Top Business Intelligence Trends for 2021
Business are fast identifying the many benefits of incorporating Business Intelligence (BI) software, including operational efficiency, customer satisfaction and getting the edge on competitors. But businesses are now streamlining their approach to BI and looking to really improve its effectiveness within the organisation. Here are a few of the top Business Intelligence trends being noticed that are likely to dominate in 2021.
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6 Business Intelligence Trends
1. In the cloud
The future of business was always in the cloud, and this is the way big data is now moving. Almost all BI elements, including data storage, analytics, data models and sources, as well as computing power, are now heading to the cloud in 2021. To ensure this isn’t a disparate operation, businesses are seeking more connected cloud strategies that come with the benefit of reduced risk and flexibility.
2. Data-driven storytelling
The move from mere data analysis through to customised interpretation is a massive BI trend in 2021, because of the enhanced decision-making opportunities provided. This form of data storytelling requires data analysts to convey the information received in a much more accessible way, that outlines practical solutions and systems. The trend of data storytelling will actually change the way businesses use data to engage, adopting new ideas which are customised to the unique business model.
3. Improved data security
As data-driven business develops, we’re seeing increased risk and the need for improved data security. South Africans were shocked into the reality of cyberthreats after the Experian data breach resulted in some 24 million personal details and nearly 800 000 business details being released. The result is a decreased market value, a huge drain on resources and a massive lost of public trust. The trend for enhanced data security in the BI context has been growing, and will continue to do so going into 2021 as businesses seek much more secure solutions for business data.
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4. Data quality management (DQM)
The value of a data has been proven by the implementation of BI, but the value of the data relies wholly on the quality of the data being used. If the data is not accurate, consistent, up-to-date and complete, the BI gained is not worthwhile. This has resulted in the rise of DQM which requires a combination of the best people, the right technology, and an organisational culture that provides relevant, accurate data. Going into 2021, businesses are likely to implement data quality processes that elevate their ability to use BI effectively.
5. Collaborative BI
The combination of BI tools, collaboration software and social technologies is known as collaborative BI which allows a business to streamline data-driven decision-making. The reason behind the emergence of this trend is the need for increased collaboration within the business environment through the sharing of simplified analytics and reporting. This supports collaborative problem-solving and ideas’ sharing.
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6. Focus on Mobile BI
With ongoing decentralisation of the traditional business model – largely through lockdown and social distancing measures – there is going to be more mobile BI as we go into 2021. This allows users to access BI-related data, business metrics and dashboards on mobile devices, with many vendors and solutions set to emerge next year. With mobile BI platforms, businesses are able to:
- Access data any time and any place;
- Access real-time data for quicker response;
- Operate with a more remote workforce; and
- Enhance internal communications.
As BI software increases its footprint in the South African business space, the operational development and benefits to business will continue to be felt. It’s worth keeping an eye on the latest BI trends to ensure your business gets the most out of BI.
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