Modern Business Intelligence (BI) has evolved to address the limitations of traditional BI by leveraging advancements like cloud computing, big data analytics, and artificial intelligence (AI). Modern BI tools empower business users with real-time data analysis, self-service analytics, and predictive insights through intuitive interfaces and interactive visualizations, which promotes agile decision-making and adaptive strategies.
Key features of modern BI include:
Multitenancy: Modern BI tools offer the ability to share personalized data across multiple customers, ensuring each customer can only access their own data. A multi-tenant configuration allows segmentation of information into multiple workspaces.
Logical Data Model: Modern BI tools should have data modeling capabilities that allow users to visualize and easily determine the relationships between designated entities. A logical data model (LDM) describes sets of data in a meaningful way, creating the necessary relationships to provide meaningful analytics.
AI With a Semantic Layer: Combining a semantic layer with AI can streamline the delivery of consistent data and enhance data quality. The semantic layer lives between the database and the applications and defines the rules and relationships between data elements, providing a common vocabulary in business terms.
Interactive Dashboards: Modern BI solutions provide users with various ways to independently explore data, including drill-down capabilities. These include drilling into visualizations, dashboards, URLs, hierarchies, and cross-filtering.
Real-Time Insights: The need for real-time insights is crucial in today’s fast-paced business environment. Real-time BI enables organizations to make informed decisions instantly and refine processes to maintain a competitive edge.
Machine Learning (ML): ML enhances BI by enabling advanced analytics, predictive insights, and automation. ML algorithms study historical data to identify patterns and forecast future outcomes accurately, enabling businesses to make proactive decisions. ML-driven BI tools automate tedious tasks like data collection, ensuring data accuracy and speeding up the data-to-insight process.
Modern BI differs from traditional BI by making data easy to integrate and understand, empowering everyone within an organization to find answers, removing barriers to how and where insights can be accessed, allowing users to base decisions on real-time information, and opening the door to a transparent business ecosystem.
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