As the use of intelligence technologies is staggering, knowing the latest trends in business intelligence is a must. The market for business intelligence services is expected to reach $33.5 billion by 2025. Here we?ve prepared a detailed outline about the future of BI, including main trends, challenges, specifics, BI-as-a-Service, and most promising BI services of today.
In this article, you?ll discover:
- upcoming trends in business intelligence
- what benefits will BI provide for businesses in 2020 and on?
- top 5 key platforms that control the future of business intelligence
- impacts BI may have on your business in the future
Future of BI: What Does it Hold?
Generally, in the future, business intelligence will be more automated, widely used, free from errors, more insightful, and more user-friendly to embrace a wider audience range.
Business intelligence software will be more geared towards working with Big Data. Below we break down the latest trends in business intelligence.
Data Governance
One issue that many people don’t understand is data governance. It is evident that challenges of data handling will be present in the future too. Privacy violations and unauthorized use of data may pose serious hazards to businesses.
In future special services, specialists and mechanisms will ensure that data comes from valid sources, gets used for intended purposes, accessed by authorized employees, and deleted when not needed anymore.
Self-service BI
The growing number of business intelligence innovations means that the amount of personnel relying on data will grow. The current BI trends show that in the future, the BI software will be more accessible, so that even non-techie workers will rely on data insights in their working routine. This shows why self-service BI is on the rise.
Prescriptive Analytics
Using the information in making business predictions is not a new trend. In the future of business intelligence, it will also be more common to break data-based forecasts into actionable steps to achieve the best strategy of business development.
Natural Language Processing (NLP)
Although now the NLP use is in the domain of chatbots and customer services, it is predicted that in the future of BI, it will migrate to other business areas. It will be used to simplify access to information and boost operations.
Business Intelligence-as-a-Service
The emerging trends of the last decade prove that in the future of business intelligence, the market of BI-as-a-Service will grow exponentially. The companies that yield BI-related tasks to internal IT teams now, are likely to hire expert consultants in the next years.
These experts and companies like MLSDev provide custom software development services, which apply continuous improvements, effective processes, and innovative practices to create problem-solving solutions.
Collaborative and Integrative BI
The future of BI will also mean more integrations and collaboration. Today, we have stand-alone BI solutions purchased separately. In the coming years they are more likely to become a part of enterprise solutions. Also, it is expected that the integration of BI solutions with any third-party services will be more seamless.
Automation & Augmented Analytics
Augmented analytics uses artificial intelligence to process data and prepare insights based on them. It allows feeding on more data, simplifying reporting and sharing and eliminating the unnecessary steps to get the feedback.
Future of Business Intelligence: Benefits Provided
The future of business intelligence shows that there will be more data processed, deeper insights taken and more detailed predictions made. This all cannot but bring multiple perks to your business as well. Here they are:
Increase in business productivity
BI may help you spot the best and worst performing practices early. Therefore, you?ll rely on data-backed knowledge when deciding what chains of your productions should be eliminated or boosted.
Access to Essential Information
Another important benefit to expect in the future of BI is instant access to important data, fast analysis, and easy-to-read presentations in charts and reports.
Increase in ROI
With BI solutions identifying areas for cost savings is easier. Improving accountability will help you make faster and better decisions and quickly find factors that affect production. Also, timely insights into inventory will help to improve supply chain decisions.
Help with Strategic Decision-Making
The strategic decision-making in the future of business intelligence will be shaped by faster reports, deeper data insights, broader areas of data collection. BI software will gauge internal data on performance, sales and marketing, social media and other sources to build actionable recommendations for your business.
Identify Opportunities
The ability to respond to market developments timely is a key trait of a successful business. Now, with the opportunities of BI, it will be possible to identify business trends early and build the business strategy correspondingly.
Reduce Waste
Today, finding what elements of your business are pulling you back is a hard task. In the future of business intelligence, eliminating waste will be easier thanks to better statistics, timely reporting on defects and improved forecasts.
Top 5 Platforms that Control the Future of BI
The trends in business intelligence show the growing importance of BI tools.
And that is why: with BI you rely on a broader range of data, get deeper insights into the market, have a better vision of your companies strengths and weaknesses, receive trustworthy forecasts on business trends and get data-backed actionable tips on developing your business.
Today, Microsoft’s Power BI leads the market of BI-a-a-S, being an excellent tool for data collection, analyzing and visualization. Yet, there are promising rival products, worth attention.
Here we present an overview of some of them:
Microsoft Power BI
Features:
- intuitive visualizations
- on-premise and cloud
- report sharing
- dashboard and report publishing to the web
- indicators of data patterns
- integration with third-party services (Salesforce, Google Analytics, Zendesk, Azure, Mailchimp, etc.)
Unique feature: custom visualizations to fit your business needs better.
Advantages: timely feedback on any issue and unpaired support from the Microsoft team.
Tableau
Features:
- design and visualizations
- interactive dashboards
- real-time data analysis
- wide capabilities for data extraction and processing
- integration with a wide range of third-party services (Oracle, Teradata, Excel, Google Cloud)
Unique feature: drag and drop functionality to create visualizations faster
Advantage: faster compared to other BI tools and is a great self-service BI instrument thanks to an intuitive interface.
QlickView
Features
- interactive reports, dashboards, timesheets
- flexibility in creating data apps
- user-friendly search for data trends
- integration with third-parties
- profound search feature
Special feature: in-memory storage to boost data processing. Thanks to this feature, QlickView collects, integrates and processes data at an increased speed, making it one of the fastest and most relevant BI tools in 2020.
Advantage: unpaired control over data.
QlickSense
Features:
- self-service visualizations and analysis
- machine-guided analysis
- associate model for exploring complex data
- integration of data from different sources
- data storytelling
- secure sharing of data models
Unique feature: augmented graphics for wider visualization possibilities
Advantage: user-oriented interface perfect for non-techie users.
SAP Lumira
Features:
- interactive tables, graphs, dashboards
- data publishing
- access to a broad data range
- custom analytic applications
- data storytelling
- web and mobile
Unique feature: home screen with data sources available in one place
Advantage: easy-to-use system for any user
How the Future of Business Intelligence Impacts Your Business
The trends in business intelligence show that in future your business will look different.
Here?s what to expect:
- More integrations: most of the existing business software will be integrated with BI
- Collaboration: in the future of BI, the software will enable personnel to work with the same sets of data in teams
- Larger network: we expect technology infrastructure to expand further and embrace all business areas
- Machine learning: in the future of business intelligence, data will be approached with AI methods
- Data proactivity: more proactivity-based features, supplying users with relevant prompts and insights
- Data-driven culture: the emerging trends in business intelligence show that soon any employee will use the power of BI in their daily routine.
Besides more automation and integrations, the future scope of business intelligence shows that in coming years, BI will be widely used in all business areas. That means every working routine will be backed by data, and in your job, you?ll have more relevant insights and recommendations.
