Business Intelligence (BI) has revolutionized the way organizations operate and manage their day-to-day activity. BI’s growth has specifically been note-worthy in the past decade during which data became an indispensable part of organizations, and analytics no longer a choice but a compulsion. If earlier spreadsheets did the job of maintaining data, albeit manually, today’s data visualization, interactive business dashboards have replaced manual logs. Today advanced analytics isn’t rocket science but they have become self-explanatory and implementable.
In 2019 we saw business intelligence soar new heights. The landscape evolved so much that businesses could no longer ask if they needed BI but they were rather asking how data visualizations could improve analytics. In 2020 BI will continue to expand its reach and small and medium-sized businesses will also understand the all-encompassing aptitude of BI. Artificial Intelligence will assume more importance in the coming years, if not months. But there is more to analytics and business intelligence than AI and 2020 is likely to demonstrate it. In this article, we shall be talking about some of the latest analytics and business intelligence trends that are expected to shape the first year of this new decade.
#1 Data Quality Management (DQM) Will Become Bigger
While business intelligence’s ability to analyze and extract data from multiple sources has increased manifold in the last few years, there have also been many reports of low-quality analysis and error that make the process complicated and messy. It is primarily for this reason that data quality management (DQM) is being hailed as the most important trend of 2020. One of the main focus of business intelligence in 2020 is to differentiate between gathering information and applying them in a context. The quality of data collected and how it is interpreted has become one of the main focuses of BI. Take for example numerous online services offering car history checks. They need to manage large data. It becomes easy to manage and find any car history both provider and customer.
This is where DQM has become so important. Businesses today have understood the importance of not just data collection but also quality analysis. With the help of DQM, businesses can ensure that their data analysis is efficiently managed. Poor data quality management can have long-lasting effects on businesses — from failing to understand customers to make poor business decisions. With the help of DQM, data can be properly acquired, data processes implemented using advanced methodologies and data can be effectively distributed and managed. That is why DQM becomes so important because ultimately good quality data analysis only can help businesses adopt change efficiently.
#2 Data Storytelling Will Become Necessary
DQM businesses will hope to improve the quality of data managed. But that isn’t going to be enough in the long run. As BI becomes an integral part of businesses, interpreting data will assume importance. Today data analysis is no longer enough. Data has to be correctly interpreted with insightful graphs and stats that are easily understood and lessons properly learned. Since the ultimate goal of incorporating BI into day-to-day business operations is to make operations efficient, data understanding and storytelling is very important.
Analysts need to analyze data and interpret them in a manner that is comprehensive yet informative for business leaders so that they can take measurable actions for the improvement of the business. Data storytelling is the process wherein analysts add context to statistics they have gathered. Businesses have realized that it is not enough to invest in BI if the data collected and analyzed isn’t properly contextualized. Storytelling is a means of educating businesses on how data analysis works and how they can contribute to the growth of a business. As an emerging trend, data storytelling is expected to pave the way for business intelligence to become accessible to more small and medium-sized businesses.
#3 Artificial Intelligence
Even with multiple concerns raised by scientists and tech entrepreneurs alike about how Artificial Intelligence can take over the entire humankind, there is no denying that AI is here to stay. While such threats are not completely unfounded, as of now AI has the ability to enable hyper-automation and secure networks in ways and means for which there isn’t yet any alternative means.
Simply explained, artificial intelligence is the science of making machines work with near-human intelligence and capabilities. With the help of AI algorithms, insights have become upscaled. This means that data are being analyzed without human intervention whatsoever. All data analysts need to do is choose the data source (for analysis) and the required variable to be studied. The AI process will then run its calculations and come back with every detail such as trends and forecast, growth, key segments correlations, what-if predictions and analysis, value driver, etc. This is an incredible amount of knowledge gained with the least human interference. Tech giants are already using AI in many different ways and in 2020 it is expected that machine learning processes will become simplified and more accessible to wide-ranging businesses.
#4 Data Governance
While there are numerous trends that show how analytics and business intelligence will shape the future and change 2020, the one trend that we cannot ignore is data governance. It is the foundation upon which data management across organizations happens. Data governance outlines the blueprints that businesses and analysts must keep in mind while managing their data assets, architecture and operational infrastructure. It makes data management trustworthy and secure. The importance of data governance is not lost to many and more businesses are implementing it for securing their data collection and analysis processes. In fact, if business intelligence continues to grow at the current rate (and it is only likely to grow), businesses will be forced to adopt data governance in 2020.
What The Future Holds for Analytics and Business Intelligence?
It cannot be said enough that analytics and BI are the future. In 2020 businesses from all over the spectrum will adopt BI in ways and means that will make their operations smooth-sailing and effortless. The trends we mentioned above are by no means all-encompassing but they surely do throw on what we can expect in this defining year.