Over the past decade, business intelligence has been revolutionized. Data exploded and became big. And just like that, we all gained access to the cloud. Spreadsheets finally took a backseat to actionable and insightful data visualizations and interactive business dashboards. The rise of self-service analytics democratized the data product chain. Suddenly advanced analytics wasn’t just for the analysts.
Read on to see our top 10 business intelligence trends in 2022:
Artificial Intelligence
Artificial intelligence (AI) is the science aiming to make machines execute what is usually done by complex human intelligence. This is a trend that is wildly being covered by Gartner in their latest Strategic Technology Trends report, combining AI with engineering and hyperautomation, and concentrating on the level of security in which AI risks developing vulnerable points of attacks. It is expected that in the coming year’s AI will evolve into a more responsible and scalable technology as organizations will require a lot more from AI-based systems.
Data Security
Data and information security have been on everyone’s lips in 2021, and they continue to buzz the world in 2022. The implementation of privacy regulations such as the GDPR (General Data Protection Regulation) in the EU, the CCPA (California Consumer Privacy Act) in the USA, and the LGPD (General Personal Data Protection Law) in Brazil have set building blocks for data security and management of users’ personal information.
Moreover, the recent overturn by the European Court of Justice of the legal framework called Data Privacy Shield hasn’t made software companies’ life much easier. The Shield was a legal framework that enabled companies to transfer data from the EU to the USA but, with recent legal developments causing the invalidation of the process, companies that have their headquarters in the US don’t have the right to transfer any of the EU data subjects.
Data Discovery/Visualization
Data discovery has increased its impact in the last year. A survey conducted by the Business Application Research Center listed data discovery in the top 4 business intelligence trends by the importance hierarchy for 2022. BI practitioners steadily show that the empowerment of business users is a strong and consistent trend.
Essentially, data discovery is the process of collecting data from various internal and external sources and using advanced analytics and visualizations to consolidate all the information. This allows businesses to keep every relevant stakeholder engaged with the data by empowering them to analyze and manipulate the information in an intuitive way and extract actionable insights. To achieve this, businesses of all sizes turn to modern solutions such as business intelligence tools that offer data integration, interactive visualizations, a user-friendly interface, and the flexibility to work with big amounts of data in an efficient and intuitive way.
Data Quality Management
Data quality management ensures that companies can make the right data-driven decisions by using the correct data for their analytical purpose. This means there is no definitive truth about the way businesses can measure the quality of the data as this solely depends on the context. That said, there are guidelines to follow in order to ensure a successful data management process, some of them include data being accurate, consistent, complete, timely, and compliant. Meaning, no duplicate or missing values, no outdated data that doesn’t represent the required timeline, and no data that is not consistent. A simple example of data consistency would be that the sum of employees in each department does not exceed the total number of employees in that organization.
Predictive & Prescriptive Analytics Tools
Predictive analytics is the practice of extracting information from existing data sets in order to forecast future probabilities. It’s an extension of data mining that refers only to past data. Predictive analytics includes estimated future data and therefore always includes the possibility of errors from its definition, although those errors steadily decrease as software that manages large volumes of data today becomes smarter and more efficient. Predictive analytics indicates what might happen in the future with an acceptable level of reliability, including a few alternative scenarios and risk assessment. Applied to business, predictive analytics is used to analyze current data and historical facts in order to better understand customers, products, and partners and to identify potential risks and opportunities for a company.
Real-time Data & Analytics
The need for real-time data has tremendously evolved this year and will continue to do so as one of the data analytics trends for 2022. We have seen since the pandemic arrived, that the needs for real-time and accurate updates are critical in developing proper strategies to respond to such unfortunate situations. Some countries have used data to make the best possible decisions, and companies followed to ensure survival in these uncertain times. Real-time access to data has become a norm in everyday life, not just for businesses, but the general public as well, where we could see press conferences filled with the most recent information, graphs, and statistics that have defined some of the strategies against the pandemic. But not only; creating ad hoc analysis has enabled businesses to stay on top of changes and adapt to immense challenges that this year has brought.
Collaborative Business Intelligence
BI tools make sharing easier in generating automated reports that can be scheduled at specific times and to specific people. For instance; they enable you to set up business intelligence alerts, share public or embedded dashboards with a flexible level of interactivity. All these possibilities are accessible on all devices which enhances the decision-making and problem-solving processes, critical for today’s ever-changing environment. This is especially necessary now that the pandemic has forced businesses to shift to a home office dynamic in which collaboration needs to be supported by the right tools more than ever.
Collaborative information, information enhancement, and collaborative decision-making are the key focus of new BI solutions. But collaborative BI does not only remain around some documents’ exchanges or updates. It has to track the various progress of meetings, calls, e-mails exchanges, and ideas collection. More recent insights predict that collaborative business intelligence will become more connected to greater systems and larger sets of users. The team’s performance will be affected, and the decision-making process will thrive in this new concept.
Data Literacy
As data becomes the foundation of strategic decisions for businesses of all sizes, the ability to understand this data and use it as a collaborative tool that everyone in the organization can use becomes critical for success. That said, data literacy will be one of the relevant data analytics trends to look out for in 2022.
Data literacy is defined as the ability to understand, read, write, and communicate data in a specific context. This means understanding the techniques and methods used to analyze the data as well as the tools and technologies implemented. According to Gartner, poor data literacy is listed as the second-biggest roadblock to the success of the CDO’s office, and it adds that by 2023 data literacy will become essential in driving business value.
Data Automation
Business intelligence topics wouldn’t be complete without data (analysis) automation. In the last decade, we saw so much data produced, stored, and ready to process that companies and organizations were seriously looking for modern data automation solutions to tackle massive volumes of information that has been collected. A survey by KDNuggets predicts that in the next decade, data science tasks will be automated, hence, this is one of the trends in business intelligence that we need to keep an eye on since we don’t know when it will exactly happen.
Business intelligence has brought many automation possibilities and in 2022, we will see even more. Long-standing barriers between data scientists and business users are being slowly mixed into a one-stop-shop for any data requirement a company might have – from collecting, analyzing, monitoring, reporting, and sharing findings. A scenario might include intelligent reporting – predictive analytics and automated reports increase the business users’ capabilities to automate data on their own, without the help of the IT department. On the other hand, data scientists still will manage complex analysis where manual scripting and coding are necessary.
Embedded Analytics
Whether you need to create a sales report or send multiple dashboards to clients, embedded analytics is becoming a standard in business operations, and in 2022, we will see even more companies adopting it. Departments and company owners are looking for professional solutions to present their data without the need to build their own software. By simply white labeling the chosen application, organizations can achieve a polished presentation and reporting which they can offer to consumers.
More than just embedding a dashboard or BI features to an application, embedding analytics allows for collaboration by keeping every single stakeholder involved. By providing clients and employees the possibility to manipulate the data in a well-known environment you facilitate the extraction of insights from every area of your business. This makes it one of the fastest-growing business intelligence trends from this list.
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