5 Business Intelligence Latest Trends You Should Know About in 2021

5 Business Intelligence Latest Trends You Should Know About in 2021

Business Intelligence (BI) is an essential tool for organizations in today’s data-driven age. BI helps businesses make informed decisions by analyzing and interpreting their data. With the constantly evolving technological landscape, it’s crucial to stay up-to-date with the latest BI trends. This article will look at five of the latest trends in Business Intelligence that you should be aware of in 2021.

1. Embedded Analytics

Embedded analytics is the integration of analytical capabilities with an organization’s existing software systems. By embedding analytics within the applications that employees are already using, organizations can enhance decision-making capabilities and streamline processes. Embedded analytics also enables businesses to be more proactive as it helps them identify potential issues before they occur.

For example, companies like Salesforce and Microsoft are embedding analytics into their respective customer relationship management (CRM) systems. This allows users to analyze customer data without having to leave the application.

2. Artificial Intelligence and Machine Learning

Artificial Intelligence (AI) and Machine Learning (ML) are not new concepts in BI. However, 2021 is expected to see an increase in the use of these technologies in BI. AI and ML-enabled BI tools can quickly analyze and interpret vast amounts of data, which would be challenging to do manually. AI and ML can also identify patterns and correlations in data, which can lead to more informed decision-making.

For example, AI-powered chatbots can help businesses analyze customer conversations to identify issues and trends. This information can then be used to improve customer experience and streamline service processes.

3. Augmented Analytics

Augmented analytics is a BI process that uses machine learning and natural language processing (NLP) to automate data analysis. With augmented analytics, businesses can reduce the time required for data analysis and decision-making. This technology also helps businesses identify trends and patterns in data that might not be immediately visible.

For example, Google Analytics uses augmented analytics to help businesses identify the most significant website traffic drivers, customer behavior patterns, and other critical metrics.

4. Big Data Analytics

Big Data Analytics involves the use of advanced analytics tools to process and analyze vast amounts of data. Big Data Analytics technology also allows businesses to identify trends and patterns that might not have been visible before.

For example, Walmart uses big data analytics to track customer purchases and preferences. They can then use this data to predict future demand and optimize inventory management.

5. Data Democratization

Data democratization is the process of making data available and accessible to everyone within an organization. By democratizing data, businesses can improve decision-making across all departments and levels, not just those with dedicated BI teams.

For example, marketing teams can use BI tools to identify which campaigns are generating the most leads and revenue. This information can then be shared with other departments like sales, finance, and customer service, leading to more informed decisions and improved business outcomes.

Conclusion

Business Intelligence is continually evolving, and organizations must stay on top of the latest trends to remain competitive. Embedded analytics, AI and ML, augmented analytics, big data analytics, and data democratization are just a few of the latest trends in BI that companies should be aware of in 2021. By leveraging these trends, businesses can improve decision-making, streamline processes, and enhance customer experiences.