Businesses create a huge amount of data every day. In order to make smart decisions, identify problems, and maintain profitability, it’s crucial to utilize digital solutions and tools to turn this data into actionable insights. While many options are available, business intelligence is one of the most common data management solutions that help evaluate, collect, and display key business information.
By utilizing this digital solution, organizations gain valuable insights into industry trends and enable a strategic decision-making approach.
As per a report by Statista, the market size for business intelligence and analytics software applications is projected to rise from 14.9 billion US dollars in 2019 to 17.6 billion in 2024.
These numbers indicate that BI has become an indispensable asset to organizations, big and small. Also, with so many business intelligence trends shifting the ground, the BI industry is destined for a significant makeover. This means you’ll need to stay acquainted with the latest industry developments to ensure the success of your business.
In this post, we’ll discuss the latest trends shaping the future of the BI industry. Whether you’ve already implemented the business intelligence software or are planning to do so, understanding these trends is vital.
So, without further ado, let’s dive into the latest BI trends.
Key Business Intelligence Trends in 2022
In this section, we will discuss the major business intelligence trends that you need to understand to manage huge amounts of data and offer superior service to your customers.
With this information at your hand, you can make the most out of the latest BI trends and cope with the disruptive forces of BI digitalization.
Data Discovery
Data discovery is the first step to solving modern-day data transparency challenges, such as enterprise-wide data democratization, by applying advanced analytics. It enables your organization to identify, catalog, and classify business-critical and sensitive data to utilize it for meaningful purposes with increased transparency.
Data discovery provides the data intelligence a company needs to develop new products, optimize data use, and protect data from risk exposure. This results in greater opportunities for new revenue sources when collecting greater volumes of data across today’s modern enterprises.
For instance, information captured from a company’s consumers, such as transaction records and personal information, may lack the data transparency needed when distributed across different enterprise systems. In the fitness business, a gym membership software is a must nowadays to simply monitor your client’s personal information, payment transaction and other matters.
With data discovery, companies can automate building a metadata repository using machine learning and artificial intelligence to accelerate an understanding of where the data is located, where it is being transferred and used, and help ascertain its value to an organization.
Data Literacy
Being data literate – having the ability to understand, share common knowledge, and have useful conversations about data – can enable organizations to adapt existing and emerging technologies seamlessly.
According to Gartner, data literacy refers to the ability to read, write, and communicate data in context. It has become the key to maximizing the effectiveness of Power Bi reporting tools and increasing user adoption.
In order to achieve a successful data literacy process, a careful assessment of the skills of employees and managers needs to be made to identify weak spots and gaps. In the long run, with the proper training and the right tools, users from all levels of knowledge will be able to perform advanced analysis and use data as their main language.
A study from the Data Literacy Index states that improving corporate data skills resulted in $320 million – $534 million higher enterprise value over organizations with lower data literacy rates.
Leaders should also make sure to foster an environment that rewards curiosity instead of punishing a lack of data literacy. If there is a culture of fear rather than continuous learning and improvement, then people would feel ashamed that they’re not data-literate. Similarly, if data reveals something negative, it shouldn’t necessarily be used to punish employees.
Also, when implementing data literacy initiatives, make sure that all the top executives are on board to get the desired results.
API Economy and Automation
The API economy refers to a set of business models and practices designed around the use of API in today’s digital economy.
APIs enable organizations to share data and applications using easily accessible standards and platforms. They also provide enterprises with improved flexibility, agility, and data access, expediting business operations and engaging in previously inaccessible business ecosystems.
For example, the Google Maps API is used and re-used by various applications (Uber/Lyft) to ensure location service is provided when needed. Another example of API usage is Paypal. The “Pay with PayPal” functionality is built with APIs to ensure that the application can only do what it needs without being exposed to sensitive data or gaining access to unintended permissions.
The increasing use of APIs by brands and enterprises indicates that the API economy is one of the relevant business intelligence trends in 2022.
Further, applications in a business ecosystem can also trigger workflows based on data changes through another trend in business intelligence – automation. As analytics scales up to increasingly complex data volumes, automation is essential to eliminating manual data processes.
Rapid data analysis and decision-making define business intelligence, and automation speeds up business processes, making it easier to get answers.
Data Automation
Data automation is another key business intelligence trend to look out for in 2022. It is the process of uploading, handling, and processing data using automated technologies instead of manually performing these tasks.
In order to implement a data automation strategy in your organization, the first step is to determine the company’s core areas that could benefit the most from automation. Create a list of all the potential processes for improvement. The next step is to consider how long it would take to automate a process. Quick wins are the way to go as they keep everyone’s morale up while the business owners see the value of automation.
The next step is the execution of data strategies, which is also technically the hardest part. Once the data automation strategy is implemented, it will save money and time while also increasing corporate efficiency. Data automation also aids in reducing errors by ensuring that data is loaded in a structured fashion.
Collaborative BI
Collaborative BI enables companies to connect with team members in real-time to discuss and share insights. With distributed teams becoming the norm, remote collaboration is here to stay.
Team members can interact with each other using interactive reports and collaborative dashboards. These tools are accessible on all devices, which enhances the decision-making and problem-solving processes critical for today’s ever-changing environment.
Users can tag others in comments and share data assets through links, e-mail, and Slack. Collaborative BI also helps track the progress of meetings, calls, e-mail exchanges, and ideas collection. In the coming years, collaborative BI tools will progress further and spread across the entire analytical workflow for a more efficient decision-making process.
Final Thoughts
In this era of big data, business intelligence is a must-have for any organization that wishes to remain competitive in its space. These latest BI trends will enable businesses to organize, analyze, and contextualize business data from around the company. They will also help businesses make informed decisions in the present day. If you are still unsure of where and how to implement BI solutions, you can take the help of a trusted business intelligence software development company. The experts will offer top-notch business intelligence services and solutions in the form of consulting, implementation and support and make the BI journey easier for you.
