The past decade has been the most powerful in terms of shaping the world of business intelligence. Data with enterprises is huge. Data has to be secure. It’s time to start speaking the language of big data and metadata. The best decisions are driven by the right analytics fetched by analysts from the big data.
According to Bi-survey.com, after surveying 2,865 BI Professionals, “The three topics BI practitioners identify as the most important trends for 2020 are Data quality/master data management, data discovery/visualization, and data-driven culture.”
Rapid changes in Artificial Intelligence (AI), Machine Learning, and automation are reshaping how businesses use data. Give your company the edge with data-driven solutions – read up the following 5 trends!
Top 5 Business Intelligence Trends 2020
Predictive Business Analytics
The increasing usability of Predictive Analytics is going in a direction such that AI, ML, and NLP are becoming more popular than ever – they are envisaging exponential commercialization.
This is proffering AI-based solutions affordable to businesses of all kinds – SMBs to Fortune 500. It’s time for the companies to say bye-bye to big-ticket investments in BI technology and the tools, and the data specialists. However, this also implies that businesses that want to compete in the age of data will have to be ready to accomplish three things and establish themselves as reliable.
- Share data tools,
- Spread data skills, and
- Increase awareness of data responsibility in the most ethical ways possible, the way the data will be utilized, processed and exchanged.
Predictive Analytics must also become accessible to everyone, and in the year 2020, we will observe even more relevance that will support the idea.
“2020 asks for basic data literacy to become an integral part of the employee training programs and recurrent L&D programs.”
Graph analytics will surpass SQL
To approach bigger business problems, you need a breakthrough from the old fashioned way of solving queries based on rows and columns. Many of complex data questions today are beyond the capability of current state analytics. Graph analysis promises to be able to answer some of the more complex questions.
This will assist in detecting fraud by modeling data relationships at scale.
What’s next after Big Data? Wide Data
With more varied data formats & sources, massive amounts of data distributed amongst sources, mangled than ever, companies that can achieve a structure will stand strong.
As numerous & intricate data sources have turned out to govern our lives on a daily basis, data management has emerged as significantly critical to BI frameworks. In the current data-driven society, data forms the premise of business choices. Bad information will lead to awful business decisions that can cause bad business consequences. Therefore, Data governance is a solution that guarantees that only certified individuals will handle the data making information progressively reliable and better decision making.
Faster Data Analysis & Integration
By the year 2020, more than 50% of analytical queries will be generated through search, voice, NLP or will be automatically generated. This will help businesses save time & resources while being able to process complex data. In other words, imagine if your analytics systems could personalize data, categorize you for the kind of data you generate daily, thereby, fingerprinting it. Also, it will find irregularities and provide insights, suggesting new data for us. This will pave the way for a far more efficient data analysis process and a remarkably quicker integration process.
The Growing BI Analyst Shortage
There are times when both Business Intelligence and Data Analytics face an increasing lack of highly adept analysis. This trend is not going to reverse any time soon. More businesses turn to AI-driven data collection and BI as AI-based technology becomes more widely adopted, the shortage of professionals will stay in trend. Not exactly the happy trend for the industry, and not a trend that should stay for long, but you don’t have to like the truth. One industry’s shortage is another man’s opportunity.
Ravi Jain
