No matter which industry, every organization of each sector is exposed to an inexorable influx of data. From marketing to health, from education to IT, every line of field is overflowing with the concept of Big Data.
Big Data refers to the massive amounts of data of any company being piled up, which, if not taken care of, becomes a liability. To handle such vast chunks of information, efficient management systems, and a proper data governance strategy is a must. All these strategies, tools, and management systems, when combined, give birth to the master of business handling: Business Intelligence.
“Business Intelligence refers to the technologies, applications, and practices for the collection, integration, analysis, and presentation of business information.”
It is quite apparent that with the speed at which technologies are progressing, and data is being created, even the data governance services, as well as business intelligence, are witnessing continuous changes in their trends.
As of 2020, we have listed the seven most important of all business intelligence trends which you can’t afford to ignore at any cost:
1. Different Approach Towards Data Revelation
Not only storage and analysis of data but also the collection process for the same is now subject to variation and new procedures. Rather than sticking to the classic methods of collecting raw data through email subscriptions, printed forms, and surveys, business intelligence has come up with more advanced and interactive options for doing the same.
By including graphical representations, directly targeting the concerned audience, and even providing tools for the preparation of data from numerous sources, businesses are now less susceptible to old data collection problems.
2. Acceptance and Awareness Towards BI Platforms
Knowledge is incomplete without the support of implementation. Even if you are well aware of a proficient data governance strategy to keep up your business, it is entirely useless if you don’t take their advantage at all. As of the statistics produced by various business analysts, 2020 is going to witness countless businesses signing up for business intelligence (BI) platforms to be able to organize their data productively.
These platforms, like Google Data Studio, Tableau, Metabase, offer a diverse range of data governance services all in one place and quite a simplified manner.
3. Predictive Analysis in Business
Let’s start with an immaculate example: Amazon. When a customer shops on this e-commerce platform, the AI of the company tracks the surfing behavior, the time spent browsing a particular category, and per these, makes recommendations similar to a previous purchase.
The technology, known as Predictive Analysis, is yet to be discovered to its full potential. Still, there are various horizons to it which can be explored in the present, like Amazon is doing. Businesses will soon be seen implementing this technology to track the behavior of their customers, keep luring them, and offering them beneficial schemes related to their point of interest.
4. The Other Side to Natural Language Processing
Natural Language Processing refers to the technique in which the computer processes the language fed and recognizes it in the way humans read or speak.
To understand it better, take the Google Speech Recognition tool, for example. All you have to do is speak your search or query, and the software will save your typing time by converting the spoken words into the written ones after recognition.
It is just the beginning. By using such tools in your business, you can make your platform and services more interactive and user-friendly. Also, such techniques save time and deliver much-needed data within seconds.
5. Scope of Augmented Analytics
Augmented Analytics is nothing but a combination of machine learning and natural language processing. So basically, it’s everything!
With such highly intelligent software, not only time will be consumed less, but also precision and deliverability will experience a rise. Hence, all the complicated tasks will be performed smoothly on just voice commands, and relations in data will be retained.
6. The Year of Mobile Business Intelligence
Undoubtedly, this is the table-turning trend which will be of extreme importance to business owners who, despite having organized data structures, are facing problems. Mobile business intelligence refers to the availability of business intelligence platforms on mobiles or tablets so that you can easily manage your data from anywhere, at any time.
7. Precedence to Data Governance Services
After reading about the recent data breaches and other data leaking, consumers have started becoming less reliable on specific companies and brands. It is adversely affecting the organizations since the core element of business, which is the customer, is going down.
Data governance will be given preference over all other business intelligence tools to help secure a business its data and reputation.
Business Intelligence counts to almost everything any industry can imagine today. From providing the necessary data governance strategy to enabling the business to incorporate highly intelligent software and technologies to gear up the competition, business intelligence is the definition of the 21st century.