CIOs and CTOs are rightly focused on implementing the fundamentals of digital transformation. Their aim is to unleash the disrupting trends, which will drive the organizations in the future. As a matter of fact, they have already started to evaluate the core areas, which will fuel the futuristic digital economy.
As we get closer to 2020, business enterprises are changing their investment priorities. 2019 focused more on the internet of things, artificial intelligence, and machine learning. 2020 will prioritize collecting and storing more data with an emphasis on business intelligence and analytics. Data is the main food energizing business enterprises today with comprehensive support from analytics.
Organizations need to implement the right set of business and data analytics trends, coupled with sales analytics, to stay ahead in this stiff competition.
Goodbye Spreadsheets, Welcome Data Insights
With the explosion of data, we have gained access to cloud technology. Traditional spreadsheets have now taken a backseat and made way for insightful and actionable data visualizations. The emergence of Managed Analytics-as-a-Service (MAaaS) has also introduced interactive dashboards and improved the efficiency of reporting. We have also seen the advent of self-service analytics, revolutionizing the data product chain.
Business Intelligence and Analytics – Expectations for 2020
The year 2019 has been quite productive for business intelligence and analytics. The story of 2020 will be no different, with the evolution of BI landscape and tools. This has given a new impetus to business analytics to leverage various benefits.
How Does Business Analytics Help
Smart Business Decisions
There is no doubt that data has become the heart of business analytics. By accessing vital data, organizations can make smart, accurate decisions. The company can use analytics to share information with their employees seamlessly.
Clearer and Organized Data Insights
Business Analytics provides clearer insights with the help of data visualization. With organizations paying more focus on how to present their data to the client, it serves as a smart move. Whatever data you extract in the form of charts and graphs becomes clearer and concise.
In fact, data visualization makes information accessible on your fingertips becoming more visually appealing and organized.
But you must know that both business analytics and data analytics go shoulder-to-shoulder supporting business enterprises to streamline their operations.
It will be viable to see which popular trends are shaping the future of business and data analytics. So, let’s begin-
Top Business Analytics and Data Analytics Trends
Data Quality Management (DMQ)
Data Quality Management is one of the popular uprising trends that has hit the business and data analytics industry. A recent report states DMQ is a popular practice that most companies are adopting for the initial investment.
DMQ allows companies to meet standard data quality and recent compliance. You can look to implement the data quality process to enhance the organization’s efficiency and unleash business intelligence. It helps you to maximize your future investments.
One hotbed trend that has enhanced data analytics is augmented analytics. Augmented analytics is the usage of machine learning (ML) and natural language processing (NLP) that streamlines data sharing, business intelligence, and other technologies.
In fact, research firm Gartner has named Augmented Analytics as the ‘Hype Cycle for Emerging Technologies.’
Data analytics helps in the implementation of augmented analytics to handle complex tasks. When an organization enters any raw data, augmented analytics will scrub, parse, and return key data for analytics.
Both machine learning and natural language processing assist companies in interacting with organic data and drive valuable insights from it.
However, data analytics is a complicated field. Thus, most organizations look to hire an expert data scientist to extract information from big data. The complication in data analytics is due to the fact that enterprises gather data from diverse sources. Once the data is collected, it has to be sent for analysis and refinement.
Predictive analytics has finally hit the floor hard to become an emerging trend for the trio – business analytics, data analytics, and sales analytics. It is a part of artificial intelligence that makes combined use of machine learning, statistical techniques, and data mining to accurately analyze both current and previous data. The purpose is to make future predictions about the market, sales, and consumer behavior.
Predictive analytics has various advanced features such as drag-drop interfaces, automation of predictive modeling, embedded models, and collaborative software.
So, what does predictive analytics have onboard?
- First, it helps you to forecast the volume of sales history and compare the same with the current orders so that you can always keep an accurate track record of your inventory.
- Getting across customer prospects is based on the history of similar consumers for the most recent season. You can also make use of decision automation to send the right product notifications based on their preferences.
Mobile Business Intelligence
Mobile business intelligence has become a huge swirl in the business intelligence and analytics industry. Mobile BI is still in its infancy stage but experts believe it will gain momentum within the next 2-3 years.
According to the study, mobile BI is expected to grow at a CAGR rate of 22.43% by 2024.
More analytics vendors and BI solution providers will be installing the software as mobile dashboards.
If we talk about its major advantages then the most important one to highlight is accessing data from anywhere and anytime. Also, the fact that you can access all data in real-time, it becomes a preferred choice of the companies. It allows them to make quick decisions and give more freedom to your employees, who are working from remote locations.
If you haven’t heard about embedded analytics before, here’s a simple definition – it is the process of integrating analytic content with powerful BI solutions into the application.
Modern business enterprises are quick to identify the capabilities of embedded analytics that offer KPI dashboards and real-time reports. This again helps in making quick and apt decisions regarding business strategies.
The embedded BI solution has proved to be the right asset for companies providing higher value within their own applications. Research reveals that market revenue from embedded analytics is predicted to reach about $60.28 billion by 2023.
In fact, embedded analytics is the right software solution for boosting sales analytics as well. You can prepare a sales report and send the same to different clients and dashboards at the same time. In addition, companies can also present the data to their clients without developing their own software.
The discussion on business analytics, business intelligence, and data analytics is rather incomplete without interacting about data automation. As time progresses, the amount of data produced, processed, and stored is humongous.
As a result, most business organizations today are searching for advanced data automation solutions to streamline the massive volumes of data. In fact, according to Gartner, more than 40% of data science tasks will be automated in the days to come.
The Final Words
As we are all ready to welcome the New Year with a lot of hopes and aspirations, we also need to brace up for innovative trends that will fuel the business analytics, data analytics, and sales analytics.
Although we have discussed the most important trends, there are a few more that deserve special mention. The names include cloud analytics, data discovery, digital ethics and privacy, etc.