Business intelligence revolves around different technologies and strategies to analyze business information. Simply put, it allows you to interpret the stats of your business, measure its growth, and make appropriate decisions based on data. The reason why we’re discussing this complex topic is its rising importance in the world of commerce. Today, every business person should know what business intelligence is and how they can incorporate it to develop their company. If you’re interested to learn more about it, let’s discuss the top twelve business intelligence trends in 2024.
Top 12 Business Intelligence trends of 2024
Considering how fast technology and businesses are developing, it is essential today for every business person to be aware of the current and upcoming business intelligence trends. In order to help you be a step ahead of the game, here are the top twelve business intelligence trends you should work on.
1. Collaborative Business Intelligence
Interaction within a business was always important. However, the newest trends involve a different kind of communication. We’re talking about the latest tools and software to communicate within a business community. These include modern technologies, social media, and various applications. Such advanced and real-time communication allows the business to make collective decisions based on collaborative information and information enhancement.
2. Data Discovery and Visualization
Data A has only increased in terms of importance during the last year. Naturally, data discovery tools have also seen a spike and are expected to become more in-demand in 2024. Similarly, the use of tools for online data visualization has also become a crowd-favorite. They have become a valuable resource for developing relevant insights and a sustainable process for business decision-making. Furthermore, these tools enable easy management of various kinds of heavy volume data. Plus, they are straightforward to use, highly flexible, and reduce the time and effort to insight.
3. Self-service Business Intelligence
The world of technology is changing so fast that you no longer need extensive teams and professionals to handle analytics tasks for a business. The latest trends in business intelligence promote self-service interfaces so you can manage your own analytical procedures. Such services and tools allow business users to handle data tasks themselves without IT teams and data scientists’ involvement. It is especially beneficial for small businesses that cannot yet afford to hire professionals.
4. Mobile Business Intelligence
Since 2020 was all about using your smartphone for everything, even business intelligence has made its way into your pocket. The newest trends support access to BI data and tools through your mobile phone. It’s not only going to make navigation more comfortable but also reduces the need to carry bulky computers and laptops all the time.
5. Embedded Analytics
Embedded business intelligence significantly decreases the workload of a data worker. It gives them a much faster way to generate insights so they can focus on more things. These analytics provide the users with better power to work with data by zooming in, aggregating it, and looking at it from multiple angles by just pressing a button. Since it’s so beneficial for the users and data workers, this trend will hopefully see a significant spike in 2024.
6. Story Telling
It has always been a concern that business owners and managers cannot interpret and understand the data provided and interpreted by analysts. Since they don’t have the proper knowledge or know-how of the jargon, they cannot utilize all of that valuable information to make the right decisions.
However, in 2024, this problem will hopefully see a solution. The upcoming trends involve analysts describing the information in a very story-telling manner. This particular technique adds a little context to the data and statistics. This way, it provides a proper narrative for business management to use all the insights and make the right decisions.
7. Data Governance
The process of data governance stipulates blueprints to manage a business’s data assets. It includes the process, architecture, and operational infrastructure. Simply put, data governance forms a robust foundation for organizations to manage their data on a broader scale. Overall, the process impacts the strategic, tactical, and operational levels of an organization and, as a result, helps the business use the data as efficiently as possible. The trend is seeing a significant rise and will be even more popular in 2024. Why? Because it will help instill confidence in business leaders and promote the use of business intelligence.
8. Connected Clouds
The use of connected clouds has seen a significant spike during 2023 for obvious reasons. However, it is easy to say that this trend is not going anywhere in 2024 either. The cloud-connection strategy reduces costs and risks associated with data work. Plus, it provides the required flexibility to develop relevant essential data and use it to make data-driven decisions. Moreover, it enhances the quality of real-time communication within the business, and we’ve already discussed how important that is.
9. Data Security
After the significant security breaches on popular online platforms, like Facebook, businesses and consumers have become aware of how important this concern is. As a result, data security trends have been on the rise since 2019. Experts say that the trend will prevail in 2024 as well. Database security has become a priority for all businesses to avoid breaches and cyber-attacks. They’re taking appropriate measures, using the right tools, and taking the proper precautions to make sure it never happens again.
10. Artificial Intelligence
In the last decade or so, artificial intelligence has improved by several folds. Lately, it has started to make a significant appearance in business intelligence as well. Speculations for the year 2023 say that the latest digital assistants will make work even easier for data workers. They will simplify business intelligence processes through voice-activation, voice transcription, and efficient conversion of data.
11. Predictive And Prescriptive Analytics Tools
Predictive analytics allow data workers to extract information from a bundle of data and set it in order. Doing this will enable them to forecast probabilities for the future and take the necessary precautions and actions. Similarly, prescriptive tools are a step further than that. They help you examine data and content to make essential decisions and take the right steps to achieve a goal. The techniques involved in the prescriptive analysis include simulation, graph analysis, neural networks, heuristics, complex event processing, machine learning, and recommendation engines. All of these techniques help you optimize production, scheduling, supply chain, and inventory to deliver to your customers efficiently.
