The importance of Business Intelligence (BI) for organizations has been proven time and time again. In the modern business environment, every business endeavors to gather and leverage every bit of data in order to make swift and wise decisions that increase revenue, productivity, and growth. With so much information available on the internet concerning business intelligence, people have become confused as to what the trends in BI are.
Further, the COVID-19 pandemic is making survival for businesses increasingly challenging. Your business success depends on staying abreast of the latest developments in the industry. You are in good hands with us.
BI is set to undergo a significant transformation from multiple trends around the corner. We discuss the same here. Business Intelligence digital transformation can be endured with the help of the latest BI approaches.
Natural Language Processing Becomes Highly Resourceful
Among the hottest Business Intelligence trends is natural language processing (NLP). Want to know what NLP is?
The AI technique trains computer software to process language precisely, similar to how humans read.
The term “conversational analytics” is also used. Here are some common types of natural language processing:
- Speech Recognition:
The process of converting verbal words into computer-readable data. Siri, Cortana, Echo, and Google Voice use NLP technology every time you ask them a question.
- Natural Language Generation:
This is about outputting data as a human language. Google Now or Siri use this every time you ask a question.
- Semantic Search:
It is almost equivalent to speech recognition. Instead of expressing your inquiry in a detailed, unnatural manner, you can ask an app like Siri natural questions.
Over the past few years, NLP has developed in terms of how marketers are using data. As a result, methods of collecting and extracting data have been redesigned. Business intelligence platforms such as Microsoft Power BI and Tableau have embraced semantic search features. Data extraction has become less time-consuming and tedious thanks to advances in NLP. Experts have claimed that NLP is a strong foundation for business intelligence because of these advances.
BI will be significantly impacted by enhanced analytics
Business Intelligence relies heavily on enhanced analytics. The Gartner 2013 Data Analytics Trends report lists Augmented Analytics as a top trend in 2022. With data analytics intrinsically associated with BI, we can anticipate an extension of augmented analytics to BI platforms.
Uninformed individuals might think that augmented analytics is using AI and machine learning to augment human intelligence and provide contextual awareness. Using augmented analytics in your organization makes it possible for employees without extensive mathematics or computer expertise to use the analytics program.
Digital assistants are a great example of how augmented analytics can be applied in the field, where production workers could use voice commands to control analytics functions or maintain their business intelligence dashboards. BI platforms may become more user-friendly in 2022 as augmented analytics gain traction.
Business Intelligence Collaboration to Reach New Heights
Collaboration in business intelligence is not a completely new trend. This trend has taken on a new purpose due to the disruptive business landscape, embodied by high-ranking officials and employees who see the demand for unique communication. Collaborative Business Intelligence is expected to reach new heights in 2021, according to experts.
Data-driven decision-making is streamlined with collaborative BI, which integrates BI tools and Web 2.0 and social technologies.
It helps facilitate effective decision-making by facilitating the sharing of insights through simplified reports. It will be interesting to see how the Collaborative BI trend develops amidst the COVID-19 outbreak.
Gaining traction with self-service BI
In 2022, Self Service BI is predicted to be one of the top Business Intelligence Trends to watch. BI tasks can be handled independently without the assistance of data scientists. Filtering, sorting, and analyzing corporate data without significant data analytic skills are possible. It is predicted that self-service BI will generate more analytics than data scientists in the future.
A growing number of companies are turning to self-service business intelligence. Businesses will increasingly leverage BI to support a data-driven culture as they begin to use self-service BI.
In 2022, SaaS BI will be enhanced
The popularity of SaaS BI increased in 2021. It has been adopted widely in the past year, and its adoption will continue in 2022. In SaaS BI, business intelligence tools are delivered via recurring or subscription pricing. Software-as-a-Service is a term stemming from the term SaaS.
Businesses have been adopting the tool to gain greater flexibility and access to data from any device. Remote and diverse teams have grown to prefer the technology for optimizing their business processes and making sure there is no problem with working remotely. SaaS BI is expected to become one of the most popular BI trends in 2021.
Analytics to be used by Businesses
In 2022, actionable analytics will be among the analytics and business intelligence trends to watch. Data, as well as insights, are traditionally separated from analytics. Today, however, businesses compete to be in the best positions, data can no longer be reviewed in one part and acted upon in another.
