Top Business Intelligence Trends for 2022
After a tough two years, businesses need to implement every possible measure to ensure they remain relevant in a changing market. At the forefront of this is business intelligence (BI) which allows businesses to actually make sense of their data. Here’s a look at some of the top trends in BI for 2022 that will change the business landscape.
What are the business intelligence trends for 2022?
If you’ve yet to take full advantage of BI, then you’ll want to consider it in 2022 as there are so many new technological advantages to this software solution.
Read More: Top Business Intelligence Trends for 2023
1. Augmented analytics
This is powered by Artificial Intelligence (AI) and Machine Learning (ML), allowing non-technical individuals to create sophisticated data models. AI is basically the science that attempts to empower machines with the capabilities of complex human intelligence. AI and ML are revolutionising the way we interact with our analytics and data management. In 2022, we expect to see the implementation of ethical AI where machine learning is more adaptive so as to be compliant with all privacy regulations. The scandal that erupted around Facebook and Cambridge Analytica are key examples of AI used outside of the law.
2. Data security
Data privacy will be a major BI trend going into 2022 with the implementation of privacy regulations worldwide. In South Africa we have the Protection of Personal Information Act (or POPI Act); the European Union has the GDPR (General Data Protection Regulation), in California USA it’s the CCPA (California Consumer Privacy Act) in the USA, and in Brazil it’s the LGPD (General Personal Data Protection Law). All these regulations guide the use of personal information and highlight the need for data security. Businesses will be forced to invest in leading data security to remain compliant with these new regulations.
3. Data quality management (DQM)
The impact of BI on your business really hinges on the quality of the data being used. That’s why data quality management will be one of the most interesting trends as we enter 2022, with data quality standards implemented for more assurance. DQM ensures that companies make the best data-driven decisions for analysis. This means no duplicate or missing values, no outdated or inconsistent data.
4. Sales and marketing
Where BI used to only be accessible to IT specialists and business analysts, the more user-friendly software means that sales and marketing teams can also access this impactful information. BI dashboards will provide usable details on the consumers’ purchase patterns and various sales’ trends to improve the accuracy of sales’ predictions and inform marketing plans.
5. Self-service business intelligence (BI)
The current BI systems are designed around central data warehouses and storage. This information has become more centralised because data access is required by various users throughout the day. This has prompted the emergence of the latest BI trend, self-service BI, which gives users more independence in accessing business data.
6. Collaborative business intelligence (BI)
Self-service BI tools are allowing for more collaborative BI without the input and explanation of IT teams. This is achieved with a combination of BI tools, as well as other technical solutions including social media and web technologies. Because so many devices are connected, this allows businesses to set up BI alerts, share dashboards and encourage interactivity. Collaborative BI will include tracking of meetings, calls, online exchanges and idea collection for more insight and better decision-making.
You may also like: Building a successful Business Intelligence strategy
7. Data analysis
Also known as data discovery, data analysis involves using data analytics’ tools to identify patterns and gain data insights. This happens in phases:
- Data preparation connects users to various data sources;
- Visual data analysis is performed by data visualisation dashboards such as charts, graphs and maps; and
- Patterns can be uncovered, including anomalies, for better business practices.
8. Prescriptive and predictive analytics
Another prominent trend in BI is looking at what will happen in business and how businesses can make it happen. Predictive analytics allows for the extraction of information from existing data so as to forecast probabilities. This includes future estimated data to showcase possibilities as well as risks and what can be done to address these. This can be used by several industries such as:
- Hospitality: This can predict the number of guests so as to adjust pricing.
- Marketing: Determine customer responses to purchases.
- Transport: To predict ticket sales and assess pricing.
Prescriptive analytics takes the predictions a step further into the future so that businesses can decide what decisions need to be made, and steps taken to achieve outlined goals. It looks at the impact of future decisions before the decisions are even made. This helps with optimising inventory, production, scheduling and supply chain.
9. Data automation
Also referred to as ‘hyper-automation’, data automation is a disruptive technology whereby many data science-related processes are automated. This trend is set to drive data consolidation which allows analysts to collect and analyse vast amounts of data.
10. Embedded analytics
Another BI trend to watch out for is embedded analytics which allows users to examine data quicker and decide on information without transferring to another software tool. Rather the information is embedded in BI solutions such as reports dashboards.
11. Real-time data and analytics
There is much more demand for accurate, real-time data to develop effective strategies that allow businesses to respond to massive changes such as the pandemic. Real-time data has actually become the norm with press conferences showcasing updated graphs and statistics to allow for better forecasting and alarms.
12. Data literacy
Data is the foundation of business decisions but more people will need to become data literate to enjoy the benefits of BI. That’s why we should see data literacy become a bigger trend in 2022, empowering users with the ability to understand, read, write and communicate data. Business owners will need to provide training in data literacy as part of its skills’ development, with individuals identified as mediators to address communication barriers.
13. Data governance
This is the process that outlines the blueprints for managing corporate data assets such as operational infrastructure and architecture. This allows companies to harness the power of technologies and people in data management so as to delivery quality, reliable data. The implementation of data governance programmes ties in with the aforementioned data security and privacy laws found globally.
14. Cloud connection
All business tools are now moving to the cloud with BI no different. This means that all the BI-related elements such as data models, data sources, computing power, data storage and analytics will be cloud-based. Cloud analytics will increase the speed and complexity of BI, meaning that a connected cloud strategy will be required.
Read More: Business Analytics vs Business Intelligence
If you’re looking for a comprehensive BI solution that incorporates the leading trends then contact Canvas Intelligence. They find a tailored BI solution for your particular business needs, ensuring you benefit from exceptional reporting, reduced costs and improved business decision making.