What Are The Biggest Business Intelligence Trends For Next Year?
As the year 2018 is coming to an end, business intelligence has become an increased value for companies that want to implement BI solutions and make the most out of their data in 2019. To keep up with these changes, we have gathered the most prominent business intelligence trends that will influence next year and bring new developments for big enterprises and small businesses alike.
- Data Discovery
As more data is being collected and analyzed, the need of data visualization tools that enable decision-makers to spot outliers and see major trends has become one of the most invaluable means of conducting an empowered approach to business operations.
- Data Quality Management
Related to the data discovery trend, the quality management of data is indeed an important trend to keep an eye on since it can cost an organization an average of $15 million per year in losses, according to Gartner. A crucial practice to employ for avoiding errors and low-quality reports.
- Artificial Intelligence
AI started to increase the level of sophistication on which it interacts with its environment. Autonomous things, machine learning, advanced neural networks – revolutionizing the way we interact with data is still a major trend to look out for in 2019.
- The Importance of the CAO and CDO
The Chief Data Officer (CDO) and the Chief Analytics Officer (CAO) roles have emerged in this data-driven world as one of the leading positions in organizations that have created an immense value for collecting, analyzing and interpreting data, while deciding on the best possible data governance and future business strategies needed for a successful business development.
- Predictive and Prescriptive Analytics
Extracting information from data sets to predict the future are the essence of prescriptive and predictive analytics. When decisions have to be made, especially with big data sets, focusing on analytics is an essential part of the process, and BI professionals will discuss this trend in the year ahead.
- Data Security
With big data breaches that we have witnessed in the past year, security has become one of the focal points to include in the trends for 2019. Users have become more aware of their personal information being shared online, and the implementation of the GDPR (General Data Protection Regulation) in EU, and CCPA (California Consumer Privacy Act) in the USA, have made new foundations in data regulation and privacy.
- Data Governance
Closely related to the data security, the importance of data governance has become one of the top trends for 2019, as the control over any data entry has to be made according to particular standards, and businesses of all sizes will put an emphasis on how to strike a balance between security and data access in 2019.
Considering the vast amount of data being processed, the need for data-storage has immensely increased in the last years. Giants like Google, Amazon and Microsoft are investing more resources in the development of private clouds, and that’s no coincidence. Gartner predicts that by 2019, 70% of companies will have a cloud strategy, as opposed to only 10% in 2016.
- Consumer Experience
The customer journey analysis, speech analytics, emotion detection and the prediction of customer behavior will set another objective for companies to achieve in 2019. Since expectations of consumers are on the rise, the need to analyze and predict their behavior will become of paramount importance in 2019.
- Collaborative Business Intelligence
The usage of collaboration tools (including social media and other 2.0 technologies) with online BI tools will set an improvement curve between managers and workers. The need to collaborate on information sharing processes and decision-making will affect teams’ performance and make companies thrive in this new concept.
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