This article deals with the future of BI – BI trends in 2021. For any business, it is important to take a look at what lies ahead and how they can prepare for it. Here are the top 7 trends that will shape the BI landscape in 2021.
In fact, BI vendors will be innovating ways to build data stories with zero technical know-how, to serve analytical insights to a wider audience. With more and unique analytical requirements on the rise, dynamic data stories, with more automated and consumerized experiences, will be the way forward for businesses.
As mentioned in the article as well – it is very important for businesses to look at what lies ahead. Using the following 7 trends discussed in this article – you can stay ahead of your competition towards better decision-making:
1. Rise of Dynamic Data Stories
Since the inception of BI, data reports and dashboards were static in nature. Users had to look at them based on their time schedules. However, with the rise of better technology and sophisticated analytics techniques – a new wave of dynamic data stories will be created by intelligent BI vendors that leverage artificial intelligence and machine learning. These stories will be created with zero technical know-how and will provide users with more automated analytical insights to a wider audience.
2. Natural Language Processing
In BI, insights can be gathered using Natural Language Processing- Machine learning techniques. These insights can then be expressed using pictures or diagrams. However, the most important part is that these technologies will automate a lot of the work for business analysts and they will eliminate the need to deploy a large number of reports for users. Therefore, after the advent of NLP- Machine Learning, BI vendors have been focusing on creating dynamic data stories using NLP tools to gain better insights from big data.
Learn about how NLP can be used for various BI applications here
3. Real-Time Analytics
To make things even clearer, it is important to understand that the world is going faster and faster due to the advancement of technology over the years. This can be seen in big data as certain things are only happening in real-time now. Due to this, businesses cannot afford to keep a lot of their data for a long time. Therefore, data analytics should be done on a real-time basis. Smart BI vendors will enable real-time insights with automated analytic tools shortly after the advent of advanced analytics.
4. Contextual Data Stories
Generating stories from data using Natural Language Generation (NGL) tools will be the next big thing in the BI world. These stories will be contextual and will include only the data that is relevant. Previously, all the data was used for generating static data reports, however, now this information can be obtained in a more detailed manner with contextual data stories.
5. Role of Artificial Intelligence (AI) and Machine Learning (ML)
Artificial Intelligence and Machine Learning are going to play a key role in the BI space in the years to come. These technologies are going to drive the future of BI and make it more user-friendly. This will also help businesses create real-time data stories with all the relevant information from big data in a simple manner.
6. Business-friendly BI
A lot of new technologies have been incorporated in the BI space which is business-friendly. This will make it easier for non-technical users to use BI tools. By making these tools user-friendly, businesses can encourage more people to use them. This will help in improving the overall efficiency of the process and will enable businesses to get quick insights into their operations.
7. BI Content Management
Organizations are now exploring different content formats and platforms that will help them communicate and present data-driven insights in small-sized bytes of information that are quick and easy to consume. This will eliminate unnecessary data and reduce the time required to digest insights.
The above-mentioned trends can be seen as the key to survive in a competitive and modern world. After all, there’s a lot of competition for businesses to catch up with the trends of tomorrow. The BI space will definitely change if these trends are not addressed in the right way. Therefore, it is important for businesses to stay ahead and adopt new technologies accordingly.
Seamlessly integrating these technologies and keeping up with the pace of change is definitely going to prove beneficial for organizations in the future. These technologies will enable businesses to build dynamic data stories using artificial intelligence and machine learning. This will enable organizations to capture all the important information from big data in a better manner. However, before moving on to this next level – it is important for business leaders to understand the real-time insights that can be obtained using these technologies.
Learn how you can stay ahead of the trend using Conbi.