In this article, we will be examining the latest business intelligence (BI) trends that are shaping the future of the business industry. Whether you have installed business intelligence software or plan to do so, the following paragraphs lay bare 10 BI trends that are changing the business landscape. You either catch up or you will be caught up –
1. Storytelling As A Standard: Experts must convey information to business leaders in a manner that’s sensible and workable. These abilities converge to a procedure known as information storytelling. If you can’t tell the story, another who does will take the market.
2. Data Management: Most companies have some form of data administration in place, although many have not completely standardised it. Data management is a process that sets the blueprints for managing corporate information assets.
3. Voice-Activated Aides: As more small businesses show interest in business intelligence, digital assistants are finding increased importance. Modern business intelligence tools are now equipped with digital assistants that streamline the BI process. Voice activated aids like Alexa, Siri, Google Voice etc.
4. Connected Shadow: A connected shadow strategy is an excellent option that brings flexibility and reduces the risks associated with analytics.
5. Collaborative BI: Collaborative business intelligence is a mix of BI tools and the best collaboration software, including g.Internet 2.0 and social technologies to improve data-driven decision-making.
6. Self-Service BI Interfaces: Statistics show that self-service BI is still a leading priority for many companies. The solution enables business users to handle BI jobs by themselves without involving data scientists or IT teams.
7. Data Security: In a bid to impart trust and gather the data they need, companies will continue to repair all technicalities for data security. Customers are already fully aware of the value of personal data and are hesitant about sharing it online
8. Artificial Intelligence (AI): Artificial intelligence (AI) has taken every aspect of business unawares with its innovations, and business intelligence is no exemption. The potential of this technology is yet to be fully harnessed. However, it promises to improve human intelligence by revolutionizing the way we do and communicate with business information and analytics.
So, have we seen the best of AI in BI yet?
The answer is a Hell NO! However, beyond the fact that AI can process vast amounts of information much faster compared to humans, the technology offers a unique point of view on business intelligence. The fact makes it easier for one to establish an understanding that has gone formerly undetected, making it a comparative advantage to the experience before its advent.
9. Information Quality Management (DQM): Information Quality Management (DQM) is a crucial process that combines technology, process, people, and business culture to provide accurate and useful information. It measures the health of data used for analysis and offers insights into data flowing through a company. DQM improves data management and ensures data standardization to provide a clear picture of daily business operations, enabling business leaders to make informed decisions that drive the business forward.
10. Workable Analytics Everywhere: Workable analytics is a popular trend in analytics and Business Intelligence, and it is expected to continue in 2021 and beyond. In the past, business intelligence data and insights were not consumed in the same place. However, modern BI tools are now integrating with critical business processes and workflows, enabling the implementation of workable analytics to accelerate decision-making. This is achieved through features such as embedded analytics, dashboard expansions, and APIs, making it easy for users to access corporate information where they need it.
In conclusion, business intelligence (BI) is an ever-evolving field that continues to shape the future of the business industry. The 10 BI trends discussed in this article are just a few examples of how technology and innovation are driving the development of the field. From storytelling as a standard to workable analytics everywhere, these trends are transforming the way businesses collect, analyze, and utilize data. As companies continue to adapt to these changes, they will need to keep up with the latest trends to remain competitive and successful in the future.