In the past ten years, business intelligence has undergone a revolutionary change: data has exploded and become larger, and all of us can access the cloud.
Excel tables have begun to show a retrogressive trend under the impact of smarter data visualization and large screens of interactive business data. The rise of self-service analysis has enabled the data product chain to be operated and learned by most people.
2020 is a particularly important year for the business intelligence industry. The business intelligence field is constantly developing, and emerging trends are worthy of attention.
In 2021, data visualization analysis tools and strategies will become more and more personalized. Companies of all sizes no longer ask whether they need to use business intelligence data analysis functions, but what is the best data analysis solution for their specific business.
Companies not only want to know whether data visualization can improve analysis, but also tell us what is the best way to present each data story, especially with the help of modern data visualization large-screen analysis.
2021 will be the year of data security and data discovery: clean, safe data combined with simple and powerful data screens. This will also be the year when collaborative and interactive data large screens and artificial intelligence are combined. Next, follow us to learn about the top ten business intelligence trends in 2021!
One, artificial intelligence
Artificial intelligence and machine learning are revolutionizing the way we interact with analysis and data management, and we must also consider adding security measures when using them.
In fact, it will still affect our lives to a certain extent, whether we like it or not.
Enterprises are evolving from static, passive reporting of things that have happened to active analysis. It has a large data screen that can help enterprises view what is happening every second and issue alerts when abnormal situations occur.
Solutions such as AI algorithms based on the most advanced neural networks can learn from historical trends and patterns to provide high accuracy in anomaly detection. In this way, any unexpected events will be detected immediately, and the system will notify the user.
Another feature that AI provides in data analysis solutions is advanced insights. Basically, it can automatically and comprehensively analyze your data set without you having to make any effort. You only need to select the data source to be analyzed and the columns/variables that the algorithm should focus on (for example: income).
The AI will then run calculations and return to you, including growth/trends/forecasts, value drivers, key segment correlations, anomalies and what-if analysis.
This allows us to save more working time, because even without a strong IT background, data scientists will usually use tools to perform this operation, so as to provide business users with high-quality insights and a better understanding of information.
Time gains also appear in the form of AI assistants. Tools have begun to develop artificial intelligence functions that enable users to communicate with the software in simple language-users type in a question or request, and AI generates the best answer possible.
The demand for real-time online data analysis tools is growing, and the arrival of the Internet of Things (IoT) has also brought an uncountable amount of data, which will promote statistical analysis and management to become a top priority.
However, today's companies want to go further, and predictive analysis is another trend that requires close monitoring.
Another growth factor for the future of business intelligence is the test against AI. To illustrate this point, one type of AI will create a realistic image, while another type of AI will try to determine whether the image is artificial.
This concept is called Generative Adversarial Networks (GAN) and can be used in online verification processes, such as CAPTCHA technology. When the battle occurs multiple times, artificial intelligence can become more intelligent, and can evaluate and disrupt this online security system.
Tech giants use AI in many different ways, which will change the machine learning process, and we should pay close attention to this process in 2021.
2. Data Security
Data and information security has become widely known in 2020 and will continue to sweep the world in 2021.
The implementation of privacy regulations, such as the EU's GDPR (General Data Protection Regulation) and CCPA (California Consumer Privacy Act), set the cornerstone for data security and user personal information management.
In addition, the European Court of Justice’s recent overthrow of the legal framework Data Privacy Shield has not made life easier for software companies.
Shield is a legal framework that enables companies to transfer data from the European Union to the United States. However, due to recent legal developments that invalidate this process, the United States-based company does not have the right to transmit any EU data subject.
In fact, we already had a similar situation in 2015, when the EU and the United States did not have a legally effective agreement for a period of time. Many (software) companies located in the United States argue that they use European servers and no data is transmitted to the United States at all.
However, from a legal point of view, even this solution is problematic, because in theory, the US judicial department may force US-based companies to disclose data from EU servers.
In essence, data located in the EU needs to be kept in the EU. In practice, this means that under the current circumstances, US-based software vendors that use EU-based companies to store any type of data for them are operating in their legal gray areas and are therefore suffering.
For datapine such as datapine, this is not a big problem, because the registration, business and server are located in the European Union.
Regardless of development, global spending on information security products and services will increase by 2.4% over last year (to 123.8 billion US dollars). Although the pandemic has affected growth, it has not completely stopped it.
Three, data visualization
The basic element to be considered in data analysis is the final presentation form of data analysis. It needs to understand the relationship between data in the form of data preparation, visual analysis and guided advanced analysis.
The researchers emphasized: “The high demand for presentation tools for data analysis reflects a huge shift in the business intelligence world towards increasing data usage and gaining insights.” Using online data visualization platform tools to perform these operations is becoming relevant Insights and create a valuable resource for sustainable decision-making processes.
That being said, the data visualization software that business users need is:
- Easy to use
- Agile and flexible
- Reduce the time of insight
- Easily handle large amounts of data
Discovering business operation trends that you don’t even know, or taking immediate action when business exceptions occur, have become valuable tools for effectively managing businesses of all sizes.
