time to track down the details and facts for a particular decision.”
Together, the components of this revolution in technology offer a sharpened, broader visibility of how each part of a company is functioning. These tools remove system silos and eliminate data silos within the organization to broaden the exposure of information to employees who need it. With this wider lens comes the ability to more easily identify the root cause of an issue, predict the impact that an event in one department will have on the performance of another, and better understand your business as a whole.
“A lot of current systems are somewhat in a silo and [they] don’t integrate well with each other,” tells Nick. “In the future, being able to view data from all parts of the organization in one area will be even more key to company success.”
Many business intelligence tools and options exist out there to help you take advantage of the advances in AI and ML. If you’re feeling a tad overwhelmed or aren’t quite sure where to start, the team at VanData would love to help.