2020 Business Intelligence Trends that You Need to Know

Posted by Comporium Business Services on May 19, 2020 5:50:46 PM
Business Intelligence Trends
In today’s world, businesses have endless access to consumer data. But extracting the most value requires a narrow focus on the data that leads to actionable insights; and emerging BI tools and trends will help businesses do just that. Here’s what’s in store for BI in 2020 and beyond.
Data Discovery
Gone are the days of data collection via email newsletters and long-winded surveys. The future holds more opportunities and channels for data discovery. In 2020, BI tools will allow access to rich reserves that have the power to guide business operations and decision-making.
Predictive Technology
The most up-to-speed businesses will begin to use data not just for the here-and-now, but to prepare for the future. New BI tools use Artificial Intelligence to predict events more accurately through predictive analytics. AI-powered algorithms can help data analysts forecast future trends and outcomes to set businesses up for success.
Machine Learning
Machine learning has the potential to revolutionize the way we interact with data and analytics. These AI-assisted tools can identify correlations between metrics and data insights in a more digestible manner. And the easier data is to unpack and understand, the more useful it is to the entire team.
Data Privacy
With advancements in data collection comes a growing focus on consumer privacy. Now, more than ever, data must be used in a way that does not compromise the privacy of the company and its clients. In 2020, companies will need to pay careful attention to privacy protocols and data confidentiality.
Mobile BI
It seems the bulk of marketing strategies have migrated to a mobile-first mentality, and BI trends are following suit. Mobile BI tools will allow businesses to access data at any time, from anywhere. This increased access and visibility allow quicker reactions to important insights. These new analytics platforms also suit the modern workforce, helping to prepare for a future of remote teams.
Data Storytelling
Dashboard figures alone make no sense if they are not accurately analyzed. Many businesses will adopt principles of storytelling to nurture more meaningful conversations. In 2020, data storytelling is slated to change the way businesses use data to attract and engage with consumers.
Data Quality Management
Data quality management combines technology, process, and company culture to capture more meaningful data. As a result, business leaders can make accurate, data-driven decisions that promote growth.   If you haven’t already, it’s time to jump on the BI bandwagon. In 2020, Business Intelligence trends will continue to evolve, helping businesses in every industry transform their daily operations and decision-making skills.
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Topics: business

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