Last Updated on October 14, 2023 by
When the Covid-19 Virus brought a global standstill, it changed how business enterprises work, with the ability to work remotely. According to recent studies, more businesses are expected to lean into AI solutions to transform their analytic strategy in 2022. Business intelligence is essential for businesses to make data-informed decisions. However, with work from home, more companies have had to set aside a budget for Saas and cloud adoption. As a result, the confidentiality of personally identifiable information (PII) and data governance will be vital for creating end-user trust.
Top Business Trends
There are significant shifts in how businesses will use business intelligence (BI) today. Here are four business trends to look out for.
1. Cloud and Saas Adoption
During the pandemic, organizations got into emergency mode as they tried to come to terms with the situation. Most businesses had to take a second glance at their current business intelligence(BI)strategies as most workers were required to work remotely.
As a result, more organizations migrated to cloud-based BI on Saas solutions or a public or private cloud. In addition, companies have realigned their budget after the pandemic to adopt cloud infrastructure.
Many companies are reassessing their budgets post-pandemic to allow the adoption of cloud infrastructure to move towards disparate and remote workforces. By 2023, Gartner predicts that 40% of all business workloads will be deployed in the cloud, up from 20% in 2020.
2. Data Visualization and Storytelling
Intuitive insights and storytelling engage potential and current clients to understand crucial insights about a business. For example, data visualization turns organizational information into chats and graphics, making it easier for users to understand compared to numbers and blocks of tests.
On the other hand, data storytelling transforms data into context by creating a narrative around critical metrics, such as interactive reports, dashboards, and beautiful visuals.
3. Empowerment and Increased Accessibility
The traditional business intelligence methods worked where you would send queries to the analytics team. Then, they would provide feedback and create reports. For example, you may have a standard dashboard that offers you relevant data. However, if you need anything beyond the provided data, you will need to run it through the analytics team. This would create bottlenecks, making the insights less accessible to the average user.
Bringing the average user closer to the insights is one of the major shifts in business intelligence trends. BI systems are now deploying Natural Language Processing(NLP), making the insights more accessible.
NLP users can query the system– almost like using a search engine for your data, asking questions in its natural language. Additionally, BI tools can generate reports without needing analytics professionals.
4. Curated and Personalized Insights
A common problem with most BI tools is they provide a one-size-fits-all experience. Although they offer value, different users have different needs. For instance, if a business leverages data to its full potential, it will require flexible BI tools that offer a personalized experience for each user.
You will have to search for platforms designed to be used by different people with varying technical skills and can curate insights based on the users’ needs.
Final Thought on Modern Business Trends
Businesses that adopt AI-driven business intelligence tools will stand out in the crowd, making them best poised to capitalize on the increasing in-house datasets and the expansion of remote workers, dynamically growing the business.
