10 top business intelligence and analytics trends for 2020
The business intelligence market is expected to grow at a CAGR of 26.98% by 2025, according to MarketWatch, and reach an astounding value of $147.19 billion. With that notion in mind, companies need to monitor the BI trends to evaluate and upscale their strategies.
Here are 10 top business intelligence trends that will disrupt organizations in 2020 - from data quality management to data discovery, artificial intelligence and collaborative BI.
- Data quality management will become the number one priority for companies
Business Application Research Center conducted a survey and found that data quality management is becoming a key priority in the BI industry. The context and the quality of data, alongside the collection of massive volumes of information, are becoming the focus for ensuring a certain quality in data analysis and decision-making processes.
*Source: Business Application Research Center*
- Data discovery/visualization processes will be even more flexible, agile, and easy to use
The development of processes in data preparation, visual analysis, and advanced analytics has steadily shown that business users require tools that will enable them to perform discovery and visualization of data much faster, and BI vendors will continue to respond even more efficiently in 2020.
- Artificial intelligence will expand in the BI industry
Combining artificial intelligence with autonomous things, hyperautomation, and intelligent assistants will bring even more possibilities for users and vendors alike. In recent developments, users are able to ask questions in plain language within the software - the intelligent assistant immediately derives an answer and recommendations.
- Predictive and prescriptive analytics tools will become a standard in BI
Estimating future data and determining which decisions should be made will become more accessible for everyone in 2020. Creating complex analytics models will not be in the hands of advanced data analysts but average business users as well.
- Enhanced collaboration in BI in the form of self-service
Interacting with data, interpret and understand the findings became easier - sharing and automating reports or dashboards, information enhancement, and collaborative decision-making are the focal point of new and well-established BI tools.
- Companies will need to shift focus for a more data-driven culture
Potential damages that threaten companies without a clear data-driven culture where each department needs fast access to data storage such as the cloud, in 2020 will become a priority in businesses that look for sustainable development. Accurate market segmentation and costs will significantly decrease as more companies implement data-based solutions that will help them gain a competitive advantage.
- Automating findings and optimizing analytics in augmented analytics
Gartner predicts that augmented analytics will be the number one of the analytics trends of 2020, and the BI community needs to monitor this trend as it will impact businesses of all sizes. Contextual awareness and augmenting human intelligence with the help of machine learning will disrupt analytics to the point that everyone in a company will create complex mathematical models with the help of software.
- BI will be even more accessible
Mobile BI market penetration is still growing, and 2020 will see even more vendors and companies implementing this option within their software solutions. The possibility to access, edit and send data 24/7/365 is crucial in today’s competitive market and BI certainly confronts the challenge by growing at a CAGR of 22.43% and tackling issues such as small screen sizes and user interface design.
- Disparate data sources and dozens of tools will consolidate in the form of data automation
Long-standing barriers between business users and data scientists are being mixed with BI solutions that will provide a single platform for monitoring, analyzing, and generating insights from various data sources and tools. Automation will connect them and bring new possibilities to both worlds - data scientists will manage complex analysis with manual scripting and coding while business users will utilize software to do the hard work.
- More embedded solutions will be implemented by companies
Embedded analytics in 2020 will continue its steady increment in usage from various companies and BI providers will continue to offer embedded BI solutions even more. Businesses are looking for professional ways of presenting and reporting data without the need to invest into building their own solutions or utilizing static reports that don’t bring added value.