Top 5 Business Intelligence Trends of 2021: A Comprehensive Guide

Introduction:

Business intelligence has become an indispensable part of organizational decision-making, and its importance is expected to grow in 2021. As the world becomes more data-driven, organizations are investing heavily in business intelligence to gain insights into their operations, customer behavior, and market trends. In this article, we will explore the top five business intelligence trends that are shaping the industry in 2021.

1. Augmented Analytics

Augmented analytics uses AI and machine learning to help businesses make sense of large amounts of data. This technology offers several benefits, including faster and more accurate data analysis and less dependence on IT teams for data queries and reports. Additionally, it empowers business users by providing them with the tools to generate insights without the need for technical skills.

Companies that are successfully implementing augmented analytics are using natural language generation and exploration technologies that enable users to query data in a conversational manner. Augmented analytics is expected to grow exponentially in 2021 as businesses increasingly leverage the power of data to drive decision-making.

2. Emphasis on Data Governance

Data governance is a framework that provides guidelines for managing and using data. As data becomes more critical to business operations, it is essential to ensure that it is managed effectively. Data governance helps organizations to establish policies and procedures that ensure the accuracy, completeness, and consistency of data.

In 2021, the emphasis on data governance is expected to increase as businesses focus on data quality and integrity. This trend will also be influenced by regulations such as GDPR and CCPA, which require organizations to adhere to strict guidelines for collecting, processing, and storing data.

3. Cloud-based BI Solutions

Cloud-based BI solutions offer several advantages over traditional on-premises solutions. Firstly, they provide businesses with the flexibility to access data from anywhere, at any time, using any device. Secondly, they enable organizations to scale their BI solutions seamlessly as their data needs grow.

In 2021, cloud-based BI solutions are expected to become the norm, as organizations seek to reap the benefits of improved accessibility, scalability, and cost-effectiveness. Cloud-based BI solutions also provide enhanced security features that help protect against cyber threats.

4. Increased Focus on Data Visualization

Data visualization tools help businesses to quickly distill large amounts of complex data into clear and concise visuals. These visuals enable business users to gain insights and make data-driven decisions by presenting data in a way that is easy to understand.

In 2021, data visualization is expected to become an even more critical aspect of BI solutions. Visualization tools are becoming increasingly sophisticated, enabling businesses to create interactive dashboards and reports that facilitate better decision-making.

5. Integration of BI with Other Business Systems

Integrating business intelligence with other business systems, such as CRM and ERP, can provide a wealth of insights that enable organizations to make data-driven decisions. By linking BI data with operational data, businesses can gain a holistic view of their operations, customer behavior, and market trends.

In 2021, we expect to see increased integration between BI and other business systems as organizations seek to leverage the power of data to drive operational efficiencies and revenue growth.

Conclusion:

The trends outlined in this article are shaping the business intelligence industry in 2021 and beyond. Augmented analytics, data governance, cloud-based BI solutions, data visualization, and integration with other business systems are all expected to become even more critical in the years to come. By staying abreast of these trends, organizations can leverage the power of data to gain a competitive advantage in today’s data-driven world.

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