Key Trends in Business Intelligence
Businesses acquire a vast amount of data through daily operations, and it is a complete waste not to utilise this data to provide better services or products for customers. Business Intelligence (BI) effectively combines business analytics, data tools, data infrastructure, data mining and data visualisation to provide businesses with best-practice solutions for improved decision-making. As business practices have evolved and developed, BI has also adapted to meet the modern needs. Here’s a look at some of the key trends emerging in BI today.
8 key trends coming out in Business Intelligence
1. Automation in BI
The growing demand for Business Intelligence analytics – and insufficient supply of qualified individuals to provide such services – has seen an increase in the amount of data science tasks that are actually performed by machines. We can expect the automation trend can continue in BI, particularly in terms of reporting. Report automation allows for the delivery of key data points to businesses at various intervals to enhance daily operations and improve decision-making.
2. Data Quality Management (DQM)
Rather than focusing on the acquisition and analysis of data, Business Intelligence is prioritising the quality of the data being gathered. High-quality data and the context of data gathering will determine the value of raw data for company decisions. Because of this, many organisations are implementing a Data Quality Management (DQM) policy to ensure efficient data analysis. This will continue to be a common BI trend as businesses realise the huge cost of basing decisions on poor-quality data.
3. Data discovery
BI practitioners are noting a steady upward trend in the use of data discovery tools to bring value-add to business. Data discovery involves understanding the data connection within data preparation, visual analysis and advanced analytics. One area of data discovery is the use of data visualisation tools to offer relevant insights for informed decision-making. Data discovery tools allow businesses to identify trends in business operations that would’ve remained hidden or overlooked without these tools.
4. Collaborative BI
To maximise the potential impact of BI, there is a rising trend in collaborative BI which involves combining the best Business Intelligence tools to address new challenges and fast-track business. Through collaborative BI, generated automated reports can be scheduled at specific times and directed to specific individuals. Collaborative BI will also track the progress of meetings, telephone calls, emails and other exchanges of ideas.
5. Augmented analytics
This is where machine-learning automation and AI (artificial intelligence) techniques augment our contextual awareness and helps us make more informed business decisions. This will empower a larger number employees with access to comprehensible analytics, without the need for a background in complex mathematics or computer science. Augmented analytics will help identify relationships across business variables and generate a simple data story for easy reference.
6. Mobile BI
Freedom of movement in a business environment is more valuable now than ever, with many people forced to work from home or remote locations. This has seen a rise in the trend of mobile BI where mobile solutions for data analytics are readily available. Using mobile phones, tablets or laptops, employees are able to access and analyse BI data easily.
7. Self-service BI tools
Leading on from the mobility of BI, the self-service BI trend is gaining in popularity as the system continues to evolve. The increase in big data has driven the need for easy-to-use, cloud-based technologies that allow for remote analysis and reporting. The latest BI systems are extending into self-service information access, management and data visualisation which encourages the preparation, integration and modelling of shareable data.
8. Storytelling in BI
The collection, contextualisation and interpretation of data has always formed part of BI. However, the modern trend is to take this and create a story for consumption on a larger scale. To date, companies have been developing this storytelling capability internally, but it seems that the data storytelling module will become a major development in BI soon.
We are undoubtedly going to see some interesting trends in Business Intelligence emerging in the current pandemic, with innovative tools and strategies coming through. Businesses, together with a leading Business Intelligence company, will seek ways to customise these to find BI that works for their niche business in a particularly tough economic climate.