We’re following a recent discussion on LinkedIn entitled: “What do you think are the most promising areas of application for Business Intelligence/Data Mining in the near future?”. We thought this would be an interesting starting point for a blog post, so here are some of the ideas produced in the discussion about which direction BI is heading.
Globalization. The world is becoming increasingly interconnected... BI/Data Mining can play a greater role in identifying the potential and real impacts of global events on an organization.
Social Media. As it becomes ever more prominent, it is becoming more and more important for groups to pay attention to what is happening in the social media universe, and BI solutions can help organizations capitalize on this.
Regulation. As governments continue implementing rules and regulations at an unprecedented rate, it was thought that BI/Data mining would play a major role in monitoring, reporting and possibly enforcement of compliance.
Small Business. Business intelligence is getting simpler and easier to setup as more and more vendors try to enter the market. This will enable smaller companies to take advantage of business intelligence.
An industry that seemed to crop up a lot was healthcare. The application of BI in healthcare, especially healthcare analytics was mentioned by several different people during the course of the discussion. This was coupled with the idea of the need to move from "analyzing events after they happen to being able to predict events before they occur", exactly what BI solutions are designed to do, and exactly the kind of solution that the healthcare industry can benefit from.
Another idea touched on the movement away from static reports and towards advanced data visualization - something we identified in our recent blog post (5 BI and Data Visualization Trends for 2010) as a trend already happening this year.
Participants also felt that creating BI tools that empower managers and other users was very important for the future, with a view to freeing up IT demand so that IT departments can focus on their strategic IT role only.
You can find the original discussion here.