Over the past few years, there have been a huge number of business changes. The flow of data has increased, and everyone has begun to use the cloud to store it. The management system has been simplified, and it has become easier to conduct analytics.
The last frontier of new adaptations was a pandemic. Many are still recovering from its effects. Although forced, the emergence of many new technologies in the field of business intelligence and the development of old ones turned out to be good for business.
The practice of consolidating data across a company’s departments into a centralized and easy-to-manage space has helped businesses to perform analysis and improve planning.
All lines of business today are trying to find new standards of work that include technological capabilities, which has led to new trends. This is what we’d like to discuss here. We will highlight the main trends in business intelligence in 2021, which are moving with us to 2022.
Top 5 Business Intelligence Trends
№1. Artificial Intelligence
The use of artificial intelligence (AI) made it possible to delegate some of the routine tasks to machines. Machine learning in conjunction with AI is becoming more ambitious and multifunctional every day.
Thanks to new algorithms, technologies today are able to conduct deeper analytical data collection, find inaccuracies, search for information in the most remote places, provide what users need, etc.
In 2022, AI and machine learning will work with a smaller dataset, become more adaptive, and can optimize for the new foundations of privacy. The concept is referred to as ethical artificial intelligence. It is also planned to test two AIs in a duel when one of them creates a realistic picture, and the second tries to guess whether it is real. The concept is called GAN – Generative Wealthy Network.
№2. SaaS and cloud technologies
Many companies are moving to the cloud for business intelligence operations. According to Statista, cloud computing helped to generate more than $300 bn in revenue in 2020 and is not slowing down. Also popular is a subscription to cloud software – SaaS. The main advantages of using them are:
- automatic updates and maintenance;
- no need for a large amount of free memory on devices because the software no longer needs to be installed directly on them;
- convenient access to data for a certain circle of people using a login and password;
- scalability and flexibility of capabilities;
- budget savings;
- ease of management and intuitive settings;
- secure data backup.
The pandemic, of course, served as a trigger for the development of technologies, but an even greater catalyst was the receipt of results from their development. Therefore, even more adaptive cloud technologies and SaaS are waiting for us in the near future.
№3. Data security
Keeping your company data safe is the number one challenge that requires more and more sophisticated solutions. Cybercrime has become more flexible and has many sophisticated new moves, which forces you to constantly change strategies and look for new tools.
In 2021, the US adopted the CCPA privacy rules and the EU – the GDPR. According to legal laws, any company has the right to transfer data from the EU to the US, but the States cannot send it to anyone. It has also become a trigger for strengthening the cybersecurity of companies.
All cloud technologies have faced the same problem; they are less protected from cybercriminals.
Today, a solution to the problem has appeared – a safe mesh architecture. It helps protect all digital assets, cloud storage, loT data, and more.
Mesh architecture addresses many of the challenges and the challenges of not only business intelligence but also secure experience for users. The trend will move into 2022, and it is hoped that the constant modernization of the architecture will help protect data from fraudsters.
№4. Data quality management
A huge amount of data emerges every second, which has led to the need to perform business analysis of exceptionally high-quality information. Companies are spending millions on unnecessary data analytics, so this trend will remain relevant for several years to come.
Good data quality management (DQM) will allow business representatives to reconsider where the budget is spent and exclude everything that is unimportant for analysis. The technology works based on the selected context, i.e., managers or individual employees initially need to set an algorithm.
№5. Real-time analytics
In business operations, it is important to be able to track data updates in real-time. The use of interactive data panels made it possible to adapt to all the changes in recent years. Smart analysis updates data constantly, making your work more convenient. Even in emergency situations, companies can react quickly because all the necessary information is displayed on the monitor.
Due to the forced changes due to the pandemic, all companies began to switch to mobile and cloud business intelligence. This has led to the rapid development of technology. They are becoming more accessible and adaptable for different areas of business.
Interest in AI, SaaS products, cloud computing, security enhancements, real-time analytics, and data quality management will continue in the next few years. All business areas need to implement each technology in 2022 to remain competitive and enable their companies to simplify their analytics work.