The significance of analyzing business data wisely is necessary for entrepreneurs to run their business flawlessly. The technology enhancements each year support this perceptive with better hand-outs day by day.
Numerous developments are being noticed in the year 2020 and these trends will play a major role in the decision-making process. Business intelligence (BI) is a key component for growth and success. The businesses are taking full advantage of it and the need for distinct BI tools is sure to increase.
BI can be seen in many forms like cloud BI, mobile BI, ingrained BI, etc. and BI service providers are in a continuous search to present the finest possible solutions. A proper understanding of the market rhythm and the stream of the BI scenario is a definitive way to generate revenue and boost your business. Microstrategy has predicted several things including that 90% of big enterprises will fetch revenue from data-as-a-service.
This article includes the updated business intelligence & analytics trends for 2020 and further which entrepreneurs can leverage for maximum benefit.
- Formulating actionable analytics
Recent BI tools integrate both the parts of data and insightful analytics that are convenient to view and understand. These tools come with enhanced features to quickly present the required information to users whenever they specify their choice.
Various components like APIs, dashboard extension, different types of analytics, etc. allow users to analyze data and perform the subsequent action concurrently. In 2020 and further, it is quite promising to work out particular analytics for a business domain or department as required.
- Augmented Analytics
Almost all industries and businesses are aware of this concept that highlights reality in a superior way. BI integrated with machine learning (ML) and data science will further utilize augmented analytics to display meaningful insights and comprehensive analytical information to users.
Now the businesses have to consider augmented analytics as one of the top elements while selecting service providers. Many reliable service providers have embedded augmented analytics in their services to provide better user experience with an ideal solution.
- Data Quality Management (DQM)
With the bulk of data collected, it is necessary to maintain the quality of data analyzed for drawing a conclusion. In 2020, the quantity of data collected from various sources increased more vigorously than before leading to reduced data quality. This is where DQM plays a vital role to guarantee data quality and security.
In subsequent years, it will be quite essential that data should be accurate, consistent, and comprehensive. DQM will provide a set of metrics to analyze the reliability of data that is being gathered. The quality parameters will ensure the execution of diverse procedures that will present only high-quality data for more analytics.
- Data Governance
Data is the fundamental input to business intelligence and the corporate sectors have now realized the significance of managing and safeguarding data centrally. The accomplishment of General Data Protection Regulation (GDPR) rules and regulations has a key role in that and will continue to do so in 2020 and further.
Now the priority is to manage and secure data efficiently through advanced technologies keeping GDPR guidelines in mind. New BI tools will now be supporting GDPR rules and offering the finest possible data analytics to users.
- Voice-Activated support
We already know about voice assistants like Siri, Google voice search, etc. and they also have a sound impact on the BI domain. Most of the organizations are now utilizing BI coupled with voice- activated assistance and this trend will rise further in the future.
BI tools developed using machine learning (ML) and natural language processing (NLP) offer quite reliable digital assistants that reform the whole BI process. The best part is that these digital assistants will record voice commands and transform them systematically into trustworthy and insightful information.
6. Cognitive Computing
Cognitive Computing is very useful to handle unclear problems associated with human and machine interaction. Cognitive computing is being enhanced to minimize the gap between computing machines and human communications.
A massive volume of data gathered from different structured and unstructured sources is used in this type of computing. Then this data is arranged into meaningful information by simulating the human brain.
You will observe the additional usage of cognitive computing throughout the year 2020 where the data collected from diverse sources like text files, emails, apps, etc. is manipulated.
- Artificial Intelligence (AI)
We all observe the use of AI in business and our daily life. However, enough research work has not been done to implement AI in business intelligence. Now efforts are being done to reform the mode associated with BI and analytics since AI is worthy enough to process massive data quickly than humans.
Then it will be easy to find out insightful data missed earlier that will benefit businesses in 2020 and further. Reasonable AI has evolved as a new means to explain the union of AI and ML models into the BI environment. You will witness that AI will authenticate hints and reply to follow-up questions understanding users in a better manner.
- Cloud Deployment
Cloud BI has become very popular as the key BI components are stored at a cloud server. Although businesses have been already using different cloud systems, yet it was not so simple to sustain multiple systems.
The trend is to use a connected cloud tactic where your systems are interrelated and offer flexibility at a much lower cost. This multi-cloud model is also capable of providing solutions to any kind of threats related to data security.
- Natural Language Processing (NLP)
NLP along with conversational analytics has become popular and the users need not be data professionals to explore data extensively for perceptive information. NLP enables users to ask comprehensive questions through voice commands. Then the users will get multiple layered replies for their various questions.
Before 2020, data analytics just focused on visualizing data but now NLP will also enhance the conversational process.
- Collaborative BI
Proper teamwork and collaboration are must in an organization and this is exactly where collaborative BI plays an important role. This type of BI is growing rapidly with a combination of diverse BI tools and teamwork software.
This allows an easy and safe sharing of analytical information/reports and dashboards. Hence the decision making in enterprises will be done collectively by various groups rather than individuals in 2020 and the incoming years.
- Self Service BI
Self-service BI (SSBI) is already trendy sine many years and its fame and usage are rising day by day. Data scientists have added new features to self-service BI that help users to manage the required data in the format of their choice and at a specified time. These features have simplified analytics and reporting thereby enhancing the user experience.
In 2020, SSBI is gradually replacing the conventional BI tools that were some inflexible to handle. Self-service BI along with collaborative BI works flawlessly to offer straightforward data access, evaluation, and perceptive.
- Predictive Analytics
Predictive analytics has been used extensively in the BI environment and aided with AI, ML, and NLP, its impact has also increased. From 2020, the users are able to judge and predict the data by certain processes rather than relying on expensive BI tools.
This helps enterprises will stay ahead in the competitive market and increase their productivity and efficiency. Novel statistical methods with instant data processing are now accomplished simultaneously with various data mining algorithms.
- Machine Learning as a service
Business intelligence is gaining hike but it might not be possible for some businesses to afford expensive BI tools. ML as a service offers a good solution for this and its remarkable presence can be seen from this year itself.
Now diverse ML services such as predictive analysis, NLP, data revelation, etc. will gain more fame and these services will definitely fulfill the purpose of those who can’t control BI to the maximum extent.
- Big Data
Big data is gaining more significance with the continuously growing data and this year is witnessing Big Metadata and data authenticity. In the incoming years, businesses will depend on structured data sets to examine the information in a better and logical manner.
- Security Measures
Technology enhancements are awesome but there are is also a dark side of these reforms. Cyber attacks also increase with the increase in digitization and taking it lightly can cause huge data loss and the misuse of sensitive information.
The corporate sector has to handle security breaches and become perfect in risk management. Earlier, security wasn’t a major issue for many organizations but now they have to focus on implementing security procedures where business intelligence plays a key role.
There has been a fantastic development in the field of BI and better procedures have been developed to handle big data efficiently. The above mentioned BI and analytics trends will continue in 2020 and further leveraging the full potential of diverse technologies. Machine learning coupled with business intelligence will yield fruitful results.
Paru Saxena is a digital marketing strategist at TechIngenious, a rapidly growing company having reliable web & mobile app developers in India. He is fond of content writing and has written several marketing and technology articles.