Fortunately, with the advent of self-service BI (SSBI), the approach to data analytics is changing and fast. In addition, collaborative BI is creating an opportune setting to deliberate analytics and streamline decision-making. In the modern data-driven world where businesses are fostering a culture of analytics, data storytelling is increasingly becoming pivotal. What happens is that with collaborative BI, the sharing of analytics and reporting is simplified, thus, supporting efficient decision-making. The cyberattacks dragged these companies through mud and left millions of their users exposed. As a result, it’s now easy to implement actionable analytics to expedite the decision-making process. Augmented analytics -- the use of machine learning (ML) and natural language processing (NLP) to enhance data analytics, data sharing and business intelligence -- has been cited by multiple researchers as one of the biggest business intelligence trends of 2020. One of the key business intelligence future trends many experts are predicting is a growth of the digital business intelligence world into a space where tools and platforms will become more broad-spectrum and eventually, more collaborative. Among the leading business intelligence trends in 2020, the BI job market is estimated to grow up to over 2.72 million jobs (in the data science field) by the end of 2020. Moreover, self-service BI can deliver more analytics than data scientists. The COVID-19 pandemic has had a massive impact on the economy and many companies have had to restructure their work. But the adage ‘necessity is the mother of invention” holds here. BARC’s Data, BI and Analytics Trend Monitor 2021 reflects on the business intelligence, analytics and data management trends currently driving the market from a user perspective. Notably, the trend will progressively change the way businesses use data to engage, acquaint, and try new ideas. Some trends have slightly increased in importance since last year (e.g., data catalogs). Furthermore, they demonstrate that organizations are aware of the relevance of high quality data and its effective use. This leaves all businesses with no choice but to adopt cloud analytics. This technology has proven to be a timely intervention. Data security trend picked up speed in 2019, and we predict that in 2020, businesses will continue to search for more secure solutions. For some, this situation meant shifting their … We are able to keep our service free of charge thanks to cooperation with some of the vendors, who are willing to pay us for traffic and sales opportunities provided by our website. As a result, businesses can now create high-fidelity presentations of their discoveries. All that said, we do not see the AI trend in BI going anywhere: its disruptive impact will be felt beyond 2020. Going by the significance it has gained, this trend is set to continue to cause ripples in 2020. Moreover, we expect that these tools will soon give businesses access to advanced features like heatmaps and pivot tables to create high-fidelity presentations. The fear of missing out on these benefits has prompted many to jump on the bandwagon. Realize that artificial intelligence and machine learning will continue to grow, and businesses can … The collaborative BI is redefining enterprise-wide analytics and reporting. Luckily, modern BI tools have evolved to put corporate data where users want to take action. In this post, we’ll discuss the latest trends that are shaping the future of the BI industry. All these factors, combined, make it difficult to find a one size fits all BI solution for every business’ needs. Statistics show that self-service BI is still a top priority[6] for many businesses (BARC BI Trend Monitor). However, most trends have remained at the same level. Also, data storytelling is redefining how analysts interpret and explain the analytical process. Data quality management has always been a big challenge for business intelligence analysts. Remember, small business owners and workers had to access benchmark reports, visual workflows, and data visualization dashboards on their own. With more firms utilizing BI tools, various trends are emerging in the field of business intelligence. On the other hand, Sisense has plans to invent new analytics delivery models. As mentioned before, using NLP as part of the BI workflow was a trend that indeed advanced in the last year. But more importantly, you should have the right business intelligence analytics skills to make the most out of your tools. With data sources moving to the cloud, the connected cloud strategy offers the remedy to associated risks and costs. Even though this is one of the emerging trends in business intelligence, its popularity is already widespread. Key Trends in Business Intelligence Businesses acquire a vast amount of data through daily operations, and it is a complete waste not to utilise this data to provide better services or products for customers. This trend has emerged in the wake of the need for increased collaboration in the business environment. The latest release of Power BI gives us a great opportunity to look at how some smart folks in the industry view the latest trends in business intelligence. Lastly, major cloud BI providers are making solutions to meet the growing