Data visualization tools have revolutionized the way corporate data is presented to users, making it easier for them to act. The platforms integrate with business processes and workflows through embedded analytics, dashboard extensions, and APIs. Additionally, mobile analytics is incorporated into modern BI tools to give users unique insights wherever they are. The use of business intelligence is increasing, despite its being an emerging trend.
2022: The year of mobile Business Intelligence
We can’t imagine our lives without our mobile devices. BI-based business metrics, KPIs, and dashboards can be accessed on mobile devices using mobile business intelligence. With new vendors and solutions entering the market, mobile business intelligence is expected to dominate the market in 2022. Ninety-two percent of senior executives own a smartphone that is used for business.
Here are some of the vital benefits of the Mobile BI platform:
- You can access your data via one-click, irrespective of time and place.
- You own a lightweight analytics platform that accommodates the modern, remote workforce.
- Mobile BI facilitates quicker reaction speeds, smaller workflow, and efficient communication.
Data Governance Tops the List of Priority
Organizations are expected to place Data Governance at the top of their priority list. What do you think about Data Governance as one of the top BI trends for 2022? The Data Governance framework is the management framework encompassing all the technologies, processes, and employees involved in the storage and security of corporate information.
Data Governance will gain importance in 2021 as people become more concerned with securing their data. People worry about how companies manage their data. Security Magazine reported earlier this year that consumers reject brands after data breaches. A company’s data governance must be taken seriously in 2022 or it may lose potential and trusted customers.
Development of Predictive Business Analytics
Metrics and modern marketing are interconnected today. If you don’t invest in robust analytics, you won’t be able to generate the results you want. Consumers choose a brand based on a variety of factors in the omnichannel age.
We can use Predictive Analytics to solve this problem. By using AI-driven algorithms, predictive analytics allows data analysts to better predict future business results. If you require any proof of its potential, Amazon is the best example. Business intelligence is used by Amazon to forecast its acquisitions ahead of time and investigate consumer trends.
Business Operation Uses Embedded Analytics
Embedded analytics gives users more control over their data. A data dashboard, for example, may be something they are interested in operating on. Businesses look forward to giving their customers and employees this power, so they can make excellent choices.
Embedded BI takes the pressure off analytics teams, providing end users with a faster way to achieve the insights they need while allowing analytics teams to focus on developing and differentiating products.
Embedded Analytics will make a significant impact on business operations in 2022.
2022 To Bring Out Best in Artificial Intelligence in Business Intelligence
Every aspect of business has been transformed by AI, and Business Intelligence is no exception. The outsized potential of this technology will revolutionize business data and analytics communication, enhancing human intelligence. Have we experienced AI’s best performance yet in business intelligence?
Experts claim that AI can process massive amounts of information faster than humans. It provides a unique prospect in BI and makes it easy to unearth insights that would otherwise be overlooked. The convergence of AI and BI in business is being embraced by a wide range of organizations. It is possible that AI in BI will prove to be one of the magnificent BI trends of 2022.
Data Quality Management to Play a Key Role in Business
Businesses rely on data to run their operations. By studying customer behavior and expectations, evaluating competitors, and making informed top-down decisions, a business can better understand its customers. Furthermore, big data can have a huge impact on the trajectory of a business.
Managing data quality requires a combination of technology, processes, and the right people in order to produce accurate and useful data. Today, all businesses are implementing data quality processes to improve their ability to use BI. Its significance is set to grow in 2022 as it continues to grow.
An Important Adoption of Connected Cloud
Cloud computing has become the norm for virtually every business tool today. Big data analytics on the cloud are becoming more and more popular. According to these new developments, cloud computing is the future of business. Aside from that, all of the components of business intelligence, such as data models, computing power, data sources, data storage, and analytics models, are designed for the cloud.
In addition to compliance, a connected cloud strategy can decrease the risks associated with analytics. The connected cloud will be one of the hottest trends in business intelligence in 2022.
Automated Hyper Automation and Robotic Process Automation
In the context of an enterprise, hyper automation refers to the use of technologies to automate decisions. Gartner recognizes robotic process automation (RPA) as one of the fastest growing categories. Since it provides business experts and front-line workers with little to no coding Automation of some business processes is possible with knowledge. Among the top trends that have caught the attention of leading companies.
Business intelligence will revolutionize industries around the world in 2022. Make sure your business succeeds by leveraging these trends.