Data is everywhere in the world today. Everything leaves a trail of data, whether users’ online browsing activities or simply their online payments. Data is a valued asset in companies as it aids companies in decision-making about prospective business opportunities and strategy development. . Manually managing this amount of data is always challenging; therefore, experts use tools and data monitoring systems like Power BI that provide executive insight into the data. If you, a business leader, delve into this data effectively with business intelligence (BI), you can quickly gain an advantage over your competitors
What is Business Intelligence?
Business Intelligence is defined as a collection of multiple processes and technologies that convert raw data into useful information to facilitate profitably in business. Businesses require powerful data analysis tools to help them make rational decisions by analyzing past data. Business Intelligence solutions use big data, data visualizations, and statistical analysis to implement organizational changes.
Why are BI solutions important for businesses?
Business Intelligence is an essential tool for both small and large businesses. As technology is advancing, the reliance on data has increased as well. This directly affects the role of Business intelligence in data integration. Business Intelligence tools and analytics platforms have evolved with time, especially with trends such as artificial intelligence, the cloud, and mobility. In the future Business Intelligence systems need to provide answers, not just data. In this blog, we will look into the top six key trends of business intelligence which will shape BI’s future.
Top Six Key Trends of Business Intelligence:
1. Collaborative BI Tools:
One of the key BI trends which we can anticipate in the future is the growth of digital business intelligence solutions where tools and platforms will become more collaborative. Collaborative BI, which is geared towards better problem-solving, enables the users to easily exchange business ideas or solutions using numerous platforms, e.g., Wiki and blogging. It gives everyone more visibility and accessibility to real-time data, thus, making the decision-making process more effortless.
2. Self-Service BI
The conventional BI solutions are not adequate for modern businesses as they require more freedom in accessing data. The users now want to be less dependent on IT experts. Self Service BI is, therefore, the new biggest trend in BI. Self-service BI consists of multiple processes, tools, and software that enable the users to analyze large amounts of data and create unique dashboards on their own. They don’t have to rely on IT or dedicated data analysts to create custom reports for them. Through self- service, the users can access data and easily analyze it remotely as well.
Automation is an important factor which impacts the growth of a business. Data collection, cleansing, and data analyzing can be time-consuming but incorporating automation into this process reduces significant time and effort. Robotic Process Automation helps in automating everyday processes that once required human effort. RPA offers a fast and reliable method of extracting data from various systems. It then performs initial quality checks and compiles data into a single file or report, ready for analysis.
4. Artificial Intelligence
The ever-increasing data poses a challenge for businesses as finding insights from this corporate data can be a difficult and tedious task. This has given way to the widespread use of artificial intelligence in BI solutions to extract useful information from data.
Companies benefit from these insights and improve their marketing activities, understand their customers in a better way and develop effective business strategies.
5. Connected Cloud:
In the last two years, businesses have realized the importance of cloud-based solutions. The demand for cloud-based solutions is increasing in the market and BI tools are no exception. To ensure lower risk and flexibility, businesses require an integrated cloud strategy. Cloud services are one the most popular upcoming trends in business intelligence, especially considering how most businesses are shifting to remote work. A user can access his data from anywhere at any time with cloud-based BI. Software-as-a-Service (SaaS) apps are growing more popular, and they can be accessed through any web browser, allowing in-depth insights into data at any time, from any device.
6. Data Governance & Security
Data Governance refers to protecting and managing a company’s data assets. It is a framework that ensures the availability, accuracy, and security of the data. Through data governance businesses can minimize security risks, increase the value of data, reduce costs, ensure the consistency of data throughout an organization.
The Business Intelligence landscape is constantly and quickly evolving. The shift from IT-driven BI to self-service analytics is a significant trend in future data analytics. Through these key trends we can expect to see efficient data analytics for the everyday decision-making process of a business. At AlphaBOLD, we help companies solve modern business problems with data-driven business intelligence solutions. From managing data to predicting future trends, our expert BI team is ready to serve as your trusted business intelligence service provider throughout the journey. Contact us to learn more about our BI solutions.