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Home / Insights / Blog / Business Intelligence Trends to Know in 2022
December 22, 2021 - by Synoptek
Every company today relies on data to boost employee satisfaction, streamline operations, optimize the supply chain, understand customer behavior, and enable predictive maintenance. This is especially true in the post-pandemic era, where organizations are still struggling to adapt to changing requirements, fluctuating economic trends, and a volatile business environment. With long-term changes toward the new normal on the horizon, Business Intelligence is helping businesses cope up with evolving disruptions, empowering businesses to strengthen their business models while also equipping them for possible future crises.
Modern BI tools open up a world of opportunities for organizations, empowering them to unearth new insights, efficiencies, and innovations, and become more proactive in the way they carry out their day-to-day operations. The many capabilities of these tools are driving the growth of the BI market, expected to be worth $30.9 billion by 2022. Let’s take a closer look at the top 2022 Business Intelligence Trends.
Like every other technology, BI trends continue to evolve. From early days when BI was confined to spreadsheets bursting with numbers; today, the technology allows for insightful visualization and immediate action. However, to realize the real value from BI, it is important to stay abreast with the latest trends, understand if, and how they can be incorporated, and have a roadmap in place to embrace technology across the business. Here’s looking at 6 Business Intelligence trends to watch in 2022:
AI and BI, although both equally transformative, have always been used separately. But not any longer. In 2022, organizations will increasingly combine the two technologies to uncover deeper insights and enable better decisions. The combination of AI and BI will enable businesses to rapidly identify and automate as many business and IT processes as possible while ensuring high levels of scalability and agility – thus analyzing large datasets with minimal human intervention. Such capabilities will not only reduce the stress on humans; it will also quicken the data analysis process while making it more efficient and error-free.
Although BI has long been helping businesses make high-quality, evidence-based decisions based on historical data, the coming year will see a huge surge in real-time analytics. In 2022, BI will not only be used to process past data, but also to analyze real-time data – as and when it gets generated. Such immediate analysis will help businesses to quickly respond to situations in real-time, while also allowing them to develop appropriate business responses and strategies for future endeavors. What’s more, live dashboards will enable access to relevant information regarding their business and react appropriately to potential issues and concerns.
As regulations across data privacy and security become increasingly stringent, data security will continue to be a raging trend in 2022. The coming year will see organizations driving sustained efforts towards classifying data and knowing where it is coming from, who has access to it, how it is being used, and how long it can be stored. This trend will be driven by the number and complexity of data sources, as well as the numerous data types that need to be supported – especially as analytics initiatives grow exponentially. To ensure data security, businesses will drive efforts in building a sound data governance strategy to enable a healthy balance between data consistency and transparency. This will, in turn, set the foundation of accurate, ethical, and evidence-based decision-making, while also ensuring privacy and confidentiality and preventing unauthorized use.
Modern enterprises are done responding to business events in a reactive manner; they want to be able to predict them before they happen; and take proactive steps in safeguarding their business against unwarranted or unforeseen changes, risks, and threats. In 2022, predictive analytics will be a huge trend in the BI space that allows businesses to identify events that may happen in the future – with respective probabilities. Such an approach will allow them not only to optimize their operations but also enable innovation through the uncovering of better insights, implementation of better processes, and the identification of new avenues for business.
With Gartner terming hyper-automation as one of the top strategic trends in the coming year, the business world will witness a widespread adoption of automation in the realm of BI. With so much of data that is ready to be processed, modern data automation solutions will help organizations tackle massive volumes of information that has been collected – thus improving how data is collected, stored, and analyzed. By automating as many data collection and management processes as possible, organizations will be able to accelerate their BI outcomes and more efficiently manage complex analysis – with little or no coding or programming.
Another Business Intelligence trend that will be in the spotlight in 2022 is data quality information. Given the massive volume of data being generated from devices, processes, and interactions, ensuring this data meets the required data quality requirements is critical for BI tools to generate accurate insights and visualizations. Insufficient, irrelevant, or poor-quality data not only impedes the analysis process, it also leads to the wrong decisions being taken including incorrect marketing budgets, wrong understanding of customer behavior, or wrong investments. In the coming year, investments in data quality management tools will surge and even more organizations will work towards ensuring the data their BI tools rely on is accurate, consistent, complete, timely, and compliant.
Companies who want to stay on the right side of digital disruption must move fast and get serious about their data and analytics efforts. While a majority of data analysis happening today is based on historical data, the focus is rapidly shifting towards forward-looking, automated, and real-time decision-making. In 2022, the BI market is going to be defined by trends across AI, real-time analytics, data security, predictive analytics, automation, and quality management. Organizations that embrace these trends will be able to strengthen their foothold in tomorrow’s competitive and dynamic business environment.
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