Business Intelligence Trends You Need To Know For 2022

Magnifying glass over the word data

If there’s one thing that’s certain, it’s that data is here to stay. The power of data collection and analysis is evident in the growing number of businesses adopting business intelligence software every year. Business intelligence continues to cement its place as a valuable tool for making data-driven decisions. Similarly, BI software itself is continuing to develop. A few key trends have presented themselves as more and more companies adopt business intelligence systems and integrate them into their business.

Here are 9 business intelligence trends that are revealing themselves in 2022:

1. Mobile-Friendly BI

With the rise in remote work due to COVID-19, businesses want their employees to be able to access platforms remotely. Mobile devices are also becoming more and more advanced as each year passes. Therefore quickly taking over the lion’s share of online activity. As a result, both of these factors have enhanced the trend towards mobile BI. Due to the fact that data analysts need to be able to access software from their mobile devices. The move towards mobile BI also allows for KPI-based alerts that can ensure prompt reaction to developing insights. Therefore, enhancing decision making and communication.

2. Storytelling and Data Visualization

A data analyst’s job is to take raw, boring data and present it in a clear and engaging way. Thus helping business leaders garner meaningful insights. What would normally be considered dry information can be displayed through data visualisation in graphs and charts to help build a compelling story. Data storytelling through dashboards or interactive reports is the best way to make sense of what all these different data points are telling you. Therefore, it makes sense that BI vendors are enhancing dashboard software that allows for better data visualisation and storytelling.

3. BI Automation

Artificial intelligence is increasingly used to automate processes in almost every industry, and business intelligence is not immune. Large organisations using AI to automate data analysis are growing every year. Relying on manual labour can result in human error and inefficiency. For this reason, companies are automating large scale analytics projects and relying on human staff to derive the insights. This trend is sure to continue as AI-powered BI continues to develop through augmented analytics.

4. Data Literacy

Companies are no longer content to leave all the data-driven decision making to their IT teams. They want as many people throughout the company to be able to use BI to make informed decisions based on data, which is why so many of them are beginning to establish data literacy programs. These initiatives train employees to understand data and use BI tools to enhance their jobs and inform on-the-spot decision making.

5. Adoption of Cloud and SaaS

The cloud has become a popular choice for almost all aspects of technology, and the same is true for business intelligence. Businesses are also subscribing to Software as a Service (SaaS) plans for outsourcing BI services as an alternative to a private or public cloud. Cloud BI enables users to access data on any device anywhere, decreasing the cost of ownership and increasing efficiency. It also allows them to outsource maintenance and upgrade services while simplifying data management processes at the same time.

6. Real-Time Analytics

No longer are companies content to sit and wait for weekly or monthly data reports. They’re increasingly investing in business intelligence that offers real-time analytics in order to inform decision making on a daily basis. This requires continuous collection and processing of data, which then allows businesses to visualise and analyse the data as soon as possible. With real-time analytics, business leaders can immediately spot problems and make time-sensitive decisions to minimise damage and maximise efficiency. As business intelligence continues to grow, real-time analytics is sure to grow right alongside it.

7. Natural Language Processing

Natural Language Processing (NLP) is what allows users to interact with data without needing to know any programming language. This enables them to make text- or voice-based queries to discover the essential takeaways within seconds. With NLP, a BI user can ask questions to gain faster insight and interpretation of data analytics and insight. This trend towards greater adoption of NLP in business intelligence will make these tools much easier for anyone in the business to use, regardless of their level of technical knowledge.

8. Data Quality Management

In order to have accurate insights from data analysis, you need a high level of data quality. With poor data, the insights you get will be skewed, which can cause you to make equally poor business decisions. Business intelligence platforms that use Data Quality Management (DQM) are becoming the golden standard, as these guarantee the platform’s ability to generate high-quality data. DQM will ensure that all data collected by the BI system is accurate, complete, timely, and verified.

9. Collaborative BI

One of the biggest trends in business intelligence is its increasingly widespread use throughout companies. Thanks to features such as NLP and data literacy programs, more people than ever are able to use business intelligence tools. These tools help to interpret and make decisions based on data. BI is also increasingly allowing different team members to collaborate with each other. Thus, sharing insights and working together to reach unified goals.

BI features that promote collaboration include interactive reports and collaborative dashboards that allow users to tag each other and share data assets. Thanks to these collaborative features, teams can work together to make decisions based on these insights. Consequently, reducing the amount of time spent communicating back and forth every step of the way.

As data continues to grow in importance when it comes to making business decisions, companies should learn what to look for in a quality business intelligence platform. These trends show a clear path for business intelligence in the year to come, as well as what separates a quality BI system from one that has yet to adopt newer technology. Stay on top of these business intelligence trends by choosing a quality BI platform that makes use of all BI has to offer.