The business intelligence landscape has been completely revolutionized over the past ten years, and access to the cloud has become a common phenomenon. Interactive business dashboards and insightful data visualizations replaced plain spreadsheets, and the use of data exploded. The past few years saw a massive boom in the business intelligence industry. The data product chain became democratized due to the rise of self-service analytics. Data began to be handled not just by analysts.
Some of the trends continue to be a part of the business intelligence industry. But in the current year, the strategies and tools have become even more personalized, and some new trends have emerged too. Businesses- small or big, are no longer contemplating the need for business intelligence analytics but are rather concerned about which BI solution fits the best within their business needs.
Every business is now aware that they need data visualizations for better analysis. So they are busy figuring out how to leverage modern BI dashboard software to present data stories in the best possible manner. The theme of business intelligence this year will revolve around data discovery and data security: clean and secure data presented but powerfully. There will be collaborations between artificial intelligence and business intelligence.
Some of the biggest business intelligence trends are a no-brainer. Artificial intelligence leads the race with workforce automation and digital transformation sectors seeing massive improvements. Read on to know why.
Artificial intelligence aims to make machines perform those complex tasks on their own that can only be executed through human intelligence. Our interactions with analytics and data management are getting revolutionized through artificial intelligence. According to the Strategic Technology Trends report, the trend will combine engineering and hyper-automation with AI with a high focus on possible security risks and vulnerable attack points.
Businesses can enjoy real-time alerts about what is happening every second and get immediately notified about unexpected events. Integrating AI in BI solutions will assist in automatic and comprehensive analysis of the full dataset from any data source without human effort. You can instantly access business reports on growth or trends or forecast, anomalies, what-if analysis, value drivers, key segments correlations, etc. AI can also be utilized for online verification processes, like CAPTCHA technology, with the help of generative adversarial networks (GANs).
Data discovery means discovering patterns and discrepancies in data. It is the process of using advanced analytics and visualizations to present all the data collected from different internal and external sources. It has great benefits in keeping relevant stakeholders involved with the data since it allows them to extract actionable insights and intuitively manipulate and analyze the data. The demand for data discovery tools across businesses of all sizes has boomed due to the increasing need for data usage and insights.
Generating insights that add value to the business requires a deep understanding of the relationship between data in the form of guided, advanced analytics, visual analysis, and data preparation.
Online data visualization and discovery tools are helping businesses create a sustainable decision-making process. The detailed and interactive reports or sales charts presented with several graphs will help teams spot crucial outliers and trends within minutes. Since it is a fact that humans process visual data better, in 2022, the usage of the dashboard as a visual communication and collaboration tool will increase.
In-depth data analysis through interactivity and augmented analytics will replace simple KPI monitoring. KPI dashboards will have other interactive features, too, such as real-time data and AI-based alarms.
Business users need software for this purpose that is:
The ability of businesses to use data analytics and insights in their decision-making has become a core factor in determining the business’s success. From goal setting to strategizing to taking action, businesses require data at every step. No wonder data literacy is of utmost significance for every business. It is the reading, writing, analyzing, and communicating data in a particular context. Data literacy requires a deep understanding of all the tools and technologies adopted and techniques and methods implemented for data analysis.
Business leaders must equip all the organization members with the training and tools required for working with data and analytics. Managers need to assess the skill sets of employees, and managers need to identify gaps and weak spots. Team members fluent in data can be appointed as mediators for non-skilled groups. With the right tools and quality training, all the members will acquire enough data literacy to use data as the key language and perform advanced analysis. By 2025, prediction says that data literacy will be so widespread that businesses will no longer require data scientists to progress technologically.
Currently, there is abundant data in every business flowing in from literally everywhere, and it has become crucial to assess data quality before using it. Poor quality data can cost businesses around $9.7 and $14.2 million per year. No wonder data quality management is an increasingly significant trend. Poor data quality can lead to a poor understanding of consumer behavior, wrong estimation of conversion rates, poorly generated marketing budgets, incorrect resource allocation, bad investments, and other errors that can harm businesses significantly.