12. Real-Time Data And Analytics
Up-to-date information and real-time data have become more and more critical during the last several years. Thanks to the quick collection of information, analysts can now be fully and quickly aware of the business’s ups and downs. In 2024, this trend will also see a significant spike. The analytics industry and business intelligence will incorporate more real-time data for forecasting, alarms, and business development strategies. Based on the real-time data, they will respond appropriately and make the right data-driven decisions.
FAQs about Business Intelligence
Apart from the significant upcoming business intelligence trends, there are certain other aspects that most people are curious about.
1. Does Business Intelligence Have A Future?
The use of the latest technology, artificial intelligence, and efficient strategies have become more critical for businesses and organizations. There is overwhelming pressure on various industries to implement all of these changes. It’s becoming an absolute necessity for companies and bodies worldwide to adapt to these changes. As a result, the incorporation of business intelligence is helping companies stay relevant, robust, and competitive.
As for the BI industry’s future, the trends that have been on the rise and are upcoming in 2024 seem to promise a rapid shift in the business intelligence landscape. It’s safe to say that yes, business intelligence has a bright and shining future!
If you are willing to learn more about it, ExistBi offers business intelligence consulting services. You can know more about what it is and how you can use it.
2. What Companies Use Business Intelligence?
Generally speaking, almost every kind of company and organization can take help from business intelligence. If you are looking for some real-world examples, here are a few of the most popular brands that go hand-in-hand with business intelligence:
- Amazon
- Chipotle
- Coca-Cola
- Hello Fresh
- REI
- Starbucks
- Des Moines Public Schools, and many more.
3. What Are Some New Uses Of Business Analytics That May Become Possible With This Trend In The Next Few Years?
If 2024 goes as planned and speculations come out correct, business data will become easier to interpret. Everyone will be able to collect, analyze, and use data for proper business development, strategies, and growth. Also, data and content will become more secure, and consumers will feel safer purchasing and transacting online.
Also, small businesses will no longer need to hire extensive teams and expensive professionals. They can use online and offline data tools to do the job on their own. Doing this will reduce the cost of their business maintenance and also be a more sustainable option. Moreover, we will be able to analyze business data from different sources at a time. Advanced tools will help find any hidden patterns in large sets of data. Interactive reports and dashboards will help disseminate important information to the relevant stakeholders. Businesses will be able to react and monitor KPIs according to the changing trends and in real-time.
4. What Are The Different Stages Of Business Intelligence?
Essentially, business intelligence has four stages:
a. Information Gathering
This step involves preparing data from all of your existing sources like your files and financial database. You can also collect data externally from online surveys, questionnaires, polls, or other people. Once this feedback data is collected, you can move on to the next step.
b. Analysis
Analysis of the data involves turning this raw data into valuable information. There are three significant kinds of analysis: spreadsheet analysis, visualization tools, and software, which allows the user to develop specific data queries.
c. Reporting
Once you’ve analyzed all the data, you need to make a report on it. You can use tools and software to filter and define the information and make it interpretable for the receiver. For example, you can represent the final data in the form of tables, graphs, or diagrams.
d. Monitoring & Prediction
The final part of a business intelligence process takes you back to the first page. You monitor the data that you first collected and notice any changes or ups and downs. Monitoring has three common types: Dashboard, KPIs (key performance indicators), and business performance management.
Then, you predict. Prediction helps you foresee the future and make appropriate decisions accordingly. The prediction part has two major types in business intelligence: data mining and predictive modeling.
5. What Are The Benefits Of Business Intelligence?
Apart from all the advantages and benefits, we have discussed so far, here are some more benefits of incorporating business intelligence:
- BI improves data quality.
- It increases its competitive advantage.
- Your rate and ratio of customer satisfaction improve dramatically.
- Your employees are satisfied, and their retention rate improves.
- The customer retention rate also improves significantly.
- You can make better, quicker decisions about your business and organization.
- Your planning, analysis, and reporting will become more accurate by using business intelligence systems.
- Planning, analyzing, and reporting also becomes very fast and needs less time and effort.
- The overall costs of your business development and maintenance reduce dramatically. It is especially beneficial for small startups or companies that are facing a significant financial downfall.
- You will notice a saved headcount by using business intelligence.
- Revenues will significantly increase since the quality of work improves, and the costs go down.
- You will no longer need to depend on someone else or be unaware of what’s going on in your business.
- You can take matters into your own hands and make decisions by fully understanding the context.
- Since you are a significant part of the decision-making process and know what you’re doing, there will be fewer risks of failure and loss.
In Conclusion-Learning about Business Intelligence
If you wish to learn more regarding business intelligence, why it matters, and various examples of it, ExistBi can help. Hop on to the website to know the difference between modern business intelligence and traditional business intelligence, how to choose a BI tool, Business intelligence consulting, and much more.