demands for advanced BI tools. The data discovery trend is poised to persist as one of the hottest business intelligence trends in 2020 and beyond. With reviews and analyses spanning a breadth of topics from software to learning models, James is one of FinancesOnline’s most creative resources on and off the office. Business intelligence (BI) is one of the fastest-growing areas in IT today. document.getElementById("comment").setAttribute( "id", "a7c109d9dd292e033140b0c53f4dc28e" );document.getElementById("g870abf955").setAttribute( "id", "comment" ); FinancesOnline is available for free for all business professionals interested in an efficient way to find top-notch SaaS solutions. For some, this situation meant shifting their workplace from the office to their homes. Trend #5: Augmented Analytics Will Make Business Intelligence More Accessible According to Gartner, augmented analytics is one of the top data analytics trends to watch out for in 2020. As a result, it encourages users to analyze information and share analytics and ideas via web 2.0 tools to reach common ground. The quality of research and trends resides on the data quality that has been utilized. There is always a chance of successful attacks for companies that have not implemented impervious security layers. Most of the trends identified by the speakerscenter around how to better capture and analyze data in the organization, implementing self-service tools, and innovating with emerging technologies. Historical Interest in Business Intelligence Tools. Another of the trends in business intelligence and data science for retail involves something called data wrapping. The full study features analyst commentary and user ratings of 20 trends in the BI and analytics market. With new digital assistants, it will be easy for businesses to transcribe language and transform it into organized information. Additionally, cloud business intelligence is also becoming a dominant force in big data and analytics. No one wants to play catchup later. Data quality management (DQM) provides insights into data pumping through a business. These business intelligence trends are not going to reverse any time soon! Thankfully, with these trends, we have an inkling of the exciting things to expect in the coming years. More importantly, data quality is not about being good or bad; its a range of metrics that measure the health of data used for analysis. Data quality management is continually shifting to the center stage of BI, with the increasing need for accurate and consistent data. The urge to instill confidence in business leaders and make business intelligence worthwhile, are some of the reasons driving the data governance trend. Why? After all, of what use is an affordable business intelligence platform for a startup, if the figures it spews out are not interpreted into meaningful takeaways? Everyone wants to leverage every bit of available information and extrapolate possible future results to make on-the-spot decisions that increase revenue, improve productivity, and accelerate growth. The estimation of the total global healthcare spending is expected to grow more annually by 4.1% which is about $10 trillion till 2022. As a result, business leaders can make accurate decisions that drive the business forward. However, putting insights into action is easier said than done. It is becoming a norm for addressing business goals and implementing strategies. Data preparation by business users dropped from rank six to rank seven due to data warehouse modernization becoming more important. It requires analysts to convey information to business leaders in a way that is reasonable and actionable. This is where the connected cloud strategy comes in. There you have it, our compilation of the hottest business intelligence trends that will shape the industry in 2020. The need for transparency in AI and machine learning models has led to the emergence of explainable AI. As a result, many are skeptical about sharing their details online. With its benefits, BI will take a central role in business operations, just like the internet did. Poor data quality is a problem that has long plagued enterprises of all sizes. All in all, these top five trends represent the foundation for organizations to manage their own data and make good use of it. Like data governance, security is one of the hottest business intelligence trends in healthcare and financial services. Fortunately, technologies like cloud computing delivered affordable data analysis tools that ushered small businesses into the BI revolution. We expect more critical developments to emerge in the coming year(s). Using raw data to answer specific questions or track trends isn’t a foreign concept to many. However, before you invest in this strategy, you should first look into the different challenges that come with implementing it. In the modern era, data storytelling has taken a central role in business intelligence. Of course, there are risks involved, and businesses are well aware of this fact. Using robust data visualization tools makes this process intuitive, fun, and fast. So, why is data discovery important? For starters, 23% say ensuring workload security across platforms is difficult[5] in the multi-cloud. Our long-term comparisons also show how trends