Mass layoffs, closures, fund shortages, and recessions are some terms that the businesses and the employees alike can relate to the global pandemic that disrupted life as we know it. Although the outbreak has had severe economic consequences across the globe, multiple businesses and organizations also found new intelligent ways to turn this crisis into opportunities. Courtesy: “Data Analytics and Business Intelligence”.
Irrespective of industry, leaders sought an evidence-based roadmap to steer clear of the pandemic-led market lull. Aggregating and analyzing data aligned their strategy with the new crests and troughs.
In the past year, organizations used business intelligence solutions to innovate, enhance service delivery, financial transactions, customer interaction, mitigate risks, and explore new revenue sources. The power of information instilled the confidence to react better to events and demonstrate quick wins in the face of adversity.
Cultivating Business Intelligence Maturity in a Pandemic World
That said, making new investments, if not calculative, in pandemic times could be risky. It is when businesses can assess and consider the importance of data-informed business decisions. Since data has taken an omnipresent role in operations, service, delivery, and management – playing an ever-important part in the business – leaders must not defer taking the help of business intelligence.
We observe that the need of the hour is establishing long-term goals and monitoring upcoming analytics trends. It can help businesses keep the DA and BI setup relevant for the longer part of its life. Yet, instead of jumping the gun, leaders must identify business use cases and prioritize goals balancing CapEx and OpEx with ROI. So, what’s in store industry in the new year?
Upcoming Trends in Data Analytics and Business Intelligence
Below are the top five picks of data analytics and business intelligence trends that cover the mandates of most industries and departments. With these, we nudge leaders/stakeholders to look beyond the low-hanging fruits and build the businesses of tomorrow.
1. AI apps for streamlining DA & BI
Many organizations will begin to operationalize artificial intelligence-powered applications sooner, to reinforce the data and analytics infrastructures. The principal driving force behind this acceleration is the urgency to implement intelligent automation, secure parameters for the virtual workforce, and mitigate the deficit of skilled resources, especially in labor-intensive processes.
2. Bot enabled self-service reporting
When teams are not co-located, collaborating on data – especially the sensitive and restricted one – involves much to and fro through emails. To enable self-service reporting, interactive bots that push and pull reports will emerge as the staple technology in perfect unison with multi-layered accesses.
3. Rise of Information as a Service
Information is the new currency. Data-savant organizations will support enterprises through information delivery in a business-friendly format, tailored as per the unique needs of consumers. It will mitigate the speed of technology churn that is a persistent pain-point of larger organizations.
4. Blockchain to improve data and analytics ROI
An increasing number of organizations will adopt Chain codes or intelligent contracts. With established advantages such as security and compliance adherence, blockchain solutions will improve overall data quality. It should help push the ROI bottom line in domains like RegTech and FinTech.
5. Analyzing what is not analyzed yet
Organizations with a higher level of analytics maturity will need new substrates. Hence, The new year will see the rise of video, audio, text, content, and sentiment analytics – paving the way for new insights, especially in the realm of consumer experience, media, and AR/VR product companies.
As the world transcends toward the other side of the pandemic – it is important to take bold yet informed decisions. Setting up robust data analytics and embracing business intelligence services will provide everyone the insights to align their vision, strategy, and goals with the organization.
To learn how to employ data analytics in pursuit of organizational excellence, download our 2020 Report on Data Analytics and Business Intelligence. The report is a bite-sized brief for leaders looking to depart from the ordinary, drive business innovation, unlock new revenue streams, and outperform through a strong data foundation.