Business intelligence technology has come a long way from the decision support systems of the 1960s. Today, it can do much more than just mine, analyze and report on data — it can cross-analyze different data sets, forecast future behavior and greatly improve decision-making.
Tools continue to expand their capabilities, providing more value every year. The types of analysis they can perform today stretch the realm of what was possible even five years ago.
The financial industry analyzes its vast store of data in several ways, and evolving BI tools aid in those tasks. Some of the capabilities that executives seek include:
Content analytics: Unstructured data (such as the content found in machine logs, sensor data, audio, video, call center logs, RSS feeds, social media posts and PowerPoint files) is growing more rapidly than any other type of data. Content analytics applies BI to this unstructured data.