This year, companies have seen a number of improvements in the way they work. The pandemic has led the world to adopt digital patterns as a result of the massive impact on the economy. This condition has forced people to work from home instead of in the office. Safer workplace practises must be adopted by those working in workplaces.
With the increase of emerging technologies, business intelligence has been revolutionised. The data has grown considerably and has become enormous. We’ve just got ties to the cloud. Spreadsheets eventually took a back seat to pragmatic & insightful data visualisation & interactive business dashboards.
The BI landscape is changing and the future of BI is rising with new developments taking place in 2021. BI technologies and tactics will become more customised in 2021. Enterprises of all sizes are looking for the right BI solution for their individual company, instead of asking whether they need improved access to BI analytics.
2021 will include data protection & data identification, secure & safe data together with a simple & efficient introduction. This blog will address BI’s top 7 trends in 2021.
1. Artificial Intelligence
The goal of AI is to make computers do what is traditionally achieved by nuanced human intelligence. AI & ML are transfiguring the way we work with our analytics & data processing while incorporating security steps must be considered. The truth is, it would have an effect on our lives whether we want it or not.
Solutions such as AI algorithms based on the most sophisticated neural networks have high precision for inconsistent identification as they learn from previous developments and patterns. That way, any suspicious occurrence will be automatically reported, and the device will warn the customer.
AI delivers unique insights into BI strategies. It evaluates your dataset thoroughly automatically without needing any effort on your part. Simply choose the data set that you want to evaluate and the uncertainty that the algorithm should rely on.
Another rising element in the future of BI is the duel testing of AI. For eg, one AI will produce a realistic image, and another will try to find out whether or not the image is fake. This definition is often called GANs (Generative Adversarial Networks) and can be used in online verification processes.
2. Data Security
Data & information security was on everyone’s minds in 2020 and will continue to generate a buzz in 2021. The introduction of the Privacy Law, like GDPR in the EU & CCPA in the USA, has set the building blocks for data security and user details management.
Regardless of progress, global spending in information security goods and facilities will increase by 2.4% compared to the previous year. Despite the pandemic that hindered progress, it definitely did not stop it completely. Gartner highlights the key sources of global defence investment.
-The Privacy Regulations
-The need to manage digital market threats
-Concentrate on developing identification and reaction capabilities
3. Data Visualization
The data discovery has increased its effect in the previous year. Data visualisation was included in the top 2 BI trends in the Business Application Research Center report.
A key factor to note is that the tools for data visualisation rely on the process, and later the results generated would carry market value. It needs to consider the relationship between data in the context of visual analysis, data processing, and advanced analytical guidance.
Data visualisations have been turned into state-of-the-art tools for presenting and interacting with several visuals on one page, whether based on building revenue maps or all-inclusive immersive reports. As humans process visual data easier, data visualisation would be an important addition to the 2021 BI trend.
4. SaaS BI
Several companies have turned to SaaS BI to access any data from the cloud and to achieve more freedom from any gadget. Such innovations that enable data movement and access from different locations will continue to grow as one of the most impenetrable BI trends in 2021.
SaaS is being remote-friendly, and diverse teams that need solutions will improve their business processes and ensure that there are no barriers to remote operation.
5. Predictive & Prescriptive Analytics Tools
Predictive analysis is the process of drawing insights from existing data sets to forecast possible possibilities. It is an extension to data mining that applies to historical data. Predictive analysis entails the forecasted future data and therefore often requires the probability of error in its description. Predictive research shows what could happen in the future with an acceptable degree of reliability with some alternative scenarios and risk assessment.
The prescriptive analysis is going a step forward into the future. It reviews the content or data to determine what actions should be taken and what measures should be taken to accomplish them. It is defined by techniques such as neural networks, graphic analysis, recommendation engines, ML, simulation dynamic event modelling, and heuristics. Prescriptive analysis allows to optimize schedules, procurement, supply chain and production design and achieve what the customers want in the most optimal way possible.
6. Real-time and Analytics
The demand for real-time data has changed dramatically this year and will begin in 2021. Due to the pandemic crisis, real-time and accurate alerts are essential to the development of appropriate plans to respond to those unfortunate issues. Real-time data connectivity has become a standard of everyday life for enterprises and the general public as well.
Implementation of live dashboards would allow top business intelligence firms to quickly view and react to important business information if any problems occur.
7. Mobile BI
Mobile BI is getting more deeply involved in BI solutions & next year; this pattern will not lose its position. It is one of the fastest growing developments in BI recognised by 3000 industry experts. A few years ago, smartphone BI was considered a major change in the BI & Analytics culture. Mobile BI enables companies to view their data in real-time, promising quicker responses to corporate events and providing more flexibility for people who do not actually operate in offices but wish to access critical business knowledge on-the-go.
The new business climate continues to be dominated by data in the coming year. 2021 will be a brilliant year to look at all the hypes and move towards drawing the full benefit from online business intelligence software.