Introduction
With business intelligence rolling, all doubts have been put to rest that it is the most important concept for powering business. Today, organizations are eager to collect every ounce of data they have and process it to generate precious insights based on which wise decisions can be made to drive growth and profitability. However, with every research center coming up with their own version of business intelligence trends, organizations are left confused about which path to tread. With COVID-19 complications looming large, organizations are already left with a tight margin to work with. Nevertheless, the good news is that we at WovVTech are burning the midnight oil to present you the latest BI trends so that you continue to focus on your core competency while we inform you about the ways to wield the latest Business Intelligence software to gain traction. In this blog, we are going to inform you about the latest BI trends in 2021 with the belief that you will follow one to emerge profitable. So, here’s to the latest BI trends in 2021:
- Businesses are counting on Natural Language Processing (NLP):
Natural Language Processing is one of the hottest trends in BI solutions. So much so that we have put it in the first place among the hottest trends. It’s an AI technique that equips computer software to process human languages and remodel them precisely as humans comprehend them. These are a few examples of NLP:
- Speech recognition: This technology entails converting human words into data that computers can understand, process, and respond to. Ever wondered what the technology behind Google Voice, Siri, Cortana, and Echo is? Yes, it’s speech recognition technology.
- Natural Language Output: This technology generates human language as output data. Again, when Google Voice or Siri answer your questions, they are using this technology.
- Semantic Search: This feature also works on the concept of speech recognition; instead of typing in a question in a language that the computer understands, you simply ask the question in your voice, and the computer answers your query.
NLP has evolved over the past few years in terms of how business managers are using the data. BI reporting software like Microsoft Power BI and Tableau use the semantic search feature. NLP developments have led to ease in data extraction, and these happenings are indicating that NLP is going to be a big BI trend in the coming time.
- Augmented Analytics
Augmented analytics have a big role to play in business intelligence. Even Gartner has predicted that augmented analytics will be a big BI trend in 2021. Augmented analytics makes use of AI and ML techniques to augment human intelligence and produce contextual awareness. Using augmented analytics techniques, employees in the organization will be able to utilize the analytics program even if they don’t possess a high-level mathematics or computer science background. Another great example of augmented analytics is the digital assistant field, where users can give voice commands to work with business intelligence applications and even maintain their BI dashboard. Integration of augmented analytics is going to make BI platforms even more user-friendly in 2021.
- Collaborative Business Intelligence
It has been a while since this trend has made news. The disruptive business landscape, proliferated by high-level management officials who look for a technological aid to communicate uniquely, has given a new resolution to this trend. With that said, collaborative business intelligence is going to be the latest trend in 2021.
Collaborative business intelligence entails the blending of data analytics and collaboration software with Web 2.0 and social technologies to facilitate data-driven decision-making. One simple example of collaborative BI is sharing intelligence reports for effective decision-making. It will be interesting to see how collaborative BI trends emerge amid the pandemic in 2021.
- Self-Service BI is Sailing
It’s 2021, and self-service BI is making the top lines in the news. In this concept, the basic idea is to simplify the application to the extent that anyone with basic computer understanding can get the information s/he wants without taking help from the data scientists. So, with self-service BI, you will be able to analyze data and get the necessary information without even knowing the technical analytics. In the expert’s opinion, employees will be able to work independently, so self-service BI is going to be a trend. As organizations around the globe are heading towards a data-driven culture, self-service BI is going to be a hot trend for years to come.
- SaaS BI to gain more popularity
In recent years, SaaS-based cloud business intelligence tools have gained popularity. SaaS BI is a cloud-based application that is rendered through a recurring or subscription-based model. Cloud BI Software comes with a host of benefits such as low entry and exit barriers, quick deployment, no infrastructure requirements, flexibility, scalability, remote access, and above all, peace of mind. With COVID-19 implications, remote working is a trend, and we won’t be surprised if more and more organizations tend to walk the cloud path. We firmly believe that SaaS BI is going to be the trend to watch for in the year 2021. Our cloud-based SaaS-modelled business intelligence tool, WovVBI, is already selling like hot cakes in 2021.
- Actionable Analytics
This (actionable insights) is yet another top trend to watch out for in the year 2021. Conventionally, businesses lacked the means to integrate insights and decision-making. Nevertheless, with technology solidifying the bedrock to have a swift walk towards business growth, organizations are no longer looking at the data and the analytics in silos. Business processes and workflows have been integrated with business intelligence basics and dashboards through APIs and extensions. Though it’s an emerging business intelligence trend, it’s already prevalent in many top organizations.
Conclusion
Along with the trends mentioned above in this blog, other adaptations that are worth mentioning are mobile BI, Data Governance, Predictive Business Analytics, Embedded Analytics, Data Quality Management, Connected cloud, and others. These are the hot BI trends that are going to bring automation and innovation in 2021. Adopt one or two of these trends in your way of working to be able to make even more quick and intelligent strategic marketing decisions. Get in touch with us today to know how our cloud-based BI tool, WovVBI, can come in handy for you.
