Ascent of BI - The Five Elements
My inspiration for this post is a book that I recently read titled “Five Equations that Changed the World” by Michael Guillen. This is a fascinating account of the history and people behind what are arguably the most important set of scientific equations that humankind has ever laid its eyes on. The top 5 equations according to the book are:
1) Issac Newton and the Universal Law of Gravity
2) Daniel Bernoulli and the Law of Hydrodynamic pressure
3) Michael Faraday and the Law of Electromagnetic Induction
4) Rudolf Clausius and the Second Law of Thermodynamics
5) Albert Einstein and the Theory of Special Relativity
These 5 fundamental equations have made possible several achievements like electricity, airplanes etc. and more significantly in understanding the nature of life and death.
The world of Business Intelligence has seen rapid strides in the last 10-15 years. In my view, the top 5 reasons for the “Ascent of BI” are:
1) Proliferation of powerful transaction systems (ERP, CRM, SCM etc.)
2) Internet Explosion that created the dissonance between availability & requirement of information and finally solved the problem too.
3) Globalization generated the need to have sophisticated analytical systems for businesses that span multiple geographies
4) Regulatory compliance requirements like SoX, Basel 2, GAAP etc.
5) New Business Models in industries (for example in Financial Services, Telecom etc.) that demands management by metrics
Over and above this, the BI product vendors have shown tremendous visionary zeal in coming up with vast range of BI platforms and tools across the entire BI landscape – be it data integration, databases and reporting tools, that has helped enterprises visualize the power of analytics.
Putting on my predictive hat let me list down the 5 things I think will take BI to the next orbit. They are:
1) Cloud Analytics (Analytics as a service)
2) Analytics that combine structured and unstructured data
3) Deeper Analytical Layer with Predictive capabilities and simulations
4) Real-time analytics (likes of Complex Event Processing (CEP), etc.)
5) Loosely coupled information integration (likes of data mashups etc.)
I will delve into each of these areas in my future posts. Please do share your thoughts. Thanks for reading.