Students are often asked to prepare a report on the popular trends of business intelligence in their business plan assignment help. But first, it is important to know what business intelligence is. We all know that data holds a very important place in the business world today. The data collected by an organization plays an important role in decision making. Business intelligence is the technology responsible for collection, integration, analysis and presentation of this ‘business data or information’.
Based on the latest predictions by business analysts, here are some popular business trends that you would see in 2020.
#1 A Data Storm
With more and more people going online these days, businesses will have a lot of data. There will be new data sources emerging which will help businesses in better decision-making. However, this data flood may result in more cyber attacks and hacking. So, businesses need to be careful on how they store and protect data.
#2 Rise of BI Platforms
2020 will witness different ways of marketing as new channels will rise. This would rather enhance the jobs of data analysis software and the marketers may see various options rather than just Google analytics. Therefore, one can expect the rise of BI platforms in 2020.
#3 Natural Language Processing Will Win
Natural language processing has been used at various places but now business intelligence will witness it too. This will ensure that the BI platforms process data in a language which is close to what humans understand. We have already seen how NLP is being used in speech recognition, machine learning, machine translation and semantic searches.
#4 Storytelling is a Must
Storytelling is a big part of business ethics today and will continue to be in 2020 as well. It has not only affected how businesses interact with their potential customers but also how analysts interpret the analytical process. Storytelling will also be useful in data visualization.
#5 Data Quality Management
No data is useful if it is not correct and up to date. Therefore, in 2020, businesses will have to ensure complete data quality management at their ends. With this, businesses will be able to make correct decisions based on the need of the hour. It would ensure the consistency and the integrity of data possessed by businesses.
data scientists will be in high demand in 2020 as the need for business intelligence would grow. To understand further about business intelligence trends you must take a close look at the business intelligence examples around you. For instance, how brands like Amazon and Starbucks are using business intelligence to predict sales and customer preferences.