have developed, making it possible to separate hype from stable trends. There is no doubt, business intelligence (BI) has become an indispensable asset to organizations, big and small. As more and more small businesses continue to show interest in business intelligence, digital assistants are finding increased prominence. The following key business intelligence trends emerged from the survey: On average, an organization uses 3.8 different BI solutions indicating that multiple BI is a reality. A senior FinancesOnline writer on SaaS and B2B topics, James Anthony passion is keeping abreast of the industry’s cutting-edge practices (other than writing personal blog posts on why Firefly needs to be renewed). Besides, the technology offers a unique perspective in business intelligence and makes it easy to unearth insights that have gone previously unnoticed. On the other hand, emerging technologies such as AI and NLP, are playing a significant role in driving the industry forward. All B2B Directory Rights Reserved. Trends For Business Intelligence And Analytics. Other leading cloud providers include Microsoft Azure (43%), Google Cloud (40%), and IBM Bluemix (12%). The data discovery process is helping decision-makers uncover major trends and spot outliers. With such developments cropping up, it won’t be long before AI can justify its decisions in an intelligible manner. Business Intelligence trends and improvements in the market along with their proof are critical factors in decision making. Actionable analytics is one of the hottest analytics and business intelligence trends in 2020. It makes it easy for people with no IT skills to access and drill down into data to derive the information they need. Also, the General Data Protection and Regulation (GDPR) is coming into effect in many regions in 2020. Here are five ones you should know: BI for everyone BI used to be the sole province of data… The BARC Data, BI and Analytics Trend Monitor 2021 illustrates which trends are currently regarded as important in addressing these challenges by a broad group of BI and analytics professionals. Time and again, we have mentioned how important data can be to an organization. The growth is enhanced by an increase in the adaptation of business intelligence and data science for healthcare.. A survey conducted by the Business Application Research Center listed data discovery in the top 2 business intelligence trends by the importance hierarchy. So, it empowers users to filter, sort, and analyze corporate data without necessarily having technical data analytic skills. Data visualization has advanced to include heat maps, pivot-tables, and geographical maps. However, most trends have remained at the same level. Thanks to collaborative BI, people involved in the decision-making process, and no longer need to reach conclusions on an individual level. However, most trends are rather stable which shows us that, even in times of transition, companies’ focus does not shift in a drastic way. Copyright © 2020 FinancesOnline. This article will review emerging BI trends for 2020, what tech is enabling BI software, and how these progressions will help businesses around the world. Just look around, companies like TMobile, Facebook, and MyHeritage suffered shocking data security breaches in 2018. In the coming years, we expect AI to be able to validate conclusions and respond to followup questions to help users better understand their data. The latest release of Power BI gives us a great opportunity to look at how some smart folks in the industry view the latest trends in business intelligence. 5 Hit Business Trends to Keep an Eye on in 2020 ... create central business-intelligence platforms with APIs and integrations that continue to push the tech pace. No spam. This points to the growing importance of self-service BI. The BI landscape is rapidly shifting. The business intelligence trends mentioned in this writing price empower not only companies but also customers. The platforms are merging with critical business processes and workflow through features like embedded analytics, dashboard extensions, and APIs. However, in a bid to stay on top of business workflows and processes, businesses are no longer interested in analyzing data in one silo and taking action in another. However, there is one critical caveat – if the data is not accurate, up-to-date, consistent, and complete, it can destroy business value and deplete profitability. We asked over 2,500 users, consultants and vendors for their views on the most important BI, analytics and data management trends, delivering an up-to-date perspective on regional, company and industry-specific differences and providing comprehensive insights on the BI, analytics and data management market. Data wrapping commonly happens when financial brands offer budgeting apps or show breakdowns of how someone’s credit score changed from month to month. Anyone in the business arena can attest to one fact: virtually every business tool is moving to the cloud. Let’s get to it. Data has exploded and immensely increased in size, access to the cloud has become easier, and spreadsheets have taken a backseat to more insightful, actionable data visualizations and interactive business dashboards. 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