Top Business Intelligence Trends to Watch Out in 2021
How Business Intelligence will continue to be influenced by the latest technological developments?
Business intelligence (BI) has become an indispensable asset for organizations, both big and small. Earlier, it was leveraged by only data experts in IT or information analyst specialists. But today it is a strategic necessity for any company moving toward democratizing the access and analysis of data across the organizational framework.
Previously, businesses have long sought real-time intelligence, and systems are available to do this for a limited set of tasks. Fortunately, last year, the business intelligence market has been revolutionized. With the BI landscape evolving, many emerging trends will play a central role to boost the adoption trajectory in the coming months. This is mainly owing to the fact that business intelligence revolves around different technologies and strategies to analyze business information.
For instance, a crucial segment of the business depends on interaction. Business leaders and employees need to interact differently with each other and customers to sustain in a competitive market. As a result, a strong emergence of collaborative Business intelligence will gain prominence, this year. Such tools make sharing easier in generating automated reports that can be scheduled at specific times to specific people.
In its initial days, business intelligence tools were only accessible to enterprises with a huge budget. With rising dependence on cloud computing, the benefits of the BI tools become more readily available to several small and midsized companies.
Because of this, even cloud BI providers are making solutions to meet the growing demands for advanced business intelligence tools. This trend will also continue in 2021. BI elements, like data models, data sources, computing power, data storage, and analytics models, are all destined for the cloud.
Mobile Business Intelligence to gain Popularity
Further, with workforce going mobile than ever, since past few years, mobile solutions are bound to witness maturity in coming years. This also means that the trend toward mobile business intelligence tools and solutions will accelerate with time. Mobile business intelligence refers to the ability to access BI-related data such as KPIs, business metrics, and dashboards on mobile devices.
NLP to Power Operations
Natural language processing (NLP) or conversational analytics is an integral aspect of business intelligence now. NLP trains BI models to comprehend a range of languages, seeking patterns in the complexity of the human language and present only the most relevant content at the end. Platforms like Microsoft’s Power BI and Tableau, have integrated NLP features, such as semantic search. These abilities help businesses extract insights based on past trends and patterns – thus presenting more reliable and relevant content.
The Good old AI
Artificial intelligence (AI) has revamped every business aspect in recent years, and business intelligence is no exception. So it is not surprising to observe the integration of these technologies to create augmented analytics. According to Gartner, augmented analytics automates finding and surfacing the most important insights or changes in the business to optimize decision making. Expert claims that powered by artificial intelligence, BI processes will get simplified through voice-activation, voice transcription, and efficient conversion of data. Meanwhile, as augmented analytics incorporates AI techniques and machine learning-based automation to augment human intelligence and provide contextual awareness, many BI platforms could become more user-friendly in 2021.