Data visualization has developed into an advanced solution that can present and interact with a large number of graphics on a single screen, whether it focuses on developing sales charts or comprehensive interactive reports.
The point is that data discovery is a process that enables decision makers to reveal insights, and through the use of visualization, the team has the opportunity to spot trends and major outliers within minutes.
Since humans can better process visual data, data discovery trends will find that increment is one of the most important business intelligence trends in 2021.
Four, SaaS business intelligence
Of course, SaaS is a business intelligence technology that has undergone tremendous changes in the past year and will continue to affect the way we perform business tasks. The future of business analysis lies in the ability to use your own analysis tools, which can be used no matter where you are, and can be adjusted according to current and future working conditions.
This pandemic shows that remote work is becoming a norm, especially for companies that do not rely on daily human contact to perform their daily tasks. In order to gain greater flexibility and access data on the cloud from any device, many companies have turned to SaaS data visualization platforms.
As one of the most important business intelligence trends in 2021, this technology that supports data movement and access from multiple places will continue to grow, because the transition from traditional environments to remote business opportunities makes people accessible, so we will definitely keep close note.
They analyze with the help of SaaS and once again push the market to the central stage of business management and development.
SaaS is becoming the best friend of remote and decentralized teams who need solutions that will help them optimize business processes and ensure that they work remotely without bottlenecks.
It can be said that this is not surprising in the current environment. Developed business intelligence technology can help companies in many ways and ensure sustainable growth, which is undoubtedly what we need in the current uncertain period.
5. Predictive and normative analysis tools
Tomorrow’s business analysis looks at the future and tries to answer the following questions: What will happen? How do we do this?
Therefore, predictive analysis and standardized analysis are the most discussed business analysis trends among data analysts, especially because big data has become the main focus of the analysis process, and not only large enterprises but also small and medium-sized enterprises are using these data.
Predictive analysis is a method of extracting information from existing data sets to predict future probabilities. This is an extension of data mining and only refers to past data.
Predictive analysis includes estimated future data and therefore always contains the possibility of definition errors, although these errors have been decreasing as today’s software that manages large amounts of data becomes smarter and more efficient.
Predictive analysis shows what may happen in the future under an acceptable level of reliability, including some alternatives and risk assessments. Predictive analysis is applied to the business to analyze current data and historical facts in order to better understand customers, products and partners, and to identify potential risks and opportunities for the company.
The industry uses predictive analytics in different ways. Airlines use it to decide how many tickets to sell at each price. Hotels try to predict the number of guests on any given night in order to adjust prices to maximize occupancy and increase revenue.
Marketers determine customer reactions or purchases and set up cross-selling opportunities, while bankers use it to generate numbers generated by a credit score-predictive model that combines all data related to personal creditworthiness.
A large number of big data examples are used in real life, which can shape our world, whether in the buying experience or in managing customer data.
Predictive analytics must also be available to everyone, and in 2021, we will witness more correlations that can satisfy this concept. The possibility of self-service analysis is becoming a standard for data analysis tool vendors and companies.
Both can profit from it and bring more value to their business.
In fact, predictive models use mathematical models to predict future events, in other words, predictive engines. Users only need to select past data points, and then the software will automatically calculate forecasts based on historical data and current data.
Normative analysis is a step forward in the future. It examines data or content to determine which decisions should be made and the steps that should be taken to achieve expected goals.
It is characterized by graph analysis, simulation, complex event processing, neural networks, recommendation engines, heuristics, and machine learning. Normative analysis attempts to see the impact of future decisions so that they can be adjusted before the actual decision is made.
Since future results are considered in the forecast, the decision-making is greatly improved. Normative analysis can help you optimize planning, production, inventory, and supply chain design, and deliver what customers want in the most optimized way. These are the business intelligence trends we will learn more about in 2021.
6. Real-time data and analysis
The demand for real-time data has changed dramatically this year and will continue to develop in 2021. Since the arrival of the pandemic, we have seen the need for real-time and accurate updates to develop appropriate strategies to deal with this unfortunate situation.
Some countries have used data to make the best possible decisions, and companies have also taken action to ensure survival in these uncertain times.
Real-time access to data has become a norm in daily life, not only for enterprises, but also for ordinary people. At the press conference, we can see that the press conference is filled with the latest information, charts and diagrams that define certain strategies. Statistics to fight the pandemic.
But not only that, creating ad hoc analysis enables companies to grasp the changes and adapt to the huge challenges that this year brings.
The same is true in business: predictions and alerts will inevitably be used more to formulate appropriate business responses and future work strategies, and more variables are incorporated into the equation.
In addition, implementing a real-time dashboard will help companies immediately access relevant information about their business and react to any potential issues. The latest data is becoming more important than ever, and because the world has changed, companies need to adjust too.
Advanced equipment for data access is becoming a norm, which is one of the reasons why some companies can survive but others cannot.
