Increasingly, businesses are using data to guide their decisions. New technologies, especially those driven by artificial intelligence (or AI), are changing the way businesses collect and extract useful information from data (business intelligence).
Below you will see six trends that will change business intelligence throughout the new decade.
- New Avenues of Data Discovery
New data-collection technologies, such as IoT devices, are providing businesses with vast amounts of data than ever before. Matt Turck, an information and data investor, calls it “the ‘datafication’ of everything,” as the more people are online, the more information can be analyzed, captured, and transformed into formats analysts can use.
- AI-Powered Big Data Technology
Big data technologies allow data analysts to process vast amounts of data, more than human analysts could ever hope to handle without the help of advanced AI technology.
As the volume of data collected by new technologies, business intelligence analysts may find that there is no way to separate the size of the data they are collecting.
Instead, they will turn to big data technology to help them work with and analyze this data.
- Predictive Business Analytics
Some of these new tools use AI to predict events more accurately.
Predictive analytics is the use of data and AI-powered algorithms to help analysts predict the future and business outcomes.
AI-powered business intelligence tools can use predictive and historical business data to predict shifts in market demand, emerging risks, and other changes that businesses will need to respond to.
- Natural Language Processing and Report Generation
New AI tools can also help you better collect and analyze text-based data and assist BI analysts in creating reports.
Natural language processing when applied to business intelligence is an AI technique that trains computer software to process language in a way that mimics how humans read.
- The Growing BI Analyst Shortage
Like some other technology and STEM, business intelligence and data analytics are facing a growing shortage of highly skilled specialists. There is currently no indication that this trend will reverse, and as AI-based technology is more widely adopted, and more businesses turn to AI-powered data collection and business intelligence, the shortage may worsen even further.
- General-Audience AI Tools
The tech industry may also have an AI-powered solution to the BI talent shortage.
Many BI platforms and tools incorporate AI features designed for a general audience, and even analysts and management members without experience working with AI or a data analytics background should be able to use them.
These new tools can also help increase data collection and report generation and allow anyone with access to the software to uncover new information and data points that can drive business decision-making.
