There has been a significant evolution of data analytics and business intelligence over the past decade, growing from IT-centric and technical processes to IT-enabled and inclusive processes. The convergence of multiple technologies is transforming the future of business and technology. Here are the cutting-edge emerging trends in technology.
Data Quality Management (DQM)
Excellent decision making relies on accurate data, which continues to be significant challenges to data analytics worldwide. Data quality is determined based on completeness, uniqueness, consistency, validity, accuracy, and timeliness. Data quality management is one of the exciting emerging trends that helps companies benefit from BI technologies investments and avoid using low-quality data entirely.
The emerging trend ensures that businesses comply with global regulations and data quality standards. Through DQM, companies can gain a competitive advantage by leveraging business intelligence. It ensures that they can achieve maximum return on investment.
AI plays a huge role in various business sectors, like marketing, and its importance has grown tremendously. Businesses have evolved from using passive, static reports of past events to leveraging technology to acquire real-time, proactive analytics that allows companies to monitor every aspect of their operations and receive alerts when things do not go according to plan.
AI can also automatically analyze your data, lowering the need for vast human resources to obtain meaningful information in a set of data. AI assistants offer reliable communication methods, which leads to time gain and satisfied customers. NetBase Quid’s AI Studio facilitates real-time discovery and swift generation of insights from innovation and originality. Clients can benefit from auditable and transparent results, data analytics from various sources, including social media platforms.
Collaborative Business Intelligence
It refers to the collaboration between online collaboration tools and BI technology. It is among the emerging trends that promote swift and smart decision making by leveraging quick data collection and examination. It allows seamless BI reports sharing and enhances the interaction among business users. Collaborative BI promotes the exchange of solutions to various business-related problems and ideas through Web 2.0 tools like blogging and Wiki.
It is predicted that the augmented analytics market will grow to about $13 billion by 2023, showing how important it is to business intelligence and different sectors. Augmented analytics tools are powered by machine learning and artificial intelligence and allow businesses to generate multiplex data analytics then derive comprehensive insights from them effortlessly.
Augmented analytics drives deeper awareness and minimizes biases in decision making. Through it, business owners without knowledge in computer science and mathematics can leverage complex formulas in an approachable and straightforward manner. It offers valuable benefits to various industries; for instance, retailers operating in the eCommerce sector can use augmented analytics to utilize multiple channel marketing to market and sell their services and products across many channels.
Mobile Business Intelligence
Mobile BI is increasingly being incorporated into business intelligence solutions, and many companies are benefiting from it. Although its penetration into different industries is happening slowly, the few coming years will see more BI solutions and vendors, including this option within their applications4.
It offers numerous benefits like accessing data at any place and time, in real-time hence facilitating quick responses to any issues and opportunities. Since more people are now working remotely, the emerging trends make the practice more convenient. With a market evaluation of $6.18 billion in 2018 and a projected 22.43% rise by 2024, the trend is here to stay, and more businesses will adopt it in their operations to reach their target markets.
The customization of various analytics and business intelligence tools offers a competitive advantage, enabling businesses to succeed and thrive. It is no longer an option to use technology and become data-driven in entrepreneurship, but a necessity.