Top 10 Analytics & Business Intelligence Trends for 2020

Meghna Pant
Nov 8 · 7 min read

Introduction

With an increase in the entrepreneurial mindset of the younger generation, Business Intelligence has taken a front seat. Gone are the days of mindless contemplation that went into analysing data. The world is all about computers and artificially created intelligence, which also means that there is not much time to spend on analytics or statistics of a business. The shortage of time and a steady requirement of neatly arranged data has given rise to a different field of study- Business Intelligence.

The subject in question has superseded its previous strata of importance to reach a position that has only made it mandatory. With startups springing out like mushrooms, Business Intelligence is at its zenith- rising into a formidable concept required everywhere.

While some are aware of this concept, some are not. Hence, we will try to take you through a quick intelligence course before we delve into the trends in Business Intelligence.

What is Business Intelligence? Abbreviated as BI, it is a field that explores processes and techniques, which includes architecture and technology, for the conversion of raw data into information with the potential to drive higher profits into the business. From its definition, we can understand the significance it must be having in the business world.

Each year, Business Intelligence witnesses the onset of different trends. 2019 was of no exception in this regard. Given below is a list of ten such trends that you must be aware of, especially if you are a business analyst.

1 Data Quality Management (DQM): Data is one such thing that has become ubiquitous over the past decade, thanks to the emerging power of social media and other online platforms. However, if all the accumulated data is to be processed using redundant software and manual techniques, it would take light years to evaluate them and come to a conclusion. Moreover, with the increase in the data pool, the quality has decreased drastically. Hence, it was only a matter of time before DQM or Data Quality Management became a vast area of expansion.

2019 stood evidence for this development as more and more corporate houses decided to invest in increasing the quality of the data that was to be processed. More stress was put on the context of data collection to help the business analysts translate all of that into fruitful actions. DQM allegedly became the essential aspect of Business Intelligence this year, being recognized as a factor inevitable for further development of any company.

2. Consumer Experience: Consumer experience refers to the feedback that your clients have to give after availing your services. Now, the importance of this section is clear from its definition. For a business, be it a startup or a seasoned company, the most important is its customers. Customer experience is everything that an establishment is based on. The entire concept of Business Intelligence was developed to increase profits and profits grow with the satisfaction of customers. Although it has been outstanding from the old days, in 2019, it was realised with extra zeal.

The online extravaganza has increased, especially with the advent of e-commerce websites that have emerged to provide almost everything to their clients. And at affordable prices. Now, that is a challenging competition to beat given the vast difference in resources. However, companies- large and small- have delved right into this and have done more in 2019 to ensure that their customers come back for their products and services.

While some companies went all out to help their clients with their fast and round the clock customer support services, some others gave out lucrative deals and alluring discounts. To entice as many people as possible, the significance of customer experience shot up like never before.

3. Collaborative Business Intelligence: Collaborative Business Intelligence is that section of the concept that binds everything together to form one unit of operation. For a company to function properly, all its divisions must collaborate at some level. Collaborative BI offers that leverage through the usage of tools and software. There is yet another form of Collaborative BI that involves staying in touch with the target audience. This is done with the help of social media platforms and online forums like blogs and interactive websites.

4. Data Governance: Data Governance has taken a great seat in the front row of almost all business houses. The reason behind this has been the increase in cybercrimes in the last few years. Data must be used in a certain way- something that does not compromise the privacy of the company and its clients. Hence, it became important to keep a stern eye on the usage of data after a few big companies got all caught up in privacy fiascos. From startups to IT giants, everyone is paying more attention to the authorisation of data confidentiality, ensuring to put down strict rules against anybody who would breach these protocols. The authorization to use data is given to a selected few in a company, to make sure everything is in order.

5. Security: A huge threat to any company comes from its area of security. Throughout the previous years, the world has witnessed severe cases of data breaching of companies as big as Apple, JP Morgan, AOL, etc. While their problems reach the media, the breaches in the security system of smaller companies do not cut. However, they too, are targeted, meanwhile compromising the data that has been collected from us- the customers. In 2019, however, strong steps were taken against data leakage to ensure the security of the company and its customers.

6. Analytics Tools- Prescriptive and Predictive: While predictive analysis tries to reach a conclusion about the future with the currently available resources, prescriptive analysis goes a step further to act based upon those conclusions. A business, while it is still being developed and then throughout its lifetime, tries to gauge at the future, trying to predict the outcome of the services it is providing. They are constantly trying to prepare themselves for any new factors that might be influencing their business strategy in the upcoming years. There are tools specially made for this analysis, and they can be used to reach an approximate inference.

7. Cloud Connect: In the last few years, there has been a huge increase in tools that operate in the cloud. Most companies follow a design such as this to ensure that the tools and software are easily accessible by their clients. The cloud is a huge storage area that works in miraculous ways in terms of technology has seen more users in 2019 than in any other years before this. Nowadays, most of the work, including inter-organisational communication, takes place here, making it a hub for data processing applications, analytical models, data sources, and data storage. Although a crucial part of Business Intelligence, there are risks involved in using cloud for maximum work. The cloud hosting platform must be reliable to ensure privacy and zero leakage of data. Besides this, there are other factors like speed and cost that needs to be kept in mind. Compromising on any of its attributes can bring the cost down but increase risks further. On the other hand, shelling out too much can become a matter of financial concern for the company. In such a scenario, the company needs to strike a balance between their requirements and resources.

8. Data Discovery: Data discovery depends on software and human cooperation. While the latter is required to visualize the data, the former is required to process it. Based on their collaborative efforts, a conclusion is reached, that can bring in greater profits.

9. Artificial Intelligence: Business Intelligence is driven by technology. Imagine having to scourge through millions of data panels to come to a conclusion! Of course, it is a prehistoric notion that cannot be achieved today. Hence, comes in our computers as saviours. If you are a business analyst, you will be aware of the huge implications artificial intelligence has in your daily work. Without machines that can do a lot of thinking on its own, things would have been a lot messier. And it was. Before 2019, a surge in the use of artificial intelligence was seen to this extent. Computers were being used since their inception, but it is one thing to use technology and another to use top-notch, self-driving technologies that can work like a superpower. It was only in this year that a huge number of companies and startups understood the difference between the two and switched to the latter. However, you cannot expect this to have reduced the work of the ‘humans’ sitting at the desk. It made their share of the job even more interesting. In most companies, analysts are supposed to supervise over the workings of intelligent machines. And once the data has been processed, they are supposed to come to a conclusion based on them. Artificial intelligence is still not trusted enough to let it draw an inference for a company. Besides this, business analysts are also expected to use this processed data in a way to help a company earn profits.

10. Chief Data and Analytics Officer: We spoke about authorizing responsible executives to handle data. It is a role that requires skill and observational intelligence. This is when a Chief Data and Analytics Officer enters the picture. She is responsible for taking care of the tiniest details concerning data, and most of the authority lies with her.

Conclusion

Business Intelligence is a subject of great importance, as this is what practically runs a company. All tycoons of the corporate world are well versed at it as it plays a pivotal role in determining the success of the company. If you have an entrepreneurial bent of mind, it is advised you go through these carefully. You can find more about the topic and associated subjects at Great Learning.

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