There Are Big Changes in The BI World – And Why Enterprises Are Loving It
Business Intelligence (BI) adoption is on the upswing again, with the global BI market expected to be worth $33.3 billion by 2025. Already established as a critical component of organizational decision-making, BI enables enterprises to maximize the impact of the exponential growth of data from various sources. Through business intelligent data processing and analysis, an effective BI strategy paves the way for timely, accurate, and evidence-based decision-making.
As advancements in BI continue to emerge, several big changes are happening. Read on as we delve into the latest trends and themes in the world of BI and the numerous benefits coming about for enterprises.
New Trends and Themes in the World of BI
Every business today relies on data to enable decision-makers to take quick action. Deriving value from this data has become imperative to stay competitive. This is why more and more CIOs are embracing modern data platforms and BI tools to drive insights and become as data-driven as possible.
Although BI offers various benefits to organizations, big and small, to make the most of the technology, it is important to stay updated with the latest innovations. Here’s looking at new trends and themes in BI:
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Augmented Analytics
As an advanced approach to data analysis, augmented analytics leverages artificial intelligence (AI) and machine learning (ML) technologies to automate and enhance various aspects of the analytics process. It aims to provide more powerful and user-friendly data insights, making data analysis accessible to a broader range of users, including non-technical ones.
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Embedded BI
In the coming years, BI will no longer be a separate tool organizations must invest in to make instantaneous decisions. Instead, it will be integrated directly into the DNA of modern applications, platforms, and workflows. This will allow users to perform complex data analysis and visualization within the context of their application – and avoid the hassle of operating a separate BI tool or dashboard to unearth critical insights.
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NLP Querying
Natural Language Processing (NLP) will find widespread application in BI. The technology will enable data users to interact with BI systems using natural language – eliminating the need to use complex programming or query languages. This will allow them to interact with the data more conversationally and intuitively and retrieve necessary information quickly.
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Data Storytelling
Another theme that will be widespread in the world of BI is data storytelling. Instead of simply presenting insights via intuitive charts and graphs, new-age applications will communicate patterns and trends found via visual storytelling. Presenting data via a compelling, persuasive, and narrative format will make data analysis more engaging, relatable, and understandable for non-technical stakeholders – driving quicker and more informed action.
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Collaborative BI
Collaborative BI will also be a transformative change that will alter how BI tools are used and the resulting insights consumed. As an approach to data analysis and decision-making that emphasizes teamwork, communication, and sharing of insights among various stakeholders, collaborative BI will enable users to work together, discuss findings, and collectively derive meaningful insights from data.
The Numerous Benefits Coming About for Enterprises
A robust BI strategy can help organizations navigate tough economic times. At the same time, staying abreast with the latest BI innovations can benefit enterprises. Leveraging these innovations can enable them to:
- Lessen the time and effort needed to prepare data for analysis. By using automation, decision-makers can eliminate manual steps in data preparation and spend more time analyzing insights rather than managing data.
- Interact with data in more meaningful ways. Using NLP, users can avoid the trouble of writing complex SQL queries and simply ask questions in plain language to receive relevant visualizations or insights.
- Easily identify patterns and trends in data. Modern data discovery tools can enable data users to automatically spot connections, deviations, and anomalies in data – with little or no data analysis expertise.
- Minimize inherent bias in datasets. Leveraging AI and ML, data teams can minimize human bias in data analysis and act on more objective and unprejudiced insights.
- Make data insights available to more users. Modern trends in BI are poised to make critical data insights more readily available to a broader range of users within an organization – including non-technical users, business executives, managers, and frontline employees – with little or no assistance from data experts.
Keeping Up with the Changing BI Landscape
McKinsey outlines that by 2025, the global workforce will naturally and regularly leverage data to support their work. As BI continues to evolve, organizations must take steps to keep up with the changing landscape.
Here are some ways you can make the most of the advancements in BI to make data-driven decisions, improve operational efficiency, and identify new growth opportunities.
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Enable Integration
As the reliance on data increases, it is time to stop looking at BI as a separate tool or department. You must merge the BI organization, enable BI platform modernization, and create a data-driven analysis culture to drive the desired benefits.
Enabling Integration with existing and third-party tools will go a long way in helping actionable insights that paint a comprehensive picture of the entire business – rather than meet the siloed needs of one particular team or department.
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Embrace Automation
In today’s dynamic business landscape, time is of the essence. To make quick decisions, you must seek to automate various aspects of the BI process.
From data preparation to data analysis and reporting, automation tools can help streamline workflows, reduce manual intervention, and enable faster and more accurate decision-making based on data-driven insights.
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Ride on the AI wave
Ever since the launch of ChatGPT, the world has been awestruck by the things AI can achieve. If you want to enhance the capabilities of BI, combining it with AI is a great way to gain vital insights – in new and unheard-of ways.
For instance, Generative AI can streamline labor-intensive tasks of data tagging, classification, annotation, and enrichment while deriving contextually relevant insights and predictions.
Stay a Step Ahead with Ellicium
Organizations that recognize the value of data-driven decision-making processes will be the ones making significant strides in their respective industries. At Ellicium, we equip enterprises with modern BI tools and solutions that allow them to:
- Assess every nook and corner of their business
- Identify data silos and alleviate them
- Democratize data access by involving non-tech users
- Forecast and prepare for better operational outcomes
- Make informed and strategic choices
Stay ahead of the latest BI trends with Ellicium to process and analyze large datasets and transform raw data into actionable and contextually relevant insights. Get in touch with our experts to learn more.