Business intelligence is a critical part of any organization. It allows you to visualize your data and reports in a way that helps you make better business decisions. In order to stay ahead of the competition, it is important to be aware of the latest business intelligence trends. In this blog post, we will discuss 8 business intelligence technology applications and trends that are likely to emerge in 2022 and beyond.
1. Emphasis on Master Data Management Growth
Accurate and detailed data is the foundation upon which business intelligence systems are built. Unless data is correct and up to date, the insights that you draw from it are not accurate or useful. In 2022, there will be a strong emphasis on master data management and growth throughout the business intelligence market. Collecting and sharing data across multiple systems is particularly important.
2. Increased Integration of BI Systems
In addition to increased master data management, there will be an emphasis on integrating business intelligence systems. Data collected from multiple sources can be integrated into a single system and displayed as one unified report using the right business intelligence tools. This allows users to view all of their reports in one place and create insights based on disparate data sources using Power BI reporting applications.
As businesses start using more data collection tools and collecting larger data sets, integration is becoming increasingly important. Businesses that are using several disconnected systems will be unable to take full advantage of the data that they collect. Lack of integration is currently one of the biggest data management mistakes that organizations make, which is also why it’s one of the things that business intelligence companies are focused on in 2022.
3. Further Integration With Machine Learning
Machine learning has huge potential in the business intelligence space. Machine learning algorithms can help businesses make more sense of their data, extract insights from it and discover patterns that we may miss. They are also able to comb through massive amounts of data in a short period of time.
Machine learning functions are increasingly being built into applications so your business intelligence dashboard can quickly create reports and show you basic trends in data without any manual input. In the future, these functions will continue to become more complex.
4. More Self-Service Analytics
In the past, business intelligence resources were not accessible to standard users because they required a lot of expert knowledge. But new business intelligence companies are creating low/no-code tools that are easily accessible to all. Microsoft Power BI, for example, allows users to easily set up and execute data models and create Power BI data tables and reports for easy analysis. Being able to execute these models gives organizations more control over how they manage their data.
In 2022, we can expect a move towards more self-service analytics as new user-friendly features are rolled out. This Power BI demo gives you an indication of some of the features that are already out there and will become standard in the coming years.
5. Evolution of Mobile-Friendly BI
The whole purpose of business intelligence is to turn complex data sets into simple reports that can be analyzed by everybody. This actionable information can already be viewed on desktops and laptops easily, but in 2022, the evolution of mobile-friendly BI is set to be a major trend.
Currently, many of the mobile versions of BI software are poorly performing ports of desktop applications. 2022 will see more companies creating dedicated mobile apps with improved functions, so the business intelligence dashboard is intuitive to use and easy to read. This gives users more flexibility, which is increasingly important as working practices change and people spend less time in the office.
Expect to see mobile-first dashboards that are built with mobile displays in mind, so they work perfectly across devices.
6. Growth in the Embedded Analytics Market
Software companies are beginning to understand the importance of offering data analysis features to their customers. Whether it’s sales and marketing software or email automation tools, users want to be able to visualize data that they collect through these applications and create actionable reports with it. However, developing their own business intelligence features to include in their software is a costly and difficult process, especially as they don’t have the expertise.
Many software businesses are turning to a third-party business intelligence developer to create tools that can easily be embedded in their own applications. BI companies that recognize the need for embedded analytics and have already started developing their own applications will quickly pull ahead of the competition in this growing area of the industry.
7. Increased Demand For Real-Time Data Analytics
One of the most important trends in business intelligence is the need for real-time data analytics. With so many businesses now relying on digital channels to interact with their customers, it’s essential that they have access to up-to-date information about what’s happening on these channels. Real-time data analytics allow for second by second decision making, which is vital in an increasingly fast-paced business environment.
Machine learning algorithms will have a strong role to play in the development of real-time data analytics. By processing data and creating reports in seconds, BI tools can give the most up-to-date information.
8. More Data Engineering
2022 will see more businesses turning to data engineering and a focus on building the infrastructure for business intelligence. This involves using tools that allow users to extract, transform and load (ETL) their data. The ETL process allows users to get all of the information in one place so it can be analyzed by BI software.
The growth in the embedded analytics market is also driving demand for data engineering. Companies that offer BI tools to be used by third-party companies need to have the infrastructure in place so it can easily be integrated into their software and work with a range of different data sources.
Business intelligence is a vital tool for all businesses and 2022 will see it becoming even more important. In 2022, the move towards mobile-friendly BI, embedded analytics, and real-time data analytics means that users will have access to information faster than ever before. And with demand for data engineering increasing, businesses will be able to build the infrastructure they need to make the most of BI tools.