Did you know? BI is taking a central role in business operations, just like the internet did. Remember, the flow of raw data is only going to increase. In fact, by 2020, nearly 1.7MB of data will be generated every second, for each human being in the world. So, we can safely say that the potential that this data holds is infinite. Therefore, as its volume grows, the demand for BI tools that can gather, sift through, analyze, and present actionable information will also increase.
- Artificial Intelligence (AI) in Business Intelligence (BI)
Artificial intelligence (AI) has taken every business aspect by storm, and business intelligence is no exception. The outsized potential of this technology, promises to augment human intelligence by revolutionizing the way we interact with business data and analytics.
So, have we seen the best of AI in BI yet?
The answer is a big NO! However, there is a consensus that AI can process vast quantities of data faster than humans. Besides, the technology offers a unique perspective in business intelligence and makes it easy to unearth insights that have gone previously unnoticed.
Explainable AI is an exercise of understanding and presenting clear-cut views into machine learning systems. With such developments cropping up, it won’t be long before AI can justify its decisions in an intelligible manner. We expect more critical developments to emerge in the coming year(s). All that said, we do not see the AI trend in BI going anywhere: its disruptive impact will be felt beyond 2020.
- Focus on Data Quality Management (DQM)
These days, data is the livelihood of any business. However, there is one critical caveat – if the data is not accurate, up-to-date, consistent, and complete, it can destroy business value and deplete profitability. IBM intimates that, in the US alone, businesses lose $3.1 trillion every year because of poor data quality (IBM). Poor data quality is a problem that has long plagued enterprises of all sizes. Consequently, the problem is poised to worsen as data sources increasingly become interwoven.
The rise of the Data Quality Management (DQM) trend is a welcome relief for all businesses. Data quality management is an integral process that combines technology, process, the right people, and organizational culture to deliver data that is not only accurate but also useful. More importantly, data quality is not about being good or bad; its a range of metrics that measure the health of data used for analysis.
Data Quality Management (DQM) was one of the hottest business intelligence trends in 2019. Today, every business wants to implement data quality processes to enhance their ability to utilize business intelligence. Going by the significance it has gained, this trend is set to continue to cause ripples in 2020.
- Actionable Analytics Everywhere
Actionable analytics is one of the hottest analytics and business intelligence trends in 2020. Traditionally, business intelligence data and insights were not consumed in the same place. However, in a bid to stay on top of business workflows and processes, businesses are no longer interested in analyzing data in one silo and taking action in another.
Luckily, modern BI tools have evolved to put corporate data where users want to take action. The platforms are merging with critical business processes and workflow through features like embedded analytics, dashboard extensions, and APIs. As a result, it’s now easy to implement actionable analytics to expedite the decision-making process.
What happens is that with these capabilities, business users can work on data, derive actionable insights, and implement them all in one place. Additionally, modern BI tools feature mobile analytics to deliver unique capabilities where the user is. Moreover, putting actionable analytics in context helps customize insights to the specific department, business, or industry. Even though this is one of the emerging trends in business intelligence, its popularity is already widespread.
- Storytelling Becoming a Norme
Analyzing data is one thing; interpreting it for business is another. There’s no doubt; data analytics help users uncover insights. And, using these insights to guide decision-making is the endgame of the business intelligence process.
In the modern data-driven world where businesses are fostering a culture of analytics, data storytelling is increasingly becoming pivotal. Storytelling adds a dash of context to statistics and provides the narrative needed to put insights into action.
Businesses have realized that dashboards figures alone make no sense if they are not accurately contextualized and interpreted. For this reason, many have gone all out to adopt principles of storytelling to nurture conversations around data. Besides, there are massive data literacy campaigns aimed at making everyone understand data and contribute to the analytical conversation.
Data storytelling will continue to shape the business intelligence arena in 2020. Notably, the trend will progressively change the way businesses use data to engage, acquaint, and try new ideas. More businesses will leverage this approach to make insights more applicable to their scenarios.
- Data Discovery enriched by data visualization
Since 2017, data discovery has been one of the most important business intelligence trends. Data discovery is a business user-centric process of collecting data from multiple silos and databases and assembling them into a unified source to simplify analysis.
Interestingly, data discovery systems help businesses get around the mismatch that exists between people who prepare corporate information for analysis and people who perform the analysis and consume the insights.. It makes it easy for people with no IT skills to access and drill down into data to derive the information they need. This way, non-tech users can explore corporate information and obtain actionable insights to make fast, informed decisions based on their discoveries.
Data visualization has advanced to include heat maps, pivot-tables, and geographical maps. As a result, businesses can now create high-fidelity presentations of their discoveries. The data discovery trend is poised to persist as one of the hottest business intelligence trends in 2020 and beyond.