Interested to know what the future of business intelligence (BI) holds for your business? Check out the latest trends, predictions, and BI tools. As the use of intelligence technologies is staggering, knowing the latest trends in business intelligence is a must. The market for BI services is expected to reach $33.5 billion by 2025. Here we have prepared a detailed outline about the future of BI, including main trends, challenges, specifics, BI-as-a-Service, and most promising BI services of today.
In this article, you will discover:
- Upcoming trends in business intelligence
- What benefits will BI provide for businesses in 2020 and on?
- Top 5 key platforms that control the future of business intelligence
- Impacts BI may have on your business in the future
Future of BI: What Does it Hold?
Generally, in the future, business intelligence will be more automated, widely used, free from errors, more insightful, and more user-friendly to embrace a wider audience range.
Business intelligence software will be more geared towards working with big data. Below we break down the latest trends in BI.
Data Governance One issue that many people don’t understand is data governance. Challenges of data handling will be present in the future too. Privacy violations and unauthorised use of data may pose serious hazards to businesses.
In the future special services, specialists and mechanisms will ensure that data comes from good sources, gets used for intended purposes, is accessed by authorised employees, and is deleted when not needed anymore.
Self-service BI The growing number of business intelligence innovations means that the amount of personnel relying on data will grow. The current BI trends show that the BI software will be more accessible in the future so that even non-techie workers will rely on data insights in their working routine. This shows why self-service BI is on the rise.
Prescriptive Analytics Using the information in making business predictions is not a new trend. In the future of business intelligence, it will also be more common to break data-based forecasts into actionable steps to achieve the best business development strategy.
Natural Language Processing (NLP) Although now the NLP use is in the domain of chatbots and customer services, it is predicted that it will migrate to other business areas in the future of BI. It will be used to simplify access to information and boost operations.
Business Intelligence-as-a-Service The emerging trends of the last decade prove that the market of BI-as-a-Service will grow exponentially in the future of business intelligence. The companies that yield BI-related tasks to internal IT teams now are likely to hire expert consultants in the next years.
These experts and companies like MLS Dev provide custom software development services, which apply continuous improvements, effective processes, and innovative practices to create problem-solving solutions.
Collaborative and Integrative BI The future of BI will also mean more integrations and collaboration. Today, we have stand-alone BI solutions purchased separately. In the coming years, they are more likely to become a part of enterprise solutions. Also, it is expected that the integration of BI solutions with any third-party services will be more seamless.
Automation & Augmented Analytics Augmented analytics uses artificial intelligence to process data and prepare insights based on them. It allows feeding on more data, simplifying reporting and sharing and eliminating the unnecessary steps to get the feedback.
Future of BI: Benefits Provided
The future of business intelligence shows that more data will be processed, deeper insights taken, and more detailed predictions made. This all cannot but bring multiple perks to your business as well. Here they are:
Increase in business productivity Business intelligence may help you spot the best and worst-performing practices early. Therefore, you will rely on data-backed knowledge when deciding what chains of your productions should be eliminated or boosted.
Access to Essential Information Another essential benefit to expect in the future of BI is instant access to important data, fast analysis, and easy-to-read presentations in charts and reports.
Increase in ROI With BI solutions identifying areas for cost savings is easier. Improving accountability will help you make faster and better decisions and quickly find factors that affect production. Also, timely insights into inventory will help to improve supply chain decisions.
Help with Strategic Decision-Making The strategic decision-making in the future of business intelligence will be shaped by faster reports, deeper data insights, broader areas of data collection. BI software will gauge internal data on performance, sales and marketing, social media and other sources to build actionable recommendations for your business.
Identify Opportunities The ability to respond to market developments timely is a vital trait of a successful business. Now, with the opportunities of BI, it will be possible to identify business trends early and build the business strategy correspondingly.
Reduce Waste Today, finding what elements of your business are pulling you back is a hard task. In the future of business intelligence, eliminating waste will be easier thanks to better statistics, timely reporting on defects and improved forecasts.
Top 5 Platforms that Control the Future of Business Intelligence
The trends in business intelligence show the growing importance of BI tools.
And that is why with BI you rely on a broader range of data, get deeper insights into the market, have a better vision of your companies strengths and weaknesses, and receive reliable forecasts on business trends and get data-backed actionable tips on developing your business.
Today, Microsoft’s Power BI leads the market of BI-a-a-S, being an excellent tool for data collection, analysing and visualisation. Yet, there are promising rival products worth attention. Here we present an overview of some of them:
Microsoft Power BI features
- intuitive visualisations
- on-premise and cloud
- report sharing
- dashboard and report publishing to the web
- indicators of data patterns
- integration with third-party services (Salesforce, Google Analytics, Zendesk, Azure, Mailchimp, etcetera).
Unique feature: custom visualisations to fit your business needs better.
Advantages: timely feedback on any issue and unpaired support from the Microsoft team.
SAP Lumira features
- interactive tables, graphs, dashboards
- data publishing
- access to a broad data range
- custom analytic applications
- data storytelling
- web and mobile.
Unique feature: home screen with data sources available in one place.
Advantage: an easy-to-use system for any user.
Qlick Sense features
- self-service visualisations and analysis
- machine-guided analysis
- associate model for exploring complex data
- integration of data from different sources
- data storytelling
- secure sharing of data models.
Unique feature: augmented graphics for wider visualisation possibilities.
Advantage: user-oriented interface perfect for non-techie users.
Qlick View features
- interactive reports, dashboards, timesheets
- flexibility in creating data apps
- user-friendly search for data trends
- integration with third parties
- profound search feature.
Special feature: in-memory storage to boost data processing makes it one of the fastest and most relevant BI tools.
Advantage: unpaired control over data.
- design and visualisations
- interactive dashboards
- real-time data analysis
- wide capabilities for data extraction and processing
- integration with a wide range of third-party services (Oracle, Teradata, Excel, Google Cloud).
Unique feature: drag and drop functionality to create visualisations faster.
Advantage: faster compared to other BI tools and is a great self-service BI instrument thanks to an intuitive interface.
How the Future of Business Intelligence Impacts Your Business
The trends in business intelligence show that in future, your business will look different. Here’s what to expect:
More integrations: most of the existing business software will be integrated with BI
Collaboration: in the future of BI, the software will enable personnel to work with the same sets of data in teams
Larger network: we expect technology infrastructure to expand further and embrace all business areas
Machine learning: in the future of business intelligence, data will be approached with AI methods
Data proactivity: more proactivity-based features, supplying users with relevant prompts and insights
Data-driven culture: the emerging trends in business intelligence show that soon, any employee will use the power of BI in their daily routine.
Besides more automation and integrations, the future scope of business intelligence shows that BI will be widely used in all business areas in the coming years. That means data will back every working routine, and in your job, you will have more relevant insights and recommendations.