The Future of Business Intelligence: Trends to Watch in 2020
Business intelligence (BI) has cracked the whip as organizations have realized the benefits that come with leveraging data to gain a competitive edge. With the game-changing digital advancements and new developments, organizations are forced to explore more possibilities surrounding BI.
In this article, we’ll be exploring some of the most promising and influential BI trends to watch out for in 2020.
1. AI-Powered BI
As the quest for more automated BI systems continues, AI-powered BI has come to the rescue. Using natural language processing (NLP), machine learning, and other AI technologies, the process of converting raw data into meaningful insights has never been easier. AI-powered BI solutions extend the capabilities of human analysts and help organizations extract insights that they otherwise couldn’t without the help of machine learning.
2. Data Storytelling
Data can only be communicated effectively when there’s a compelling story behind it. Data storytelling goes beyond just presenting data; it involves incorporating visuals, colors, and narratives to connect the dots for the audience. It helps to make data accessible to everyone, even those lacking a deep technical understanding.
3. Self-Service BI
Self-service BI has been around for a while, but it is now gaining more grounds. Self-service BI allows organizations to put analytics in the hands of everyone in the organization, not just the analysts. With self-service BI, even non-experts can run queries, create reports, and explore data with ease.
4. Edge Computing
Edge computing is a distributed data processing model where data is processed closer to the source, rather than at a central point. It’s highly beneficial when it comes to analyzing large amounts of data that traditional data centers might not be able to handle. By distributing data processing, edge computing reduces network latency and ensures that data analysis can be done as quickly as possible.
5. Prescriptive Analytics
One of the most promising trends in BI is prescriptive analytics. Prescriptive analytics involves using historical data and machine learning algorithms to predict future outcomes and make recommendations on what actions to take. With the help of big data, prescriptive analytics provides organizations with actionable insights that can improve decision-making.
Conclusion
These five BI trends offer a glimpse of the future of BI and the path that organizations should take to stay ahead of the competition. It’s crucial for organizations to keep up with the latest BI trends, to remain relevant and take advantage of the vast opportunities in the data economy. As we progress into 2020, we can expect to see more advancements in BI technologies, and a shift towards data-driven decision-making will become even more apparent.
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