TechDogs-"5 Business Intelligence Trends You Can't Miss Out On In 2021"

Business Intelligence

5 Business Intelligence Trends You Can't Miss Out On In 2021

By TechDogs Editorial Team

TechDogs
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Overview

It's easy to see how important data has become, especially when it comes to marketing and modern commerce in general. However, last year, the pandemic proved that data is the lifeblood for most businesses. Without data, there can be no Business Intelligence, which is extremely vital for businesses to survive, adapt and grow in 2021.

So, do you know the coolest Business Intelligence trends for 2021? Well, if not, you're about to find out! We are covering the latest and the greatest when it comes to Business Intelligence. In order to get ready, you’re going to have to participate in the Business Intelligence version of Are You Smarter Than a Fifth Grader? You'll need to prepare diligently if you want Mrs. Brown to give you that A+.

So, get your gameshow boots on and come on down!
TechDogs-Business Intelligence. It's No Child's Play!-"5 Business Intelligence Trends You Can't Miss Out On In 2021"
As an organization grows more prominent, consumer data reserves quickly grow in a way that can only be called overwhelming. This can make for a hectic environment where everyone is running around just like a chicken trying to figure out how to get the most out of their data. (Yikes!)

Yes, data is incredibly important but without the right people and tools, it really can't do much. That's where Business Intelligence (BI) comes into play. Business Intelligence is an umbrella term that includes technologies, practices and applications used to analyze and present business information. Managing data correctly and efficiently is a problem that all modern businesses face. Keeping that in mind, it is certain that Business Intelligence as a concept and Business Intelligence tools will play a more significant role in the years to come. 

So, are you ready to study up on Business Intelligence trends so you can be the winning contestant on "Are You Smarter Than a Fifth Grader?"

 It's showtime!

TechDogs-Business Intelligence As A Concept-GIF From Movie Mr Incredible - Business Intelligence Is An Umbrella Term That Includes Technologies, Practices And Applications Used To Analyze And Present Business Information


Trend 1: Predictive Analytics, The Customer Journey And Rise Of Artificial Intelligence (AI)


TechDogs-Trend 1: "Predictive Analytics", The Customer Journey And Rise Of "Artificial Intelligence" (AI)-2D Sketch Of Businessman Standing On A Graph Diagram, Looking Through Spyglass For Forecast,  Growth, Progress Of Business
Organizations and businesses want to know more about their customers and their current behavior. This is to make educated predictions about their potential purchases and other actions to provide a more personalized experience — even a 5th grader knows that! That’s predictive analytics; a combination of statistical techniques used to analyze historical data to make predictions about future events.

When Artificial Intelligence and predictive analytics are combined, Data Analysts can predict what a customer will need ahead of time, which leads to supply chain improvement, leading to reduced shipping times and ultimately, higher profits. Businesses will run more efficiently by understanding their customers better and saving money through AI-based predictive analytics.

At the Digital Marketing Expo and Conference 2021 (DM EXCO 21) Gartner predicted that 75% of organizations will be utilizing AI for their operations in the next 3 to 4 years. This means consumers will get a streamlined customer experience and businesses will reduce costs and increase profits.

TechDogs’ Opinion: Businesses will soon use apps, social media and other digital mediums to engage consumers to give them a cross-platform experience. The interaction will not be through a single channel. So, a customer might get on your company Facebook page, email a company rep, maybe read a blog on the company website and then ultimately purchase. (Wish we could predict that path they would take!)

Predictive analytics will combine consumer data across all touchpoints (virtual and physical) to better predict consumers' needs. Companies that don't choose to invest in the ability to predict what their customers need (that is, invest in the AI-based predictive analytics tools that make this possible) are ultimately going to struggle to give the customer what they need.
 

Trend 2: Data Quality Management And Data Governance Will Improve


TechDogs-Trend 2: "Data Quality Management" And "Data Governance" -2D Image With The Graphical Elements Of Financial Report And Accounting - Data Quality Management (DQM) To Verify The Data Required For Specific Business Intelligence Operations
You're going to really need to brush up on data quality management knowledge if you want to win this round!

Data Quality Management (DQM) is about verifying that the data required for specific Business Intelligence operations is of the valid data type, so that the right data reaches at the right time to drive decisions. Without good data, other Business Intelligence investments will struggle because the data they base the predictions on will be incorrect or insufficient. You can't describe trends or predict customer behavior if the data you base it on is low-quality, right?

Research by Countants, a cloud technology firm, states that the quality of data is an ongoing challenge for Data Analysts all around the world. Good quality data is important to get good insights from the data that's available, which helps organizations make the best decisions possible.

TechDogs’ Opinion: Processes and practices that manage a company's data assets are placed under the umbrella term Data Governance. Sourcing accurate customer data in a consistent manner requires Data Quality Management to be enforced. Discovering data rules via AI assistance will even help attain the ability to repair bad data and that's what you can expect to see more of in 2021. Yeah, this isn’t 5th grader stuff anymore!
 

