In today's shifting market and fast-paced business environment, analytics have become the foundation for high performance businesses. Data is everywhere, continuously pouring in from a growing number of channels and providers.
Industry challenges are now shifting to making data and metrics more accessible and easier to utilize for businesses. With a modest adoption rate of 22% for BI products (BI Scorecard) and a 90% projected fail rate for self-service BI projects due to inconsistencies (Gartner), Business Intelligence still has a long way to go.
What is Business Intelligence?
BI has changed a lot in the last decade. Much of the data-drive activities in the last 4 decades dealt with complicated and heavy data analysis and data mining. High-end computing has made data analysis more accessible, although it has not always been an sophisticated and efficient affair.Today Business Intelligence is an umbrella term that refers to a variety of software applications used to analyze an organization's raw data.
The goal is to empower businesses of all sizes with access to relevant analytics to optimize decision-making and performance. Industry leaders explain that analytics are the cornerstone of innovation for companies by enabling them to make faster and more accurate decision than the competition.
By the end of 2016, it is estimated that 97B$ will be spent on BI services (Pringle & Company). This 143B$ industry is growing rapidly and does not appear to be slowing down.
7 Fashion Industry Business Intelligence Trends for 2017
The Rise of IoT DATA
Although experts project that there will be over 34 Billion connected devices by 2020 disrupting our way of life, companies will be the top adopters of IoT solutions.
Business that will embrace and implement IoT strategies are expected to see high returns on investment by lowering operational cost, increase productivity and achieve greater speed to market.
By 2025, the global worth of IoT industry could be as much as 6.2 Trillion. 40% of that value is expected to come from manufacturing.
Take the Fashion Industry for example; IoT not only has the potential to streamline this industry’s manufacturing process and enable real time global forecasting, but smart textile will be a major disrupting factor in 2017.
These new wearable technologies will allow apparel companies to obtain accurate data on consumer behaviors enabling accurate product development and industry insights.
DEMOCRATIZATION OF THE DATA PRODUCT CHAIN
Seamless and transparent data integration in supply chain processes will be the driver behind major manufacturing shift. Most business started collecting data with disconnected systems, branches, and channels. Today’s end-to-end software and new hardware integration allows omni-channel businesses to centralize the data and offer total transparency. In 2017, with an increasing number of connected products, companies can now measure and optimize picking operations, facility planning, shipping and inventory management. Expect leaner supply chains and agile management. .
Data By 2020, 1.7 megabytes of new information will be collected every second for each individual on the planet. With this enormous sums of data, finding applicable insights are becoming increasingly difficult.
In order to become more accessible and user friendly, organizations must turn to predictive analytics using data mining, machine learning and AI to go beyond the classic analytics and start predicting future trends and business opportunities. With more than 1 B$ invested in cognitive technologies startups in 2014 by VC’s, we can expect to see new solutions replacing traditional analytics within the next year. Experts project that the predictive analytics market will exceed 60 B$ by 2025 (International Data Corporation).
A VISUAL DIFFERENCE WITH CUSTOM DISCOVERY CAPABILITIES
In 2017, advanced analytics will no longer be just for analysts or mathematician. As 64% of business and technology decision-makers still have difficulty getting answers from their dashboard metrics (Forrester), we can expect a solid upgrade of BI software’s user interface.
While enterprise mobility is quickly becoming the norm, 60% of business are now adjusting their budget for securing mobile app resources. The focus has shifted from B2C applications to B2B services.
Business Intelligence software will follow the mobility trend by making data compatible and accessible across different devices. With evolving cloud-based technologies, even more powerful smart devices and native application development, the workforce will have access to emerging data preparation capabilities and to collaborative tools on the go.
USE DATA, BUT TELL A STORY
J.K Rowling once said that there's always room for a story that can transport people to another place. Where do you want to transport your business in 2017?
While BI might be fueling your company with great new metrics and insights, the way you use this data to tell your story with a compelling narrative and visualization is bound to provide context to your team and influence the decision making process.
The technology that propels your business in this era of interconnectivity are implemented by and for employees. Without effective implementation and training, your business is likely investing in a solution that is due to fail because of poor adoption and disparity.
In 2017, we can expect business to change their BI implementation approach following the industry’s best practices and invest in people.
Part of this practice should be about adopting an agile methodology, understanding potential drawbacks, defining clear business goals and setting realistic expectations for change management and training.