The arrival of the covid-19 pandemic has forced numerous businesses to shift their operations online. The operational shift of businesses to the digital world means greater generation of data. As a result, the pipeline of data has started to expand by leaps and bounds. It has become extremely important to make decisions that are driven entirely by data. This is where business intelligence starts to play a key role in terms of mining the prospects of a business. The various business intelligence tools and data analytics platforms have expanded the scope of various businesses that were new entrants in the field. That said, the whole world of business intelligence has changed with the rapid emergence of new trends in the sector. The aim of this article is to deep dive into the various business intelligence prospects that we would witness in 2021.
Glimpses of the upcoming trends
In this section, we highlight the key business trends for the upcoming decade. Since the covid-19 pandemic has triggered a wave of cloud migration, we might expect SaaS business intelligence to accelerate in the coming times. In addition to this, the systems powered by artificial intelligence and natural language processing would become more dominant. As far as data literacy and data-driven cultures are concerned, we might expect a rapid proliferation in the near future. At the same time, we might expect knowledge and data discovery to rise to a new high. Finally, there is a great probability that mobile business intelligence methodologies would become common tools for carrying out analytics. This may give a new lease of life to a business analytics career.The only concern is the state of data governance and data privacy for which more concrete rules will need to be drafted so that the entire data pipeline is well protected.
The clamour of cloud migration
With the clamour of cloud migration getting shriller, the benefits of cloud computing have been leveraged by the businesses to make intelligent decisions. This has led to cloud based business intelligence. It has also proved beneficial for public, private and hybrid cloud services. A report by Statista notes that there has been a seventy percent increase in businesses that have shifted to cloud environments in the last three years. Another report by Dresner concludes that the market of cloud computing services has expanded by about sixty percent in the last five years.
Cloud services aid business intelligence
The adoption of cloud computing services aids the business intelligence prospects of companies in a number of ways. It drastically brings down the demand of constant maintenance. It enables the various teams of a company to access valuable data sets from any remote location. In addition to this, it provides high levels of scalability and also helps in simplifying the business needs. Apart from this, cloud business intelligence is also associated with cost effectiveness.
The interface of AI and BI
A report by PricewaterhouseCoopers mentions that artificial intelligence would be the mainstay of business intelligence in the next few years. The power of artificial intelligence would be leveraged to understand the core business needs in minute details. AI would also help in comprehending the demand supply cycle and the various factors that influence it.
In the coming times, business intelligence would be influenced by augmented intelligence that would help in anomaly detection and information extraction. We may also witness a large number of people getting attracted by a business analytics career given its expanding scope and increasing popularity.
An era of automation
As per the 2020 Digital Trends report by Adobe, more than 50 percent of the organizations claimed that they had leveraged the power of artificial intelligence to automate data analytics in 2020. This gives us concrete evidence of the shift of businesses towards automation especially when it comes to monotonous tasks. Another benefit of automation is that it would help in the gradual elimination of manual data processes. In one word, automation would drastically change the prospects of business intelligence in the times to come.
Concluding remarks and future prospects
Businesses of the present times are slowly stepping into a data driven culture that is powered by augmented intelligence, statistical analysis and decision sciences. The most powerful and strongest companies in the near future would be the ones that make data speak. That said, the power of data would slowly enable businesses to bridge the digital divide and usher into an era of data democratization. Data democratization along with data management and data governance would become the three cornerstones of the data age that is impending upon us. Meanwhile, we can cherish the fruits of the present data revolution!