5 Business Intelligence Industry Trends to Watch in 2021

Business Intelligence (BI) is a crucial aspect of organizations, enabling them to make data-driven decisions, and gain valuable insights from their data. With the COVID-19 pandemic, businesses have turned towards BI more than ever, making it a rapidly evolving industry. In this article, we will explore the top 5 Business Intelligence Industry trends to watch out in 2021.

1. Artificial Intelligence (AI) for Business Intelligence:

The integration of AI with Business Intelligence is a trend that has been gaining traction over the years, and the adoption rate is set to soar in 2021. With AI-powered BI tools, organizations can automate tasks like data analysis, visualization, and prediction, making decision-making faster and more efficient. AI can also help identify trends and outliers, providing valuable insights and empowering businesses to respond quickly to changing market conditions.

2. Cloud-Based Business Intelligence:

With remote working and cloud-based technology becoming more prevalent, many organizations are moving towards cloud-based BI solutions. Cloud-based BI offers numerous benefits like scalability, reduced infrastructure costs, flexibility, and ease of access. With cloud-based BI, organizations can access data from anywhere, collaborate in real-time, and leverage powerful analytics tools at a much lower cost.

3. Increased Adoption of Data Storytelling:

Data storytelling is the ability to tell a compelling story with data. It produces a narrative around the insights derived from data, making it easier for people to understand and act upon. Data storytelling helps businesses communicate complex data in a simpler way, leading to better decision-making. In 2021, the importance of data storytelling is set to increase as organizations strive to derive deeper insights from their data.

4. Self-Service Business Intelligence:

Self-service BI tools are gaining popularity among businesses as they enable users to analyze data without relying on IT support or external consultants. With self-service BI tools, business users can easily access and analyze data, visualize it, and make data-driven decisions on their own. This trend is set to continue in 2021 as more tools become available to cater to the growing demand for self-service BI.

5. The Emergence of Augmented Analytics:

Augmented Analytics refers to the use of AI and machine learning techniques to enhance the capabilities of traditional analytics tools. With augmented analytics, businesses can gain deeper insights into their data with automated insights, predictions, and recommendations. In 2021, augmented analytics will become more prevalent, with businesses leveraging its power to make data-driven decisions faster and more efficiently.

In conclusion, the Business Intelligence Industry is evolving rapidly, with these five trends set to dominate the landscape in 2021. With the increase in automation and self-service tools, businesses can leverage BI to make data-driven decisions faster and more efficiently. By adopting these trends, organizations can stay ahead of the competition and unlock the full potential of their data.