Business Intelligence & Data Analytics Technology Trends in 2020

• By Vyshnavi
• 17-02-2020
• Big Data

Business intelligence (BI) and data analytics were once the domains of large organizations with plenty of funds at their disposal. However, the advent of technologies such as cloud computing helped small businesses avail business intelligence solutions and benefit from the BI revolution. Today, companies of all sizes wish to gain BI advantages including small firms with fewer than 100 staff members.

In 2020, about 1.7 MB of data is created per human per second across the world. This hoard of information is waiting to be tapped and holds infinite potential. With the growing volume, there is a great demand for business intelligence services that can capture, sort, analyze, and deliver actionable insights. In this article, we detail the top business intelligence and data analytics trends you can expect to see in 2020. Various mobile application development companies are here that have the best knowledge about data analytics.

Storytelling Becomes Popular

BI solutions help organizations to glean operable insights from their customer and other data. Data storytelling is the process used by analysts to metamorphose information into insights. Storytelling adds context to business stats and gives the needed narrative to convert insights into informed action. BI services are not useful if they deliver data that is not converted into meaningful benefits.

Advanced business intelligence solutions help analysts to create conversations around various pieces of information. In addition, many companies use data literacy initiatives to educate their users about data so they can contribute to analytical conversations. In 2020, a greater number of enterprises will use business intelligence services and data storytelling to apply insights to their unique scenarios.

Data Governance

A BI industry survey reveals that 65% of organizations place importance on data governance as it helps them obtain considerable returns from their investments in BI solutions. To the uninitiated, the data governance procedure provides a blueprint for efficiently managing data assets, including architecture, operational infrastructure, and process. Thus, it offers a robust foundation that facilitates company-wide data management.

Most top enterprises have standardized data governance initiatives so they can efficiently utilize accurate data. Regulations like the EU’s GDPR have made it mandatory for organizations to implement effective programs for data governance. Thus, data trust and governance have become hot BI and data analytics trends in 2020 especially in sectors such as healthcare and financial services.

Use of Voice-Activated Digital Assistants

Advanced BI solutions offer voice-activated assistants to help users and analysts easily access information visualization dashboards, visual workflows, and benchmark reports. These digital assistants are powered by Natural Language Processing (NLP) and Artificial Intelligence (AI) technologies and they help to simplify BI for lay users. The tools can transcribe voice and convert it into dependable data from which analysts can derive operable insights.

Connected Cloud

Cloud computing has revolutionized the business world and most BI serviceshave movedall BI components including analytics models, data storage, computing power, data sources, and data models to the cloud. Thus, it has become imperative for organizations to embrace cloud analytics.
The connected cloud method is becoming popular as it increases flexibility and minimizes analytics risks. However, multi-cloud also entails challenges such as difficulty in providing workload security across solutions. Plus, many datasets and applications are not fully portable. Despite these issues, connected cloud usage will increase and become more popular in 2020.

Rise of Collaborative BI

Collaborative BI is not a new development but has become important in 2020 as employees and managers need to work together closely to analyze data, glean insights, and make smart business decisions. Further, collaborative BI combines business intelligence solutions and top collaboration platforms including social and web 2.0 technologies to simplify data-based decision making.

Collaborative BI streamlines reporting and analytics, and supports informed decision making. This process ensures that users are not forced to make individual conclusions as it facilitates collective problem-solving. It allows users to share ideas and data analytics through web 2.0 applications to make collaborative decisions. Because of its many benefits, collaborative BI is sure to grow in popularity in 2020.

Data Security

It is important for businesses to protect their sensitive data and ensure it is complete, understandable, and accurate. In the recent past, top companies like My Heritage, Facebook, and T-Mobile have suffered damaging data breaches. This impacted their customers’ trust, drained their resources, and reduced their market value. Cyber hackers are always on the prowl looking for vulnerabilities in corporate systems and infrastructure. Therefore, it has become essential for organizations to make their platforms and solutions fool-proof to prevent unauthorized access to their data.

In 2020, data security has become a hot BI trend because enterprises continue to look for safe solutions. To instill trust in their consumers and gather the needed data, businesses look to close all loopholes in their systems to prevent security breaches. Like data governance, data security has become a vital BI and data analytics trend in the financial and healthcare verticals.