Fashion Business intelligence joins hands with the fashion industry – Few trends to watch out for By Avik Posted on August 11, 2017 5 min read 0 0 27 Share on Facebook Share on Twitter Share on Google+ Share on Reddit Share on Pinterest Share on Linkedin Share on Tumblr We live amidst a fast-paced business environment and shifting marketing where analytics have become the key foundation for good performance of a business. Nowadays there is data everywhere, pouring from a large number of channels and providers. There is a constant shift in industry challenges to making metrics and data more and more accessible and easier to utilize for businesses. As per reports, the adoption rate of Business Intelligence products is 25% and at the same time there has been seen a 90% fail rate for self-service projects because of extreme inconsistencies. This proves that Business Intelligence has a long way to go. Fashion industry Business intelligence trends to watch out for in 2017 • Hike of IoT data Though experts are of the opinion that there will be more than 34 billion connected devices by the end of 2020 which will disrupt the way we lead our lives, yet companies will adopt quickly to IoT solutions. Business will incorporate IoT strategies which are expected to obtain high returns on investment by reducing operation cost, achieve great speed and increase productivity in the market. By the year 2025, the global worth of IoT industry can be as much as 6.2 trillion and 40% of the value is anticipated to come from manufacturing. • Predictive analysis Data by 2020, 1.7 megabytes of new information can be collected every second for every individual. With such huge sum of data, getting applicable insights are gradually getting tougher. To become more user-friendly and accessible, organizations should take resort to predictive analytics using machine learning, mining and artificial intelligence to go beyond the analytics and begin predicting future trends and business opportunities. • Mobility While enterprise mobility is changing the norm, 65% of businesses are adjusting their budget for securing resources for mobile app. The focus of the businesses has shifted from B2C applications to B2B services. Business intelligence software follows the mobility trend by making data accessible and compatible through different devices. As the cloud-based technologies are evolving, even more powerful smart devices and app development, the workforce will get access through different devices. • Utilize data but tell a story JK Rowling said that there is a room for story which can transport people to some other place. Where do you wish to transport your business in 2017? Business intelligence fuels your company with great insights and metrics, the way you use the data to narrate your story with compelling visualization and narrative to offer context to your team and influence the process of decision making. Therefore if you’re into the fashion industry, you should be aware of the ways in which BI is going to influence the market so much so that you can easily be careful about the steps to take in order to stay on the right track.