This year businesses have observed several changes in the way they operate. The pandemic has led the world to adopt digital patterns due to the massive impact on the economy. This situation has compelled people to work from home instead of offices. For those working in offices has to adopt safer working conditions.
With the rise of digital trends, business intelligence has been revolutionized. Data has increased substantially and become gigantic. We all got access to the cloud. Spreadsheets eventually took a backseat to pragmatic & insightful data visualizations & interactive business dashboards.
The BI landscape is transforming & the future of BI is rising with the new trends taking place in 2021. BI tools & strategies will become more personalized in 2021. Enterprises of all sizes ask for the best BI solution for their particular business instead of asking if they need increased access to BI analytics.
2021 will be about data security & data discovery, clean & protected data combined with an easy & powerful presentation. This blog will discuss the top 7 trends of BI in 2021.
1. Artificial Intelligence
AI aims to make machines perform what is typically done by complex human intelligence. AI & ML are transfiguring the way we interact with our analytics & data management while adding in security measures must be considered. The fact is that it will impact our lives if we like it or not.
Solutions like AI algorithms based on the most advanced neural networks render high accuracy in inconsistent detection as it learns from past trends & patterns. That way, any unusual event will be instantly registered & the system will alert the user.
AI offers exclusive insights capability in BI solutions. It thoroughly evaluates your dataset automatically without requiring any effort on your part. You simply pick the data source you want to assess & the variance that the algorithm should focus on.
Another rising factor in BI's future is testing AI in a duel. For example, one AI will create a realistic image, and another one will try to ascertain if the image is artificial or not. This concept is also called GANs (Generative adversarial networks) and can be utilized in online verification processes.
2. Data Security
Data & information security has been on everyone's mind in 2020 and will continue to create a buzz in 2021. The privacy regulation's implementation, like GDPR in the EU & the CCPA in the USA, has set building blocks for data security & management of user's details.
Irrespective of the advancements, the global investment in information security products & services will rise by 2.4% than last year. Despite the pandemic hampering the growth, it certainly didn't entirely stop it. Gartner highlights the primary drivers to worldwide security spendings.
- Privacy regulations
- The need to address digital business risks
- Concentrate on creating detection & response capabilities
3. Data Visualization
Data discovery has raised its impact in the previous year. Data visualization was listed in the top 2 BI trends in the Business Application Research Center survey.
A crucial element to consider is that data visualization tools depend upon a process, and later, the produced findings will bring business value. It needs understanding the relationship between data in the form of visual analysis, data preparation, & guided advanced analytics.
Data visualizations have transformed into state-of-the-art solutions to present & interact with several graphics on one screen, whether it's focused on building sales charts or all-inclusive interactive reports. Since humans process visual data better, data visualization will be the essential addition in BI trend 2021.
4. SaaS BI
Several businesses have switched to SaaS BI to access any data from the cloud & gain more flexibility from any gadget. Such technologies that allow data movement & access from various places will continue to rise as one of the most imp BI trends in 2021.
SaaS is getting remote-friendly, and disparate teams that require solutions will enhance their business processes & guarantee there are no obstacles by working remotely.
5. Predictive & Prescriptive Analytics Tools
Predictive analytics is the practice of pulling information from current data sets to predict future possibilities. It's an extension of data mining that refers to historical data. The predictive analysis involves forecasted future data & thus always includes the likelihood of errors from its definition. The predictive research shows what might happen in the future with an acceptable degree of reliability with some alternative scenarios & risk assessment.
The prescriptive analysis goes one step further into the future. It evaluates content or data to ascertain what decisions should be made & what steps should be taken to achieve them. It is characterized by strategies such as neural networks, graph analysis, recommendation engines, ML, simulation complex event processing, and heuristics. Prescriptive analytics helps to optimize scheduling, inventory, supply chain, and production design to deliver what your users want in the most optimized way.
6. Real-time & Analytics
The need for real-time data has drastically evolved this year and will continue in 2021. Due to the pandemic situation, real-time & precise-updates are crucial in building proper strategies to answer such unfortunate concerns. Real-time data access has become a rule in daily life for businesses and the general public as well.
Implementing live dashboards will help top business intelligence companies access relevant information about the business instantly and react if any possible issues arise.
7. Mobile BI
Mobile BI is becoming more infused into BI solutions & next year; this trend will not lose its place. It's one of the most rising trends in BI recognized by 3000 experts in the industry. Some years back, mobile BI was considered a massive shift in the BI & analytics community. Mobile BI allows businesses to access their data in real-time, promising faster reactions to business occurrences & offering more freedom to users not working in offices currently but need to access crucial business info on-the-go.
The modern business world expects to be data-driven in the coming year. 2021 will be a great year of looking past all the hypes & moving towards pulling the maximum value from the online business intelligence software.