Data quality management is the solution to all these problems. It ensures that businesses only use the correct data for analytical purposes to arrive at the right data-driven decisions. Data quality depends upon how complete, timely, accurate, consistent, and compliant it is. There can be no outdated data that does not fit within the timeline or duplicate or missing values. Companies are collecting complex data from several sources regularly, and managing these data using the right tools and processes has become critical.
Predictive analysis means forecasting future possibilities by extracting information from existing data sets. It is data mining of past data. Companies get an insight into their future along with alternative scenarios and risk assessments that are reliable enough. It helps companies better understand their customers, products, and partners and identify potential risks and opportunities. For instance, the airline industry can use it to determine how many tickets to sell at a particular price. The hotel industry can gain insight into how many guests can be expected on a day so that hotels can adjust their availability accordingly.
Marketers can use this trend to predict customer purchases or responses to locate cross-selling opportunities, and bankers can generate credit scores. The prescriptive analysis goes even a step further. It uses techniques like graph analysis, complex event processing, simulations, neural networks, recommendation engines, machine learning, and heuristics to determine the appropriate business decisions and steps for achieving a particular goal. It incorporates future outcomes in decision-making that improve the decision-making quality related to optimizing scheduling, inventory, production, and supply chain design to enhance customer experience.
Since the pandemic arrived, the need for accurate updates and real-time data has become crucial in strategizing and responding to crises. It has played a crucial role in the best possible decision-making for risk aversion and survival during such risky times. Even in the future, developing proper business responses and strategies will require forecasting and alarms.
Live dashboards implemented across companies will provide immediate access to relevant information regarding their business and solve any potential issues. Businesses are staying on top of changes and adapting to immense challenges with the creation of ad hoc analyses. No wonder companies need to gear up rapidly to the increasing use of up-to-date data.
Businesses are getting more competitive, and thus the need for collaborative business intelligence has enhanced. It combines collaboration tools like online BI tools, including social media and other 2.0 technologies. Fast-track businesses where analysis is done and reports edited are massive pose unique challenges that only enhanced collaboration can solve. These online BI tools generate automated reports that can be scheduled at specific times for specific people.
For instance, setting up business intelligence alerts helps to share embedded or public dashboards that are highly interactive and flexible. Such a collaborative environment is especially useful in the current work-from-home setup of organizations. The business world now is more dynamic than ever, and such high levels of collaboration are necessary for problem-solving. It is not limited to document updates or exchanges but extends to the progress of meetings, e-mail exchanges, calls, and ideas collection. Studies predict that in the future collaborative business intelligence will become accessible by larger sets of users and more connected to bigger systems.
During the past decade, so much data has been produced, stored, and analyzed that companies felt the need for data automation solutions to handle the massive volumes of data collected. Business intelligence allows users to consolidate all the data managed by a company. It provides techniques to discover, measure, analyze, monitor, and evaluate large-scale data. The new trend points toward businesses automating the maximum possible processes using multiple technologies and tools such as AI, no-code tools, machine learning, low-code, etc.
The barriers between data scientists and business users are slowly demolishing. Right now, businesses have a one-stop destination for any data requirement, like analyzing, collecting, monitoring, analyzing, sharing findings, and reporting. Predictive analytics and automated reports have enhanced the capability of businesses to automate data without depending on IT departments. Data scientists predict that over the next decade, one of the significant trends in business intelligence will be the automation of data science tasks.
Businesses have become much more productive and capable of improved decision-making by embedding various BI components such as reports or dashboards into their applications. These embedded dashboards add much more value to businesses than conventional spreadsheets. Studies by Allied Market research indicate that the embedded analytics market will reach $77.52 BN by 2026, with a CAGR of 13.6%.
Organizations can offer more polished presentations and report to customers by white labeling the selected applications. Embedding analytics to an application gives scope for enhanced collaboration and increases the involvement of every stakeholder rather than just embedding a dashboard or BI features. It equips employees and clients to manipulate the data in a well-monitored environment that facilitates better extraction of insights from every area of your business.
Being data-driven for businesses is no longer a choice but rather a necessity for reaching business goals. This year is about leveraging state-of-the-art online business intelligence software to get maximum value. Companies should go beyond data collection and focus on efficiently using high-quality data to improve decision-making and problem-solving. It is still not late for businesses to adopt a robust business intelligence solution to prepare for future challenges and pave the path toward success.