10 Business Intelligence Trends to Watch Out for in 2022: How to Futureproof Your BI Strategy
As we move further into the 21st century, business intelligence (BI) is becoming an increasingly important part of organisational success. BI helps organisations make better decisions by providing timely and accurate information about current and past performance. But what trends will be most important for BI in 2022? Keep reading to find out!
Here are 10 trends you need to watch out for to futureproof your BI strategy.
- Cloud analytics:
The cloud is becoming increasingly popular for businesses of all sizes. According to a recent study, the global market for cloud analytics is expected to grow from $18.06 billion in 2018 to $47.34 billion by 2023, at a CAGR of 21.0%. This trend is driven by cloud-based analytics’s many advantages, including lower costs, scalability, and flexibility. In addition, the cloud makes it easier to share data and collaborate on projects. As more businesses move to the cloud, ensuring your BI strategy is futureproofed is important. One way to do this is to invest in a cloud-based BI platform that can easily scale as your needs change.
2. Unified data management and analytics:
Unifying data management and analytics is one of the most important business intelligence trends to watch out for in 2022. This trend has already begun to take shape in 2021, with the release of several new products and features that aim to make data preparation, integration, and insights more seamless and efficient. As businesses become more reliant on data-driven decision-making, the need for a unified platform to provide all the necessary tools and capabilities will only become more pronounced. Look for BI vendors to continue consolidating their offerings into comprehensive platforms that offer everything from data warehousing and ETL to visualisation and predictive analytics.
3. 360° business analytics:
As more businesses adopt various apps, business intelligence (BI) platforms become data agnostic increasingly. This means they can integrate with a wider range of applications, giving organisations more flexibility in collecting and analysing data. Additionally, advancements in prebuilt data models and native app integrations are making it easier and faster for businesses to get insights without having to build their reports and dashboards. These models can also be customised to address specific business needs. In addition, analysing complex datasets is becoming simpler and faster with auto-modelling and blending capabilities.
Overall, the 360° business analytics trend is one that businesses should keep an eye on in the coming year. By taking advantage of these new capabilities, they can futureproof their BI strategy and stay ahead of the competition.
4. Data visualization:
Data visualisation is an important tool for business intelligence. It helps organisations to make sense of large amounts of data and to identify patterns and trends. This, in turn, can help businesses to make better decisions about their products, services, and operations. Businesses can use several different data visualisation techniques, including charts, graphs, maps, and infographics. The right approach will depend on the data analysis and the organisation’s objectives.
5. Business activity monitoring:
This is one of the most important business intelligence trends to watch out for in 2022. With the increasing adoption of business applications with contextual integration capabilities, BI platforms can deliver key data alerts in any application’s workflow without logging in to the analytics app. This will reduce the time it takes to respond, enabling businesses to act on alerts instantly.
6. Self-service BI:
Self-service BI is another trend to gain traction in the coming years. This refers to tools and technologies that allow users to access and analyse data without IT support. This is important because it empowers business users to get the information they need when they need it. It also reduces the reliance on IT departments, freeing up resources for other projects.
7. Augmented analytics:
This is a term used for denoting the application of machine learning to data analytics. It has been said that by 2022, over 40% of data and analytics workflows will be augmented by AI.
8. Predictive analytics:
Another trend that will gain traction in 2022 is predictive analytics. Predictive analytics uses historical data and machine learning algorithms to identify patterns and make predictions about future events. This technology can forecast customer behaviour to future demand for a product or service. By using predictive analytics, businesses can make better decisions about where to allocate resources and use data to drive their business forward.
9. Advanced analytics:
Advanced analytics is an umbrella term that refers to several different techniques, including predictive analytics, machine learning, and statistical analysis. These techniques are used to analyse complex data sets and to identify patterns and trends. Advanced analytics can be used for various applications, including fraud detection, marketing optimisation, and financial forecasting.
10. Data governance:
Data governance is important for ensuring that data is accurate, complete, and consistent. It involves setting standards and procedures for managing data and enforcing these standards. Data governance is critical for business intelligence, as it helps ensure that the data used for decision-making is high quality. The above are just some business intelligence trends to gain traction in the coming years.
So, these are important business intelligence trends to watch out for in 2022. If you want to futureproof your BI strategy, you must be prepared for these changes and ensure that your platform can take advantage of them.
Warp Up
BI is constantly evolving and growing, so it’s important to have a strategy that can adapt as new technologies and changes in the market occur. By attending business courses from an HRD CORP registered institution, you can futureproof your BI strategy and ensure your business stays ahead of the curve. With the right training, you’ll be able to harness all of the power BI offers and use it to drive real results for your company. Have you considered taking business intelligence analysis courses? If not, now is the time to do so!
