5 Trends in Business Intelligence
Summary - As technology advances on the daily, the landscape of Business Intelligence, and it's increasing importance, evolves. With BI analysts being an integral part of company direction and strategy, it's critical to keep up with these 5 emerging trends in 2019.
Business Intelligence Trends
Analyzing a large volume of data, then figuring out what to do with it is not an easy task. After initial collection and analysis, a Business Intelligence (BI) analyst weighs the decision-making responsibility with reference to the information at hand. This type of analysis is critical for planning, optimizing time, and directing work in almost all aspects of business. Business Intelligence helps companies focus their projects on certain areas which in turn make their strategies successful. Why? Data doesn’t typically lie, and when a BI analyst is able to compile and gain insights from hoards upon hoards of data, the insights derived will almost always point to a solid solution.
For business to follow this track consistently, the resident BI professional needs to have qualifications in various areas(ie. be multidisciplinary) and be aware of all the trends that the BI space brings every year.
In 2019, the emerging BI trends are:
- Artificial Intelligence (AI)
- Data Governance
- Natural Language Processes
So what does that mean for current and future BI analysts? Better hit those books!
Okay, just kidding. But you should have at least some preliminary knowledge on what the trends are.
Here are the main business intelligence trends that every professional should be aware of and use in their strategies today:
1. Artificial Intelligence (AI)
The growth of Artificial Intelligence (AI) adoption is already a reality in most companies and those who do not adopt it in 2019 may consider that they are falling behind. Almost 40% of companies already have some type of AI automation, and a larger percentage have projects underway for deployment as soon as possible.
The use of chatbots is a good example. As much as technology still lacks in some ways, companies are working on constant improvements to tune their systems. And as this is a strong trend, its smooth operation is on the agenda of improvements for all companies that already adopt AI in any industry.
2. Automation of human tasks
According to Gartner estimates, by 2020 over 40% of all data science tasks will be done by machines without human interference. In fact, this is already a reality in many industries, and automating any step in any process is the goal of all IT managers. The demand for business intelligence analytics is always huge and there are not enough qualified people to meet it, so automating processes have been paramount to the smooth running of the productivity stages of any corporation.
3. Storytelling (what's behind the numbers)
Organizations need their data to be interpreted and contextualized. Therefore, they create specialized functions for this. This is where analysts need to be willing and well qualified to do what we call storytelling. The question is, what tool sets will these data interpreters use? Some companies have created this capability internally. For example, we are already seeing some startup vendors bringing storytelling tools to market that tell long-form narratives of data. But most of these vendors are a specific niche, and no significant player in the industry still has a data storytelling module or product. The market expects major developments next year in this sector.
4. Data Governance (keeping data secure)
The IT industry, which manages technological innovations, needs to have data governance. This is a strong business intelligence trend. Companies and industries that have clear governance have higher rankings and operate BI and data management more effectively. If the data collected is not well managed or the information is not accurate, it can lead to a general lack of trust in leaders.
In addition, it is important that companies follow the General Data Protection Regulation (GDPR) that is already in place to ensure that data governance is not ignored.
5. Natural Language Processing (NLP)
Even though natural language processing (NLP) has been around for a few years, it has not performed well and adhered because there is not a great demand for text-based queries.
Experts in the field believe that the new trend for NLQ would be a voice command. It is easier to combine with mobile BI and will certainly have greater adhesion and effectiveness.
A good example is the iPhone Siri Assistant, which is used when the user is on mobile and not on the computer. In addition to these trends, there are many innovations being developed. Always try to know what is in the testing phase, what is feasible, and what's new in the IT market.
What trends are you seeing? Please feel free to reach out via LinkedIn. I would love to hear what you have to say.
Originally published September 13, 2019, updated Sep, 25 2019