Trend 3: Mobile Business Intelligence (BI) Rises To The Forefront


TechDogs-Trend 3: "Mobile Business Intelligence" (BI)-2D Image Of  A Female And Male Character Using Appointment Business Application - Mobile Business Intelligence To Be Used Via Apps On People's Smartphones And Tablets
Mobile Business Intelligence allows dashboards, business metrics and KPIs (Key Performance Indicators) to be accessed via mobile devices. Mobile Business Intelligence is a single vital piece of the complex Business Intelligence puzzle. Why? Because more people are working remotely than ever before — something has to address this change. (O Mobile BI, Mobile BI, wherefore art thou Mobile BI?)

Business Intelligence is all about making decisions using correct data at the correct time. Hence, this data needs to be accessed from anywhere at any time. We mean, with the global economy we live in, the correct time might be 3 AM! Mobile Business Intelligence is the solution that lets you access the data anytime it is needed.

According to research by Single Grain, a marketing agency, over 90 percent of senior executives use their business smartphone for business. This is why Business Intelligence is so relevant to them right now. No matter what industry you're in, Mobile Business Intelligence has its benefits for you. These benefits include access to real-time data at anytime from anywhere allowing businesses to quickly react to events as they unfold.

TechDogs’ Opinion: In 2021 and beyond, most Mobile Business Intelligence will be used via apps on people's smartphones and tablets, which means they will get alerts in real-time, allowing for quicker reaction times and shorter workflows. We mean, how often do you not check your smartphone notifications?
 

Trend 4: Collaborative Business Intelligence (BI) And Better Decision Making Are Coming


TechDogs-Trend 4: Collaborative "Business Intelligence" (BI) -2D Image of Business Colleagues Group- Collaborative Business Intelligence Can Be Utilized For Organization-Wide Analytics And Reporting That Makes Sharing Information More Straightforward And Quicker To Enable Team Members (who Work Independently) To Make Better Decisions
Collaborative Business Intelligence? Imagine you and your friends working on a project, coming together and bringing different strengths to the table. Collaboration tools do the same by working in conjunction with Business Intelligence software to improve overall decision-making. Collaborative software includes social media and web technologies that are sources of insightful business data.

As the era of faster data analysis and data collection is here, your decisions not only have to be good, they have to be quick. That's why Collaborative Business Intelligence is such a hot trend for 2021. Search Business Analytics says that Collaborative Business Intelligence can be utilized for organization-wide analytics and reporting. This will make sharing information more straightforward and quicker to enable team members (who work independently) to make better decisions. 

TechDogs’ Opinion: You're going to see teams within companies be more connected which will lead to an environment where important decision-making thrives in a way that it never has before. Collaboration will allow faster cross-vertical decisions to be made and help businesses understand the impact of decisions on other collaterals faster as data is shared throughout the organization.
 

Trend 5: The Embedded Analytics Market Will Grow


TechDogs-Trend 5: The "Embedded Analytics" Market-2D Image Of Computer Screen, With Elements And Tools Used For Business Analysis - Embedded Analytics Is A Technology That Will Help Make Business Intelligence And Data Analysis More Accessible To Users Through Applications
Well, you are almost ready to take on the quiz; however, there's still one concept we need to cover - Embedded Analytics. What's that, you ask?

Embedded Analytics is a technology that will help make business intelligence and data analysis more accessible to users through applications. It will enable businesses to make faster, more well-informed decisions by integrating Business Intelligence dashboards or reports within native enterprise applications to enhance collaboration and communication throughout the organization. 

However, several organizations are looking for something more. They're looking to create data experiences that place analytics smack dab in the middle of their context. (Does anyone even say smack dab anymore? Oh, well!) The trend of adapting embedded analytics will undoubtedly rise throughout 2021 and beyond as businesses will constantly need to improve productivity to meet revenue goals.

Allied Market Research has found that embedded analytics market size had a value of $25,133,000,000 (that's USD 25 billion!) in 2016. Experts predict that it will skyrocket to a value of over $60,281,000,000 (around USD 60 billion!!) in the years to come.

TechDogs' Opinion: Business Intelligence will always move towards making data and analytics more accessible and embedded analytics is doing just that. It will add value for business stakeholders by allowing them to recognize any shortcomings to deploy more embedded analytics solutions to improve communication and participation. It will also create a seamless and positive user experience —which is vital to customer retention.


You're Ready For The Real Game Now!


Knowing the future trends for Business Intelligence will keep you in the know about working with data in the most efficient way possible -  and making the best use of it. Data will continue to be at the crux of Business Intelligence and the operations that drive business. Companies must adopt these top 5 best practices to make sure their Business Intelligence game is ready to stay competitive.

So, are you ready to compete now? We're sure you are - best of luck!

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