Businesses have to deliver in every situation and so does data. Especially in today’s digital age,
business intelligence (BI) has become vital. Now, every company depends on data
to drive employee satisfaction, simplify operations, optimize the supply chain and recognize
customer behavior, enabling predictive maintenance, and so on
BI trends, including automation, mobile analytics and the Cloud continue to disrupt the data industry. Let’s find out what lies ahead…
1. Artificial Intelligence
Although AI and BI are equally transformative, the two have always been used separately until recently. But now, companies will combine the two technologies more to unveil deeper insights into better decision-making. The merging of AI and BI will help them identify fast and automate as many aspects of business and IT processes as possible to make sure of high levels of scalability and agility, thus analyzing large datasets with the least human intervention. These capabilities will not only bring down stress levels in humans, but also speed up the data analysis process and make it more efficient and error-free.
2. Data Security
According to a report, over the next few years, privacy laws will protect personal information of 75% of the world’s population. Thus, it is crucial to have accurate and updated data for BI to succeed. We know of data breaches in some of the world’s biggest tech companies. Such cyber attacks result in customer data loss, making them vulnerable to hackers who can use their data unlawfully. Whatever your organization’s size, you always remain susceptible to cyber attacks.
3. Augmented Analytics
Augmented analytics, with Artificial Intelligence (AI) and Machine Learning (ML), helps non-technical individuals create advanced data analytics models and derive insights from them rapidly. It helps businesses handle the complexity and scale of data by allowing data collection, data cleaning and insight generation. It makes data analytics accessible to more business so that they can get value from data, gives them an opportunity to ask the right questions, and generates insights in an easy-to-understand and conversational manner.
4. Natural Language Processing
BI companies are revolutionizing their analytical processes with NLP. One of the most powerful aspects of AI, NLP enables computers and machines to interpret human language in spoken, as well as written formats. The technology is already in use in our phones as voice assistants and auto-complete texts. But, this year, companies will use NLP more in their BI projects to manage huge amounts of unstructured text data they collect from such sources as social media, e-mail messages and surveys.
5. Data Democratization
A plethora of new BI technologies is being developed now to help non-exclusive staff understand the data they are working on. Data democratization is launched as an alternative against traditional data analytics operations. Data democratization will make business data accessible to an organization at all levels—not just analytics teams and employees in senior management roles.
6. Collaborative BI
A blend of BI and other technological tools help and streamline decisions driven by data. It makes sharing data and reporting easier and allows effective decision-making. Collaborative BI has resulted in more people being involved in the decision-making process. So, the technology will encourage collective problem-solving and, given the benefits BI offers to a company’s management, it will continue to grow in popularity.
7. Cloud Solutions
Today, every business aspect that you can imagine is moving to the Cloud if they are not already. Every BI element like data models, data sources, data storage, analytics models and computing power are moving to the Cloud. Catch-22 for businesses as this situation forces them to adopt Cloud analytics. There is no one-size-fits-all solution where BI is concerned.
A leading research analyst organization says 80% of executives believe automation can be used for any business decision, with AI at the core of automation plans. It may sound simple and great on paper, but many still find it hard to do. Some organizations may still have issues connecting their AI efforts to accurate business results in 2023, which can lead to security and governance problems. Still, businesses are likely to do well if they have the right tools like the required skills and well-researched plans to use AI to automate the processes.
9. Data Literacy
Data literacy is the basis to increasing user adoption and improving the effectiveness of BI tools. Data literacy is important for everyone, irrespective of their work profile and business. Data-driven business owners must remove the data literacy gap between data analysts and non-technical users.
10. Data Visualization
Tools that are available online for data visualization are fast becoming a necessity to get proper insights for creating a strong decision-making process. KPI dashboards have already become interactive and technologies, such as AI-based notifications and real-time data will make them more so. The best way to learn is by seeing. So, data discovery is one of the most promising BI trends this year.
About the Author
Mr. Harish Jagtani, a philanthropist, visionary, businessman of Indian origin, currently based in Democratic Republic of Congo for more than 20 years now, is one of the most reputed business owners in the Indian diaspora as well as the entire expat business community in DRC. The business house caters to multiple domains, including but not limited to Domestic as well as International Air Cargo, real Estate and infrastructure development, healthcare, hospitality as well as CSR.
Coming from humble beginnings from Jaipur, Rajasthan, Mr. Harish Jagtani has come a long way in building this conglomerate with a strong and clear vision, sheer dedication and grit. Starting with a small job in sales, Mr. Harish Jagtani today is a proud and righteous owner of a fleet of airplanes and multiple businesses that cater to the basic and advanced needs of the people of Dem. Rep. of Congo in different sectors.