Business Intelligence refers to a set of processes and technologies. The process of BI helps to convert raw data into meaningful information.
It helps in deriving profitable actions for the businesses.
“BI is about providing the right data at the right time to the right people so that they can make the right decisions” – Nic Smith
BI is a suite of services and software. This intelligence plays a vital role in transforming the data. The data is transferred into knowledge and actionable intelligence. The trend of BI tends to have a direct impact on businesses.
It impacts the decisions of the operational business, the strategy of the organization. And also the tactical operations. This intelligence supports the knowledge that has its basis based on facts. Plus, most importantly it makes use of historical data.
What Is the Importance of Business Intelligence?
There are certain ways in which the BI can be helpful. Not to neglect we live in an era where the growth of technology is unbeatable. There is a complete revolution in our lifestyle due to the advancements in the digital era. This has had a major impact on businesses. These days companies have access to data-driven tools and strategies. This can help them to learn about customers and themselves more than ever before. But, most of the companies are not making use of this. Here, in this column, we will have a look at the importance of business intelligence.
Importance of business intelligence
The major reasons why businesses should consider adopting a solid business intelligent strategy-
It will help in gaining new customer insight
One of the crucial reasons why companies are investing in BI is to analyze and understand the buying trends of the current customers. If you make use of BI to understand the motive of your buyers. You will be able to make great amendments in creating products. This will help you with product improvements. Also, you will be able to meet the needs and expectations of your customers with ease.
It will help in improving the visibility
Gone are the days when you had to skim through hundreds of pages for assessing the annual report. With the help of BI, you will be able to identify the areas of improvement with ease.
It will help in efficiency improvements
The concept of efficiency is directly related to productivity. BI will help you to increase efficiency and thus have a positive impact on the annual revenue. It will help in sharing the information of the products easier. And thus with this, the employees will be able to pay attention to the work instead of focusing on the data processing.
BI helps in real-time data
When the executives are on hold waiting for the other departments to make the report. There are chances of human error and the risk of being outdated. BI can help the users to access data in real-time. This task can be done with several modes such as visual dashboards, spreadsheets, and scheduled emails.
It helps in competitive advantage
Besides the benefits mentioned above. You can get an insight into what your competitors are doing with the help of BI. This will help you to make educated decisions about your organization.
Thus, with the help of effective BI strategies, you will be able to make better business decisions.
By now we have an idea of why BI is important and how it can enhance the profit of a business. Now let us have a look at the important trends of BI in 2022.
Top 7 Business Intelligence Trends for 2022
- Master data management (MDM)
Master data management is a process that helps to make a steady set of data on customers, products, suppliers. This process helps in improving the quality. It’s done by making sure that key data elements and identifiers are consistent and accurate. Data quality and data management are important trends in the market. Now, this trend can only be accurate if the data that one is relying on is right. Thus, it all comes down to the accuracy of the data. Therefore, the data has to be precise by all means.
With the help of MDM, you will be able to collect and share the data with ease.
- Data-driven culture
A data-driven culture is about replacing your gut instinct for bad decisions with the facts derived by data. The major elements here involve the outcomes from the advanced analytical model. Also, the digits of revenue and qualitative data play an important role here.
Thus, in layman’s language, data-driven is about making use of the statistics for better decision making. Organizations these days are changing their strategy to data-driven. Traditionally, access to data was only confined to specific people or groups. These days the data is spread through the organization. All this is to have better data-driven culture. This BI trend is helping organizations to come up with making better decisions based on the data.
- Data governance
Where BI is about making and presenting data for business management bodies. Data governance is about focusing on the actual data in these systems.
Data governance plays an important role when it comes to the mechanism of the data strategy. This helps in understanding how a business strategy is interpreted into analysis and data.
Businesses need this trend to install a data strategy. This strategy will incorporate the frameworks and rules to manage, watch, and protect the data. All this falls into action after considering the people, processes, and technology. To have data governance is a long venture. Most importantly it needs crisp clarity on how to use and work with the data.
- Data visualization and storytelling
Presenting the visuals and storytelling is one of the best ways to get client insights. With the help of data visualization, one can turn the digits into charts and graphs. This is one of the best ways to make your users understand the digits rather than providing them with blocks of numbers.
With the help of storytelling, one can make use of the blocks of numbers in the context of the story. This way you will be able to build a layout around the critical metrics and issues. For this, you can make use of attractive visuals and get the best results.
With the help of BI software, you will be able to focus on how to help users by making use of the data narrative. BI will assist you with the most effective ways with the help of dashboards and visualization.
- Moving towards mobile
There has been an ultimate shift in the business and work pattern due to COVID-19. Several business models are looking to provide their remote workers with software. Software that will enhance productivity. The software includes SaaS solutions that will enable you to access the documents anywhere, at any time. Mobile business intelligence is expected to grow in the upcoming years.
The market share is not the only reason to switch to mobile BI. Another important thing is that the users have the option to sign-up for KPI-based notifications. Not only this, but also they will have the access to react to the events as they happen.
Mobile BI comes up with a responsive and a lite version of the main platform of the analytics. No matter the limitations of the screen size, yet again mobile analytics is acting as a game-changer for BI trends in 2022.
- Augmented analytics
Augmented analytics are the techniques of data science. They improve the analytical capabilities of business intelligence tools. It has become a bigger part of improving the user experience. Some of the most important benefits of augmented analytics include-
– Increased data literacy
– Reduced analytical bias
– Faster data preparation
It will be one of the most important trends in business intelligence in the upcoming years. The solutions of augmented reality are powered by artificial intelligence and machine learning
- Business intelligence for sales and marketing
With the help of business intelligence, your sales and marketing team will have accurate information. With the help of real-time information, they will be able to make data-driven decisions.
There are several ways by which BI can improve sales and marketing.
– It can help you to improve the accuracy of the sales data.
– It helps in identifying and focusing on the high-profit customers.
– It will also help you to measure the effectiveness of your marketing strategies.
These are the top 7 BI trends in 2022. Industries and businesses should rely on business intelligence for the matter of their data. The reason behind this is that data starts to get complicated and diverse. And for this, business intelligence can be the best rescue!!