With every organization looking to embrace advanced analytics to make sense of the growing volume of data being produced, Business Intelligence (BI) opens up a world of opportunities. From improved productivity and increased profits to deeper insights into what their customers want and how their products are being used, BI helps with almost everything. BI can enable organizations to deliver new insights, efficiencies, and innovations and become substantially more proactive in their approach.
Moreover, through accurate data-driven decisions, they can streamline operations, improve regulatory compliance, and even improve customer experiences. As another year comes to a close, and as the BI market is estimated to become worth $13.6 billion in the coming year, here are some top BI trends and predictions for 2020:
As regulations across data privacy and security become more and more stringent, data quality management has become indispensable for business excellence. The coming year will see organizations driving efforts in cataloging and knowing where data is coming from, who has access to it, how people are using it, and how long they can keep it.
In 2020, data governance will become a top priority for organizations big and small. This will also be driven by the number and complexity of data sources and data types needed to support analytics initiatives that are increasing exponentially.
Data governance will enable organizations to clearly understand the information needs of the enterprise, continually improve the quality of data and information while ensuring privacy and confidentiality and preventing unauthorized use. It will allow them to use the right data to guide informed BI decision-making and ultimately improve business outcomes.
As business users get increasingly tech-savvy, they expect anytime, anywhere access to the data they need to do their jobs well. They want to be able to solve issues on their own – without having to depend on an analytics team.
With data from across the organization getting centralized, users want to use the tool of their choice to drive value. In 2020, self-service BI will become a global norm, enabling users to get the insight they need to tackle challenging business problems in a timely fashion.
Since business users know exactly what they want, having a self-service data model will enable them to become self-sufficient. The coming year will witness users make better use of data and pave the way for an organization-wide data culture. Self-service BI will break the dependency on IT/data teams to get access to the right data; users will be able to meet their analytical requests with ease and make critical decisions at a much faster pace.
Although predictive analytics has been an integral aspect of BI that enables organizations to extract information from existing data sets in order to forecast future probabilities, the coming year will witness prescriptive analytics becoming a worldwide feature.
Prescriptive analytics will examine data or content to determine what steps need to be taken to achieve an intended goal. By gauging the impact of future decisions, it will enable organizations to adjust the decisions before they are made – thereby improving decision-making accuracy.
In 2020, organizations will use prescriptive analytics to factor in information about possible situations, available resources, past performance, and so on and get suggestions on the best course of action or strategy. They will be able to gain a better understanding of worst-case scenarios and make decisions based on highly analyzed facts – rather than jump to conclusions based on instinct.
As the relationship between humans and machines becomes more and more profound, the growth of NLP is unprecedented. Although smart voice assistants have long been responding to users through NLP, in the coming year, businesses will also be able to improve results in the pursuit of greater competitive advantage.
In 2020, NLP will be used not just in the customer service department, but also in other business areas. For example, NLP will allow not-so-savvy employees to make sense of complicated systems and digital tools. It will also make BI-based data more accessible and enable non-technical users to connect to data – quickly and easily. Using NLP, businesses will be able to analyze customer sentiments, abstract information from a piece of text, or determine how positive (or negative) social media buzz around them is.
As cloud computing transforms virtually every area of business, the realm of BI and data analytics is no exception. In 2020, businesses that have humongous amounts of data but have difficulty accessing it or driving insights from it will look out for options like BI-as-a-Service. This model will deliver all the benefits of a full-fledged, end-to-end BI solution, but with the ease and simplicity of a cloud deployment.
The model will enable organizations to get a BI solution up and running in no time while freeing their IT staff from carrying out time-consuming analysis tasks. In the coming year, using BI-as-a-Service, organizations will get access to expert BI consultants and data architects who understand data and drive efforts to help them manage and govern it to drive better business results – at substantially low costs. BI-as-a-Service will not only enable them to overcome bottlenecks around their small number of data scientists but also allow normal users to create reports and dashboards on their own.
Companies who want to stay on the right side of the digital disruption must move fast and get serious about their data and analytics efforts. While much of the data analysis going on today is based on historical data, the focus is rapidly shifting towards a more forward-looking (and even automated) data-driven decision-making. To stay relevant and competitive in 2020, organizations must embrace the latest BI trends and create a robust roadmap to evolve and become a fully data-driven enterprise.
Contact a Synoptek Data Insights consultant today, to learn what benefits business intelligence can unlock for your business.