A few years ago, BI and analytics were something that many companies had either just started to understand or were only just beginning to apply in their day-to-day operations. The term “Business Intelligence” was coined in the mid-1990s to describe the merging of data from many different sources and layers of a company together into a single, unified picture of the business. Since then, BI and analytics have become an indispensable tool in the arsenal of a business’s success—bringing to light opportunities for innovation, productivity, and agility that would have likely gone unnoticed in the past.
Organizations are also integrating data from disparate sources to generate more holistic views on how the business operates and to better understand how to drive business growth.
Let us have a look at the Business Intelligence and Analytics Trends in 2022.
Trend 1: Data Quality Management
Data quality is the process of ensuring that the contents and usage of data, whether structured or unstructured, are consistent with the business, systems, and applications that analyze it, and are accurate and complete.
Data quality management is a must in any data-driven organization, but there is no one-size-fits-all solution. Different organizations have different data quality goals. For example, companies that rely on analytical data to make important business decisions may find it crucial to ensure that their raw data is accurate and reliable. On the other hand, organizations that sell commodity goods may be less concerned about these issues. In addition to these different quality considerations, data quality management also has to be tailored to the organization’s specific business needs.
Trend 2: Data Literacy
The “value-added benefits” of data-driven decisions and data-powered, actionable intelligence are widely recognized across the business world. This is particularly true in the high-tech sector, where companies have realized that the huge potential of data analytics and artificial intelligence. This can transform the way organizations do business and make their products more innovative and profitable.
Trend 3: Collaborative BI
In the age of Big Data, one of the most important aspects of every business is collecting and analyzing the data that drives it. With the rapid developments in Business Intelligence, it is easier and faster to access large amounts of data and get actionable insights.
Collaborative BI is the next step in BI evolution – it brings everything together and provides for the emergence of greater insights and greater decision-making.
Trend 4: Widespread Cloud and SaaS Adoption
In 2021, cloud-based software services have transformed the IT industry by enabling businesses of all sizes to have access to greater computing power and greater network speeds in real-time. Businesses have embraced SaaS as a means of automating business processes, improving productivity, and reducing costs. For instance, companies use SaaS to manage their inventory, customer relationship management (CRM), payroll and human resources (HR) applications, and ERP systems.
Trend 5: NLP-powered BI
Natural Language Processing (NPL) eradicates the need for a “translator” between the machine language and human language. In recent years, BI vendors have integrated NLP into their solutions. NLP-powered BI system helps with extracting important data from raw data. This allows for the automated generation of reports, reports that are more accurate and easier to understand.
The Future of Business Intelligence and Analytics
The accelerated pace of change in today’s business world calls for a technology that can easily adapt to the changing needs of the business. The future of business intelligence and analytics is bright. As data-driven decision-making becomes a norm, the industry will continue to expand in order to meet these needs. Data-driven decision-making is a powerful tool, and BI tools will be the enablers of this trend.