Data-driven decision-making has changed how Business Intelligence (BI) is perceived. It is proving to be incredibly useful for businesses, no matter the size. Dependency on data and data functions has increased throughout the organizational structure. News of exciting trends on the horizon is appealing to organizations looking for business transformation.
The overall perspective for a BI application, tool, or platform change according to the sector and business set-up. BI applications, such as IoT, cloud services, and Big data, have the potential to transform industries; they can be used in many capabilities such as marketing, accounting, procurement, or inventory. Business intelligence trends are continuing to hit the market faster than anticipated.
Businesses have availed many advantages linked to BI, some of which include –
- Increased performance standards equaling a better competitive advantage
- Better decision-making clarity, with emphasis on accurate statistics
- Improved business and marketing presentations
- Operational efficiency and better employee productivity
- Cost effectiveness and time efficiency, resulting in maximizing profitability
Here are the 12 Business Intelligence Trends that will shape businesses in 2020
BI impact on Decision-making
BI provides better structure and usability to available data and has a tremendous impact on the creation of company goals and future strategies. By understanding market trends and developing historical and predictive statistics, BI is shaping important decisions, to name a few – M&A, global expansion, product development, procurement, and marketing strategies.
AI is Transforming BI
BI platforms integrated with Artificial Intelligence break down complex data into simple and straightforward patterns. From Management point-of-view, real-time output has multiple applications, providing better insights for proactive decision- making.
Manual BI concepts can be automated for faster and quality output, which are also error-free. The availability of user-friendly digital assistants has streamlined sourcing and mining functions to a great extent.
Algorithms that Mimic Human Intelligence
Cognitive computing has become a crucial part of the effort to increase customer interaction, maintaining accuracy and consistency when it comes to data. It is complicated, though, because it uses multiple technologies along with real-time processing concepts. But in the end, it complements human interpretation, by replicating probable sentiments and thought processes that lead to an effective decision.
Mobile BI is Picking up Pace
Business applications have increased widely, since user interface design can be created to suit all mobile devices, taking care of visualization needs and avoiding distortions. Voice recognition and real-time translations will transform global business and perception. Mobile BI software providers can be selected based on the size of the company, the number of employees, and the functions required.
Growth in Automation
Data Science tasks that will be automated with higher frequency are Data Integration, Visualization, Data Delivery, and Data Ingestion. In 2020, another significant trend in automation is Robotics Process Automation (RPA), optimized with the use of BI tools. Operations in manufacturing and production, healthcare, and mining sectors will be transformed because of the cost effectiveness and time-efficiency of RPA.
BI Influence on Marketing and Lead Generation
Nowadays, much precedence is given to customer-centricity and customer experience. By studying customer behavior, purchase patterns, browsing patterns, favorites, etc., BI enables businesses to comprehend historic, current, and future trends with higher accuracy. Extensive research on conversions and efficiency of marketing strategies and platforms accounts for a better competitive advantage.
Data Discovery is Simplifying the Analysis
For most businesses, data availability is not the primary concern. It is interpreting this data and deriving the intended value from it. Data discovery takes care of this by identifying the intent, source, and patterns to derive actionable information. Data discovery tools take care of BI-critical processes, and integrate data from multiple sources, delivering concise and convenient information.
Wider Use of Storytelling
Most corporate decisions are data-driven, which is why businesses have realized the importance of storytelling to depict facts and figures in a more appealing format. Data interpretation has been taken to an altogether different level since storytelling portrays information in a systematic form, which is easy to understand and highly insightful.
BI to Optimize Unstructured Data
Data scientists spend a better percentage of their time analyzing unstructured data, consisting of images, emails, word documents, audios, videos, and business documents. In the context Big Data, Data Integration, and Indexing tools have become useful. Apart from these, terms such as Comment Sentiment Analysis, Verbatim Analysis, and Text Data analysis are starting to become more popular.
Higher Significance of Data Quality Management
The concept of quality over quantity is applied here. Consistency and accuracy of data are important because decisions and operations depend on it. Since low quality data can result in potential financial losses and time delays, DQM is a necessary process that evaluates the validity of available data, using specific rules.
Data Scientists are in Higher Demand
An increase in the number of BI and AI applications across sectors around the globe has fuelled the demand for data scientists. Expectations from the role are also different, demanding expertise in data functions and extensive knowledge of business applicability as well. It is one of the higher-paid jobs and will continue to remain a desirable profession in the year 2020.
BI Platforms that are Dominating the Market
Some of the most dominant BI platforms are Domo, Sisense, MS Power BI, SAP, Tableau Server, and Board. They possess the ability to extract data from any source like CRM software, data warehouses, automation tools, and cloud applications. Investing in these platforms provides an additional boost to improve internal operations and learn market trends effectively.
Businesses are leveraging new applications to get access to structured information and develop their operations. No matter the industry, new ‘Business Intelligence trends’ are captivating and continue to encompass the essence of businesses, thereby maximizing scope for growth. It does increase the potential to enhance client relations, provide quality services, and improve marketing strategies systematically.
The Business Intelligence market is expected to grow from USD 17.09 Billion in 2016 to USD 26.88 Billion by 2021, at a CAGR of 9.5% from 2016 to 2021.
Modern BI solutions do not renovate the entire operating infrastructure, but support existing systems, which is why organizations are finding it feasible to adapt to the changes at a faster pace. No doubt, the applications, and advancements in BI will continue to increase over the next few years, providing concrete data solutions for businesses.