The past few years have seen a revolution in Business Intelligence (BI). Data is now more important than ever and yet more manageable thanks to technologies like the cloud and data visualizations. Analytics has become simplified for the common man, and these days you no longer have to be an expert to use analytics.
In the first half of this year, we have already noticed BI trends which are coming to the forefront, specifically, the increased customization of BI. BI has become essential for all businesses, regardless of size. It is no longer a question of if you need BI for your business but how you will implement it. Which BI tools and trends are most important for you to successfully grow your business?
Whether you are the owner of a small coffee shop or a major corporation, there are a few key BI trends that you should be paying attention to. Here are the top 5 BI trends that we’ve identified for 2020:
- Data Visualization
- Collaborative Business Intelligence
- Mobile Business Intelligence
- Data Automation
Data visualization is an increasingly important trend to pay attention to. In fact, the Business Application Research Center stated in a survey that data visualization is one of the most important trends this year.
Understanding the relationships between different data sets and then presenting them in a way that anyone can understand is the key idea behind data visualization. Data visualization tools perform these actions automatically, but it is still important that the software is:
- Simple to use
- Provides insight
- Can incorporate data of high value and variety
Finding trends that you didn’t know existed in the data is useful for any business owner. Because it is easier for human beings to understand and interpret data visually, data visualization is one of BI’s most relevant trends for 2020.
Although some scientists and experts are wary of artificial intelligence, AI holds limitless potential for expanding and integrating all forms of business intelligence. AI is dramatically changing the way we interact with data. Businesses that previously relied on passive analytics are discovering what is possible when active analytics is put in play, with tools like live dashboards that give constant feedback in real-time. AI algorithms can detect patterns that a human might not be able to and send immediate notifications.
The need for data analysis tools in real-time has grown since the internet of things has brought so much more data to the table. Modern businesses that want to stay relevant need to stay on top of this trend.
The old system of the manager telling the employee what to do and when is over. Businesses are increasingly relying on collaborative BI to understand and interpret data. Collaborative BI combines tools like social media with live BI tools, allowing more analysis and reports to be done in a simplified way. In time, such systems will do away with the need for specialized technicians to interpret data.
Collaborative data and collaborative decision making are the main focus of these new BI tools. At this stage, their scope is still limited, and ideally, they should be able to connect larger systems, incorporating things like meeting progress, calls, e-mail exchanges, messaging, etc.
As mobile devices are quickly becoming the main way people use the internet, mobile business solutions for BI is one of the key trends to pay attention to. As the year progresses we will see more and more vendors and BI solutions adapting to this growing need. One of the key advantages of mobile BI is unrestricted access: the ability to access BI anywhere, not just from your computer at your place of work, but from any location. Combined with the advantage of real-time analysis, mobile BI gives businesses the freedom to operate outside the four walls of their building.
There has been so much data created and stored in the past ten years that businesses now need improved data automation tools to deal with the immense amount of information. In fact, it is predicted that approximately 35% of all data tasks will be automated by next year. It’s obvious why this is a BI trend that needs your attention.
In the last decade, we saw so much data produced, stored, and ready to process that companies and organizations were seriously looking for modern data automation solutions to tackle massive volumes of information that has been collected. Gartner predicts that next year more than 40% of data science tasks will be automated, hence, this is one of the trends in business intelligence that we need to keep an eye on.
Businesses can use BI to predict what previously unnoticed trends affect their business, allowing them to adapt their strategic plan to the constantly changing and increasingly competitive market landscape.
Some of the ways BI consulting will transform your business are:
- More competitive
- Better client/employee satisfaction
- Cost reduction
- Increased gross revenues
- Better net profits
Data is the new currency and BI solutions are worth paying attention to, no matter the size of your business. We hope this article has enlightened you as to which trends to pay attention to this year, as well as shown you the advantages of BI for your business.