Future of Business Intelligence in 2020 and Beyond
Business intelligence (BI) combines business analytics, data mining, data visualization, data tools and infrastructure, and best practices to help organizations to make more data-driven decisions. In practice, you know you’ve got modern business intelligence when you have a comprehensive view of your organization’s data and use that data to drive change, eliminate inefficiencies, and quickly adapt to market or supply changes.
Business intelligence 2020 is going to be crucial for businesses in the future, owing to the ever-increasing amount of data being produced. As the volume of data grows, so will the demand for BI tools capable of collecting, filtering, analyzing, and presenting actionable information increase.
In recent years, a lot has changed, such as ideas, concepts, tools, techniques, methods, etc.
BI will not only correspond to data and analytical experts but will also be accessible to all types of businesses, from the smallest to the largest.
- Business Intelligence in 2019
- Business Intelligence Trends for 2020
- Data Quality Management (DQM)
- Data Visualization
- Improvement of AI and ML in Business Intelligence
- Mobile BI
- Self-Service BI
- Cloud BI
- Big Data
- Future of Business Intelligence
A Look at Business Intelligence Trends in 2019
Probing a tremendous amount of data & then concluding what to do with it is a complicated task. After analyzing the data, the responsibility of decision-making weighs on the shoulders of a BI analyst with reference to the information he has at hand.
Below mentioned are the trends that made an impression in 2019:
- Explainable AI.
- Natural language humanizing data.
- Storytelling is the new language of Corporations.
- Adoption of modern BI due to an increase in cloud data migration
- Better predictive analytics
Business Intelligence Trends for 2020
In 2020 we will see the Business Intelligence & analytics consolidated into almost all the software or tools we use. We will be able to examine large amounts of data produced by the digital environment and render it into valuable and actionable conclusions.
This means that business intelligence will go from having a consulting role to a purely actionable one.
According to Gartner’s estimate, more than 40 percent of all data science related work will be done by machines, without the involvement of human.
The Importance of Data Quality Management (DQM)
Data quality management is a necessary process that combines technology, process, the right people, and organizational culture to deliver data that is not only accurate but also useful.
In 2019, data quality management was one of the most popular areas of interest in the field of business intelligence. Gartner predicts that poor data quality leads to organizations incurring a loss of $15 million per year.
Each company wants to set up data quality optimization processes to apply business intelligence better. In 2020, this trend will be even more marked.
Data Discovery Enriched by Data Visualization
Data discovery is a method of accumulating data from various silos or databases and merging them into a single source to simplify analysis.
It also helps companies better align and collaborate between those who prepare data for analysis and those who perform or learn from the study. Data discovery systems make it easier for any employee to access data and extract the information they need. It has also been expanded to include heat maps and geographic functionality. With data discovery becoming more and more accessible to the end-user, it is expected that organizations will be able to make even better use of the data available to them in 2020 and thus discover unexpected information.
Improvement of AI and ML in Business Intelligence
Artificial intelligence and machine learning algorithms will approach to simulate the behavior of the human brain when analyzing, grouping, and ordering data or information.
The enormous potential of this technology promises to increase human intelligence by revolutionizing the way we process business data and analysis. Artificial intelligence in the field of BI is continually developing, and its impact will be felt well beyond 2020.
It’s Time to Adapt Mobile BI
Industry experts have predicted for years that BI will move to the mobile field; however, the transformation has been much slower and more cautious than expected.
Today users or managers need mobility to make decisions quickly and efficiently. This requires robust tools that support mobile devices, such as tablets and smartphones. In this way, the choice is made in a much more flexible way.
A New Approach to Business Intelligence with Self-Service BI
This approach is gaining momentum. It comes from the possibility for the business users to access and work with corporate information without the direct involvement of the BI professional.
Today, many tools deal with this concept in a very nascent way. They should be improved to guarantee the user a friendlier interface, necessary for the intuitive and easy use of the solution.
Thus, professionals are more concerned with improving BI services, in addition to maintaining a robust environment and with the level of service contracted, and users focus on the information provided.
Maintain Data Security with Cloud BI
Hybrid clouds are a solution that allows companies to manage data securely. Gartner expects a massive adoption of hybrid clouds by 2020. This is based primarily on their advantages, namely:
- Flexibility in the transfer and management of information.
- Security, as they provide companies with greater control of their data.
- The optimization of processes and resources.
Hybrid infrastructure management is more efficient than individual administration of cloud environments.
Big Data for Governance & Real-time Analysis
Big data can enhance the customer experience (CX) and, therefore, the turnover. In the coming years, a large volume of data, with different formats, structured or not, and in real-time, will be prioritized by several companies to increase market competitiveness.
Big data has its trends which can be considered under BI as well, namely:
- Big data-driven Natural Language Processing (NLP)
- Augmented analysis
- Continuous intelligence
- Data automation
Way Ahead for Business Intelligence
The future promises significant changes in this area. BI solutions will be increasingly perfected and improved in terms of commitment and intuitiveness, with an increasing focus on the end-user.
The information technology professional finds several opportunities in the field of BI, an area that has gained relevance in the business world. It is estimated that this market will reach the US $147.19 billion in 2025.
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