March 10, 2012: Business Intelligence and Analytics are now in demand when it comes to setting up strategies for driving output, increase revenue and efficiency and improving customer relationship. As a result the demand for BI and analytics has increased in the present competitive world. Outsourcing BI and analytics has been happening for more than a decade. But now clients are more demanding in terms of areas that need to be outsourced for analysis by the service providers. They want procurement, marketing and more to be brought under the umbrella of BI and analytics to improve their performance.
Following are the emerging trends observed in the area BI and analytics:
- Increase in self service: The different Business Intelligence solutions that are available equip the users with tools that will help them to access, analyze and use data by their own. But the requirements are entirely different from what the Information Technology service providers incorporate in the BI solutions. Users find that the capabilities of the solutions are not satisfactory. So when the users come up with requirements that will form the features of the applications they need, BI solutions service providers will find it difficult to incorporate such features, which differ from firm to firm.
- Integration of data: Large amount of data is generated from various sources and major portion is in the form of digital data. It can be either structured or unstructured. Business Intelligence and analytics should help the organizations to analyze this data and thus derive meaningful information that will improve the performance of the organization and increase customer satisfaction. But with the exploding data it is becoming increasingly difficult to manage the data. So the demand for integration of data is increasing, which will help the firms to identify opportunities and problems. With integration of data, the organizations will find it easy to use the BI and Analytics software and to offer better services and find out solutions to problems.
- Social Networking will create large amount of data: Social Networking has become a buzz now, and organizations have realized that it is the perfect platform to engage the customers. The conversations in the social networking sites such as Facebook, Twitter and customer comments and feedbacks on the company pages is a perfect source to understand customer behavior, preferences and get their feedbacks. BI software and analytics have a major role in analyzing and obtaining valuable information about the customers.
- Onshore centers for analytics: The service providers will setup deliver centers onshore to support the firms in the home country
- Huge opportunity to outsourcing service providers: With large quantity of data, it has become difficult for the firms to manage the data and derive meaningful insights. This will be an opportunity to Business Process Outsourcing service providers as firms would require their help to understand the data.