There is no doubt that the trend of the analysis industry will regard real-time data as one of the main driving forces in 2021, and there is no doubt that we will see more real-time data.
Seven, collaborative business intelligence
Nowadays, managers and workers need to interact differently when facing an increasingly competitive environment. More and more, we are seeing a new type of business intelligence: collaborative data analysis tools.
It is a combination of collaboration tools (including social media and other 2.0 technologies) and online data visualization. It was developed in the context of enhanced collaboration to deal with new challenges brought by fast business. More analysis will be conducted in the process And edit the report.
These data visualization tools make sharing easier, and can generate automated reports that can be scheduled at specific times and by specific people.
For example: they enable you to set up business intelligence alerts to share large screens of public or embedded data with flexible interaction levels. All of these possibilities are accessible on all devices, which enhances the decision-making and problem-solving process, which is essential in today's rapidly changing environment.
Collaborative information, information enhancement, and collaborative decision-making are the focus of new business intelligence solutions, but collaborative data visualization not only remains around the exchange or update of certain documents, it must track meetings, phone calls, e-mail exchanges, and collection of ideas. schedule.
The latest insights predict that collaborative business intelligence will establish more connections with larger systems and larger user groups. The performance of the team will be affected and the decision-making process will flourish in this new concept. Let's see how to develop it in the topic of business intelligence trends in 2021.
8. Mobile business intelligence
Mobile business intelligence is increasingly integrated into data intelligence solutions, and this trend will certainly not lose its importance next year.
A few years ago, intelligent analysis of mobile data was considered a huge whirlpool in the analysis community. The market penetration rate is still growing, and despite the slow growth, next year we will see more vendors and business intelligence solutions provide this option in their software (such as modern mobile data large screens).
However, not only the suppliers, the company will also implement mobile solutions and actively use them, because it will bring them many benefits: access to the information of the data anytime, anywhere while riding the train or relaxing on the beach.
The need to do actual work at the office site every year is reduced, thereby ensuring a faster response to any business events and providing greater freedom for users who are currently out of the office but need to access critical business information at any time.
This is one of the business intelligence market trends that will not disappear anytime soon. Since it was valued at US$6.18 billion in 2018, it will grow at a compound annual growth rate of 22.43% by 2024.
Despite the challenges, such as limited screen size and design, these challenges are affecting companies' decisions to implement mobile business intelligence. In order to ensure the best usability, mobile will undoubtedly become one of the trends that companies will consider in 2021.
Nine, data automation
Without data (analysis) automation, business intelligence topics would not be complete.
In the past ten years, we have seen a large amount of data have been generated, stored and prepared for processing, so companies and organizations are seriously looking for modern data automation solutions to process the large amount of information that has been collected.
A survey by KDNuggets predicts that data science tasks will be automated in the next ten years. Therefore, this is one of the business intelligence trends that we need to pay attention to.
Dozens of tools and different sources are still part of the bottleneck faced by enterprises today. Data visualization large screens have become a solution that enables users to integrate all data managed by the company and provide discovery, analysis, measurement, monitoring and evaluation on a large scale Data method.
Business intelligence brings many automation possibilities, and by 2021, we will see more.
The long-standing barriers between data scientists and business users are slowly merging into a one-stop service to meet any company's data requirements for collecting, analyzing, monitoring, and reporting results.
A solution might include intelligent reporting-predictive analysis and automatic reporting can enhance the capabilities of business users without the help of IT departments to automate data; on the other hand, where manual scripting and coding are required, data scientists will still Manage complex analysis.
Now, let's take a look at the final BI and analysis trends in 2021!
10. Embedded analysis
When data analysis occurs in the user's natural workflow, embedded analysis is the name of the game.
Companies have realized the potential of embedding various business intelligence solutions (such as data visualization large screens or reports) into their own applications, thereby improving their decision-making processes and increasing productivity.
Companies previously killed by spreadsheets have realized how to use embedded business intelligence tools to enable them to provide higher value in their applications.
Whether you need to create sales reports or send multiple data analysis visualizations to customers, embedded analysis has become a standard for business operations. By 2021, we will see more and more companies adopt it.
Department and company owners are looking for professional solutions to display their data without having to build their own software. By simply white-labeling selected applications, organizations can achieve beautiful presentations and provide reports to consumers.
This is one of the analytical trends that can be realized immediately, because many vendors have provided this opportunity and ensure that the application runs seamlessly without too much complexity.
11. What are the trends in data analysis and business intelligence in 2021?
In this article, we have summarized what the near future of business intelligence will look like to us. Here are the top ten analysis and business intelligence trends we will talk about in 2021:
- artificial intelligence
- Data Security
- data visualization
- SaaS data visualization platform
- Predictive and prescriptive analysis tools
- Real-time data and analysis
- Collaborative business intelligence
- Mobile business intelligence
- Data automation
- Embedded analysis
Data-driven is no longer an ideal choice, this is the expectation of the modern business world. 2021 will be an exciting year to get the most value from the most advanced online business intelligence data visualization analysis software.