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Top 5 Business Intelligence Trends
It wouldn't be wrong to say that Data is in the air. Data is dictating the terms of business planning, decisions, sales pitch, product marketing, customer profiling, etc. At the core of these data analytics applications lies the science of Business Intelligence. Without exception, Business Intelligence is finding applications across all industries. Enterprises today recognize the potential of their business data that earlier existed as part of mere records. Business Intelligence tools powered by Artificial Intelligence and Machine Learning, processes this data and reveals the underlying insights and relationships between various business departments, events, and previous trends.
Why is Business Intelligence trending?
Business Intelligence has made major leaps in terms of advancement and accuracy of results. In this article, we will explore the major Business Intelligence trends of 2020 that enterprises must watch with keen eyes. Due to ongoing pandemic, 2020 will witness a greater dependency on technology as part of business recovery plans; and most likely, Business Intelligence tools will be driving this wave of business transformation.
1. Business Intelligence will go mainstream in 2020
Sooner or later, Business Intelligence platforms will be the center of a company's business engine. All the multiple channels driving the business right from the sales pitch to the product delivery are more or less scattered; still, every entity has a reciprocal effect on each other. Businesses are realizing the need for a more comprehensive solution that centrally streamlines all the entities of the business. This relevance of data and the business intelligence success stories have grabbed the attention of many enterprises towards it. And 2020 will most likely be the year when Business Intelligence goes mainstream. There are many business intelligence tools, such as:
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Also read: How Business Intelligence is turning eCommerce profitable
2. New emerging Sources of Data
People are spending a major part of their daily life on the internet, either for work, entertainment or shopping, etc. The advancement of the Internet of Things (IoT) has further opened new avenues for data discovery. It is a near-impossible task for humans to process and comprehend this enormous amount of data that is being generated every second. Artificial Intelligence and Machine Learning can analyze and catalog this big data for Business Intelligence tools to draw insights from.
The popularity of smart speakers powered by AI assistants such as Amazon Alexa and Siri is acting as a supplementary source of data as well as business. Not so long ago, Voice Commerce didn't exist; similarly, the emerging data sources will open up new roads for data science and business.
Read more: How Business Intelligence turns your data into Business opportunity
3. Predictive Business Analytics will surge
Data and marketing are two closely weaved entities of every modern business. Predictive Business Analytics helps a head-up of what's lying ahead, for example, whether a lead is worth pursuing or not. Predictive Analytics uses AI algorithms to analyze data and predict possible outcomes to a fabulous degree of accuracy.
Predictive Business Analytics helps the business in identifying potential leads to generate revenue and save cost by warning on false leads. Amazon is a great example of Predictive Business Analytics. They leverage Business Intelligence to predict a potential sale even before it happens. This helps them in optimizing their supply chain and saving cost.
Also read: How to upsell and cross-sell better with Predictive Analytics
4. Natural Language Processing will get sophisticated
Natural Language Processing is a critical factor for Business Intelligence. Natural Language is a profound aspect of the customer data that is generated. The science of conversational analytics trains computers to understand natural language and draw inferences. The same model applies while a machine dealing with humans.
Natural Language Processing has found more implementation and development than any other stream of data science. For example, the rise of chatbots and conversational AI is proof of that.
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Following are the use cases why Natural Language Processing's advancement will enhance Business Intelligence:
Machine Translation: Better quality translation will help business intelligence give better quality outputs.
Speech Recognition: Converting speech outputs to data for machines to understand and process. Whenever you ask Siri or Alexa a question.
Natural Language Generation: Generate human-like responses in the form of a language. This technology drives the response of a chatbot or Siri to your questions.
The advancement in Natural Language Processing has helped marketers to create better customer communication on a mass scale. Data extraction is much faster with the advanced Natural Language Processing techniques.
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5. Mobile Business Intelligence will rise
Mobile Business Intelligence is the ability to access BI-related data points and data sets on a dashboard via a mobile device. If Business Intelligence is transforming businesses to make better decisions, then Mobile Business Intelligence is all about giving this transformation a wider reach.
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Following are the benefits of Mobile Business Intelligence that further enforces its importance :
With Mobile Business Intelligence, you can access your Business Intelligence data from anywhere and anytime.
It gives a real-time update of data. This enables a quicker response and better communication within the team.
A highly optimized interface for better understanding.
Read more: Why mobile commerce is the future of eCommerce
With the progression of AI, Business Intelligence tools will become more powerful. This will create companies with highly smart business engines to make better decisions, lessen the risk, and achieve higher all-around growth. Business Intelligence has been a highly sought after technology, and the sophistication in the Business Intelligence tools will continue to grow. It will only be a matter of time that Business Intelligence will be the core of every business enterprise.
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