Top Seven Trends To Shape Business Intelligence In 2020

It’s hard to believe that most people still don’t have a firm grasp on the concept of artificial intelligence. Back in 2017, only 17% of senior leaders were familiar with AI technology. The fact is that most leaders are still unsure of how AI is going to affect their business. That’s not to say that they don’t understand that it’s reshaping the business. They just can’t put their finger onto the exact nature of those changes. Business intelligence AI visual applications can take this a step further, using machine learning to provide real-time graphs and reports based on data provided by customers in real time.

business intelligence word cloud on a digital tablet with a cup of tea

Throughout the past decade, we have seen big data on the constant rise. Businesses have access to more data than ever before. Consumers are willing to share their preferences and desires. In exchange, they expect businesses to provide products and services based on their needs.

We’ve seen several new sources of data emerge, and as a result, businesses have needed to implement a variety of new hardware to analyze this data. In short, big data is analyzed across multiple processes and specialized data applications. Once cloud-based technology became mainstream, businesses gained access to large amounts of processing power for a very low cost. That’s when the need for big data became a requirement for businesses to stay competitive.

The playing field has been leveled so small businesses can stay competitive. Business intelligence practices make it possible for small businesses to compete with large corporations in a way that was not possible a decade ago.

Notable Business Intelligence Trends in 2020

Business intelligence should be used to collect and analyze the information provided by consumers. The idea is to eliminate the guesswork of important decisions.

By 2020, we’re going to see even more practices take shape and new trends are bound to replace specific “time honored” business practices. In 2020, we saw the following trends:

·      Data discovery was made a lot easier. Business leaders are no longer forced to wait around for data experts to acknowledge their requests. It happens in real time and is powered by machine learning.

·      Business intelligence AI visual analytics have become a powerful tool that leaders use to easily digest the information provided by analytics.

·      The previous trends bring us to the idea behind self-service BI practices. Leaders can analyze relevant data live thanks to artificial intelligence and machine learning.

·      Mobile business intelligence practices became essential in 2019, and with 5G networks coming this year, we can expect to see this trend take off!

·      Cloud-based technology has created better mobile accessibility so that businesses can capitalize on more data at a lower cost.

With that in mind, let’s look at some business intelligence trends to watch out for as the year winds down.

#1: Business Intelligence Becomes Self-Serving

By the end of the year, we’re going to see self-service BI start to pass the potential output from data scientists. Since there are not enough data scientists available to meet the demands of businesses, this will be a godsend. Self-serving business intelligence systems provide important information to individuals without the need for them to have a background in data science. In short, data is presented in an easy format. This will not replace data scientists, but allow them to focus on more important tasks.

#2: Business Intelligence Becomes Narrative Driven

Data scientists are skilled at using complex tools to create reports for business leaders. These reports are quite powerful, but they require a level of skill that is not available for the average entrepreneur. Narrative driven reports are put into a context that is easy for anyone to understand. This process is known as “data storytelling.” It’s simply a method used to communicate data in a way that’s valuable to anyone reading it.

#3: Data Analytics will Become Fully Automated

A great number of data science tasks are going to become automated by the year 2020. We’re already starting to see businesses automate certain aspects of their process. The value of combining AI with business intelligence is only going to grow.

Close up of businessmen hands using laptop with creative AI hologram on city background. Artificial intelligence and teamwork concept. Double exposure

One of the biggest problems with data right now is that there is a severe shortage of data experts, so creating fully automated systems is the solution to this growing problem.

#4: Natural Language Conversations With Big Data

Natural language querying (also known as NLQ) is a process that allows the average user to interact with big data. For instance, Microsoft Power BI software has a feature that allows individuals to type on questions to get an answer based on the data that has been gathered into the system. When we combine that technology with machine learning, businesses will have a deeper understanding of their data. This technology even has the potential to create business intelligence AI visual reports.

#5: Artificial Intelligence Becomes the Staple Technology

Modern businesses will not be able to survive without using AI in one form or another. The current approach of data analysis is just too slow, so businesses will need to create advanced systems to carry it out automatically.

#6: Data Governance Becomes More Important than Ever

Big data grows at an exponential rate, so it’s going to become more important than ever that businesses adopt the right data governance processes. This is where outside services like the Research Optimus team become valuable. They can bridge the gap between data compliance and security, providing data to the right people.

#7: Mobile BI Expands with the Emergence of 5G Networks

In 2020, we’re going to see the emergence of a 5G network. That means users are going to be providing more data to businesses. Businesses will have to adapt their marketing strategies to meet this new demand.

Businesses Must be Prepared for BI Success

These trends are going to take us into 2020, so it’s essential that businesses be prepared to take full advantage of the latest technology. If you are behind the game, then I suggest you bring in a third-party like the Research Optimus team to get your business prepared with the latest business intelligence practices.

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Author: Eddy

Eddy is the editorial columnist in Business Fundas, and oversees partner relationships. He posts articles of partners on various topics related to strategy, marketing, supply chain, technology management, social media, e-business, finance, economics and operations management. The articles posted are copyrighted under a Creative Commons unported license 4.0. To contact him, please direct your emails to editor.webposts@gmail.com.