Business Analytics deals with the why’s of past trends of the business whereas business intelligence deals with what happened in the past and how it happened leading up to the current trend.
Business intelligence and analysis intersect to develop a business strategy. It also exhibits which scheme was proved successful previously and in what circumstances.
Trends For Business Intelligence And Analytics
The following trends in 2020 will lead the commercial and industrial sector. Let’s get to it.
Data Quality Management
Data quality management has always been a big challenge for business intelligence analysts. The quality of research and trends resides on the data quality that has been utilized. First step to process the data for research purposes is data cleaning. And after data cleaning data quality is validated upon the following parameters.
- Completeness: Is your dataset complete? Are there any missing cells inside the dataset? If yes, resolve this issue otherwise, it will cost you high.
- Validity: Do you have a valid set of data? That means if it follows the rules you have prescribed for the entry.
- Uniqueness: Is your data redundant? Are there any duplicate entries?
- Timeliness: Do you have updated data in all your previous records.
- Accuracy: How much accuracy does your results have?
In the following picture a dashboard has been shown to exhibit the threshold of all the parameters to ensure the desired data quality.
For a detailed study of validity parameters you can read this blog.
Business Intelligence For Sales And Marketing
Business intelligence and marketing strategy can be used to enhance sales and marketing. It analyzes the previous trade and tread of the business, does competitor analysis and produces results that leads to best strategy making. The predictive approach in business intelligence and analytics also tells how the market will behave in 6 months and what sort of plan you should make to rule in that behaviour.
Here are a few points to show how BI works in the area of sales and marketing:
- Improve the accuracy of retail targets and predictions.
- Measure the impact on the market of the latest marketing promotion.
- Devise business plans to acquire new customers without shedding existing customers.
- Identify the customers that are more profitable and focus on them.
- Based on the frequency of purchases, develop customized marketing messages for different customers.
Data visualization is data analysis that helps a business strategy maker to visualize previous patterns and trends inside the data. It deduces the insights present in the datasets by using modern analytics tools. Several tools can be adopted to create different shapes for accessible visualization.
Here are the following steps that are required for data visualization:
- Connect and blend from several platforms.
- Cleanse to prepare it for the analysis.
- Analyze and generate insights.
- Visualize insights
Here you can get the idea of trends in data discovery i.e smart data discovery and big data discovery.
Artificial Intelligence In BI
Artificial intelligence has played a key role in business intelligence. The neural network and deep learning methods in AI are sensitive to detect anomalies. They can keep track of unexpected incidents happened previously and can tell about any unexpected activity going on to your business site. With the help of live dashboards, any activity can be observed and if something goes wrong, it will give you alerts.
The demand for real time data analysis is also increasing. IoT is another revolution to generate piles of data. In future statistical analysis and data management would be the priority of every business. These days predictive analysis is the growing trend that should be monitored closely.
Business strategists and marketers have to work in collaboration to analyze the business trends and setting up goals for further processing by keeping in mind their business legacy. In these modern hours usually online tools are utilized that generates real time results after assessing the desired information.
Another terminology that is frequently used with collaborative BI is self serving BI. In this type the system generates automated reports about the market trends and business treads, and generates business intelligence alerts.
Mobile BI is an emerging trend in business intelligence. There are certain vendors who are providing mobile dashboards but due to some market penetration it is not common yet. But this will become a market trend soon when every vendor would provide mobile dashboards to revolutionize business intelligence. Almost 3000 professionals in the industry have claimed it to be the most prominent business intelligence trend.
Gartner predicts about 40% of all data driven tasks would automate the data collection, storage and processing. And the year 2020 will modernize the business intelligence trends. It would be really helpful to analyze large data volumes and draw out results from them.
Augmented analytics utilizes machine learning and natural language processing to enhance data analytics, data sharing and business intelligence.
In 2020, according to the Gartner Report, augmented analytics will enable small businesses to make complex analytical data models and draw out insights from the daily data preparation, management and analysis so that decision making can be enhanced. This technology will lead to automated decision making.
Embedded analytics and BI is adopted by many data driven businesses. Allied Market Research says that the global market for embedded analytics is expected to reach $60.2 billion by the year 2023.
If BI solutions are integrated with the dashboards of native applications and websites, embedded analytics enables business users to analyze data speedily. The benefit of this tool is the ease of decision making without switching to another software tool.
Become data driven in 2020. It is not idealistic anymore, it’s an expectation. Modernize your business and employ powerful BI to manage your productivity with great success.