We live in a data-driven world where the success of a business is significantly dependent on how it extracts, controls and markets its data as well as how it constructs its strategy around it. Therefore, it only makes sense to adopt Business Intelligence (BI) for your organization if you have not done it so far. It will give a competitive edge in measuring the impact and degree of change bought by changed processes to the bottom lines.
How BI is a Crucial Factor for Enterprise Success?
In an organization, large or small, there is an endless stream of data flowing in – history of complaints, customer records, feedback and so much more. If all this data is lying in a disorganized manner, it simply means that you are losing a huge opportunity with the potential to transform your enterprise. This is where BI plays a key role.
BI derives meaningful insights from your most valuable asset i.e. data that can be used to identify bottlenecks, drive change and adapt to dynamic market changes.
As BI becomes dominant in your organizational culture, it can result in a dramatic impact on how you create and market new products and services, engage your customers and develop strategies that benefit your bottom line. Right from better insights into future business directions, increased data accuracy to increased transparency in the organizational operations, BI can help a business stay ahead of the competition by tapping into the benefits of unused data.
Since BI is on the cusp of revolution, let’s explore the BI predictions for 2022.
1. Self-Service Business Intelligence
Traditional BI tools have a centralized infrastructure with a central data warehouse and data storage which is insufficient for evolving enterprise needs as they always require data access and by any user. This has given rise to the self-service BI paradigm which gives business users more independence when it comes to data access.
2. Data Automation: A BI Trend to Watch in 2022
As an increasing number of data science-related processes continue to be automated, data automation will surely be one of the most disruptive technologies for the year 2022. Businesses use a range of data sources which is a key barrier in consolidating and analyzing all the generated data. The data automation systems ensure data consolidation so that analysts can collect and analyze enormous amounts of data.
3. Collaborative BI
Collaborative BI is not a new trend. It continues to gain significance with the ever-evolving business landscape where employees need to interact differently and collaborate more often. Collaborative BI is a combination of BI tools and collaboration software that aims to simplify sharing of analytics and reporting as well as streamline data-driven decision-making.
Owing to its significant role in the modern workplace, collaborative BI will continue to gain popularity.
4. Business Intelligence for Sales and Marketing
In 2022, we will see more organizations leverage BI to boost sales through the power of data. As BI evolves, it will reduce sales and marketing personnel’s dependency on business analysts or IT specialists for the latest sales and purchase patterns. There will be a focus on leveraging BI to enhance the accuracy of sales objectives and projections, develop client acquisition and retention plans as well as assesses the market effect of campaigns.
As technology advances, competition deepens and a lot of data flows in, sales and marketing personnel will need focused insights to win more deals and accelerate revenue generation.
5. Predictive Analytics
According to a recent analysis research report, the global predictive analytics market is expected to grow at a CAGR of 24.5% and reach around USD 22.1 Billion by 2026 from USD 5.7 Billion in 2019.
Predictive analytics is used by many companies to conduct predictive marketing and data mining to optimize their processes. For example, many airlines utilize this technology to calculate the best ticket pricing by forecasting consumer demand. In 2022, we will see more businesses invest in predictive analytics due to cloud technologies, increased internet proliferation and connected systems.
6. Data Quality Management (DQM)
For extracting correct and useful insights from the available data and making the right business decisions, good data quality is essential and hence, data quality matters but also, continues to be a challenge for data analysts around the world. Validity, consistency, completeness, uniqueness and accuracy are some of the important parameters that are used to assess data quality.
Data quality management (or DQM) is one of the most promising BI developments which ensures that the company adheres to data quality standards. In 2022, Data Quality Management (or DQM) will become more significant.
Evolution of BI Industry
The BI industry has long promised a future of data democracy where every employee can access, consume and use data to make smarter business decisions and ultimately build a data-driven organization. Though the industry has come a long way over the past few decades, none of the dashboards or conversational BI tools have been able to keep their promise. This is where Beagle makes a difference. It is not an ordinary BI tool. We believe this is a new generation of BI where Beagle finally turns that promise into reality.