Business Intelligence has become an indispensable asset for every organization. For every modern business and marketing, the term ‘data’ has got a pretty big deal. The companies rely on this data to improve business operations, enhance employee satisfaction, optimize the supply chain, identify customer behavior, etc.
A company can best achieve the benefits by embracing BI Trends in business operations. Here, let us look at the major business intelligence trends to look for in 2021.
5 Business Intelligence Trends
The intervention of big data, artificial intelligence, machine learning, and automation is shaking how businesses use data.
BI Trend 1:
New avenues for data discovery
Earlier, businesses relied on email subscriptions and surveys to collect customer data and feedback online. But today, technological advancements help businesses to use IoT devices to gather data.
Matt Turch, AI and data investor describes this as ‘datafication’ of everything. As more people began to rely on technology, it has become possible to analyze and catalog information that can be used for business purposes.
Today, business intelligence analysts have access to more data sources and provide the companies with healthy solutions for operations, sales decisions, and marketing.
On the other hand, the issue concerning datafication is that companies must take decisive steps to protect data. Increased data may give an opportunity for hackers and cybercriminals to extract data if not appropriately handled. It is vital to safeguard data and harness data so that companies can flourish by using BI tools.
BI Trend 2:
More organizations will use BI platforms
As most businesses have moved online, it is essential to manage customer data to make better business decisions. As a result, most companies depend on Google Analytics to keep track of their business analytics.
BI platforms perform as a centralized platform where businesses can rely on all your data and make informed decisions that will help to optimize your business goals for maintaining a long-term achievement.
BI Trend 3:
Growth of predictive business analytics
Customer needs will change each time, so businesses need to stay ahead of time and business trends to sustain. Predictive analytics will help businesses to grow business by meeting the changing business trends. Every business should invest in better analytics, for there is a close connection between modern marketing and metrics, or else you will find it hard to drive the results you want to see.
In this omnichannel age, the journey of our customers is more complex. They will look for some touch points before making an order; social, web, in-person, contact center, and mobile.
The integration of AI tools will help you to predict events accurately and make businesses smart.
For instance, Amazon will analyze customer behavior and predict their purchases ahead of time. Thus Amazon helps to improve its supply chains by forecasting business outcomes.
BI Trend 4:
BI through NLP
Natural Language Processing (NLP) has become a very crucial aspect of BI. NLP technique trains computer software to process human language in a way similar to how humans read. Thus it is termed as ‘natural; this process is also termed as ‘conversational analytics.’
Here are some NLP we usually come across each day:
- Natural language generation: This technique outputs information in the form of human language. Cortana or Siri uses this technology to answer your questions.
- Speech recognition: This is how technology understands your spoken words and converts them into data that a computer can understand. This method is used by Google Voice, Cortana, etc. when you ask them a question.
- Machine translation: It is the way of translating text from one language to another. Google Translate uses this method.
- Semantic search: This is the way when search engines look for literal matches for the words you have spoken to them.
- Machine learning: Machine learning uses data processed by NLP to teach itself about future actions.
The integration of NLP has helped businesses to improve the collection and extraction of data over the years. These user-friendly tools have made users get their results faster by simply posing their questions in natural language. The business platform will scan the data and provide them with information. Data extraction is being made more accessible with the integration of NLP.
BI Trend 5:
Focus on Mobile BI will increase
The advent of mobile BI has made data accessible for anyone from anywhere around the globe. Businesses can use this mobile BI to analyze and access KPIs, dashboards, and business metrics with just some swipes. Mobile BI will make it easy for you to:
- Access data from anywhere, anytime
- Real-time data and reports can be generated
- Enhances remote workforce
- You own a lightweight business analytics platform
- Improved internal communications
The mobile BI can thus enhance business operations and allows people to have a user-friendly BI platform.
It can be witnessed that AI technology is flourishing and will help to meet more business needs in the years to come. It will enable businesses to do more with data.
Thus companies should embrace these trends as early as possible to strengthen their foothold in today’s dynamic and competitive business world.