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Major Business Intelligence Trends to Keep an Eye on

By CIOReview | Friday, January 15, 2021

As technology progresses, business intelligence platforms will be powerful, allowing companies to do more with data.

FREMONT, CA: Rapid changes in technologies, including artificial intelligence (AI), machine learning, and automation, shake up how businesses use data. If enterprises need the edge with data-driven solutions, keep an eye on the below business intelligence trends to thrive.

New Avenues for Data Discovery

Not so many years ago, businesses relied on email subscription forms and surveys to gather consumer data online. But that time has changed. Today, the thriving market for IoT devices serves up a massive array of channels through which to gather data. This latest datafication of everything, asserting that as more people go online worldwide, it is possible to analyze and catalog data so that AI systems can segment and use it for business purposes.

• Increased Use of Business Intelligence Platforms

With several channels to handle and a myriad of ways to market the products and services, the job of analytics tracking is rapidly becoming a gargantuan mission. As a result, many firms are looking beyond the basics of analytics for a comprehensive business intelligence solution.

• Predictive Business Analytics

Modern marketing and metrics go hand-in-hand, so if firms are not investing in better analytics, they will struggle to drive the results they want to see. Some new tools use AI to predict events more accurately by employing predictive analytics to detect subtle relationships between seemingly unrelated variables. Predictive analytics uses AI-powered algorithms to assist data analysts in forecasting future business outcomes.

• Smarter Natural Language Processing

Natural language processing (NLP) is a vital aspect of business intelligence now. Also known as conversational analytics, this technique trains computer software to process language and model it similar to how humans read. Developments in NLP have changed the way marketers leverage data, enhancing the collection and extraction methods significantly.

• Augmented Analytics

With data analytics inherently connected to business intelligence, firms can expect growth in augmented analytics to affect BI platforms. In essence, augmented analytics incorporates AI and machine learning-powered automation to augment human intelligence and offer contextual awareness. The benefit of using augmented analytics is that organizations can use the analytics program, even if they don’t have a high-level mathematics background.