Business Intelligence (BI) possesses all the features that make it an essential software solution for businesses of all sizes and types. With so many business intelligence trends altering the ground, the BI sector is primed for a dramatic transformation, notwithstanding the harsh economic atmosphere that the COVID-19 pandemic has brought upon almost all firms.
- Data Quality Management (DQM)
For data analysts all around the world, data quality remains one of the toughest challenges. Good data quality is critical for extracting the relevant insights from accessible data and making the best decisions.
Some of the criteria used to measure data quality include completeness, validity, uniqueness, consistency, timeliness, and accuracy. Data quality management (or DQM) is one of the most promising BI innovations, and it’s crucial for avoiding the risks of poor data quality while also optimizing any company’s BI spending.
- Business Intelligence for Sales and Marketing
Another common trend is for sales and marketing departments in various organizations to leverage company data. The use of BI dashboards allows sales and marketing personnel to view the latest sale and purchase patterns among their customers without relying on a technical IT specialist or business analyst.
BI tools may help with any sales or marketing activity. It improves the accuracy of sales goals and predictions, evaluates the market impact of the most recent marketing campaign or promotion, and creates client acquisition and retention strategies.
- AI and ML in Business Intelligence
AI and machine learning will play a huge role in marketing, whether through chatbots or data-driven personalized offers, according to 97% of industry professionals. Artificial Intelligence and machine learning utilized incorporate efforts such as business intelligence and analytics at the same time.
AI and ML technologies are critical in data analytics for detecting anomalies or unexpected patterns. AI systems, for example, can use complex neural networks to analyze previous data and consistently detect anomalies or unforeseen issues.
- Augmented Analytics
Augmented analytics will be the most popular trend in business intelligence by 2022. Furthermore, the global market for augmented analytics is forecast to be worth US$13 billion by 2023.
Even non-technical persons can construct complex data analytics models and swiftly extract deeper insights with augmented analytics solutions driven by AI and ML. For example, in the e-commerce industry, augmented analytics enables online businesses to advertise and sell their products across many platforms through multi-channel marketing.
- Self-Service Business Intelligence
Data warehousing and storing data are traditional BI solutions. On the other hand, this centralized infrastructure is insufficient for today’s business operations, which necessitate data access at all times and by any user. As a result, the self-service BI paradigm has evolved, providing BI users with greater freedom and independence in data access.