The first generation of business intelligence tools focused on reporting and OLAP cubes, which organised and analysed historical financial, sales, and manufacturing data. Despite being extremely useful, it only provides a backwards view of the world.
Second-generation business intelligence was all about real-time, allowing executives to view timely data while quickly adjusting and interacting with such views. This is where we are now, gradually.
Third-generation business intelligence, rather than just historical enterprise data, will generate data and analytics for decision-making based on the qualitative (real) world, such as finance sentiment, economics, and social information such as what key leaders have said in the past and present. It would be fantastic if we could link this data.
The next generation of BI will most likely have integration of these two components;
- Enrichment – the ability to contextualise internal business data by enriching it with external “intelligence”;
- Correlation – identifies relationships between internal and external data/logs.
A knowledge graph is a database that contains information about people, places, things, and events. It’s similar to a map that shows how things are related to one another. It facilitates us in comprehending the relationships between various entities in the real world. It can be used to power applications like dashboards, reports, and scorecards in business analytics.
The goal is to comprehend the world around us in a broader and more interconnected manner.