2020 has been anything but conventional, and some of the most significant changes have come within the business and tech sectors. The way many industries have traditionally conducted business has been capsized by the pandemic, forcing companies in all sectors to adjust their business operations at a break-neck pace.
In 2021 we can expect to see tremendous progress in the capacity of business intelligence (BI) software to help companies navigate potential roadblocks before they ever surface. Business intelligence tools include a wide range of enterprise-level software programs and analytical integrations that empower leaders to make better-informed decisions. Continue reading to learn what developments in business intelligence are going to shape commerce in 2021.
Master Data Management
One of the biggest problems that data managers face is disseminating data to make it accessible across divergent platforms. When team members have to scour internal and external networks to track data, it creates the perfect conditions for data breaches and human error.
Master data management (MDM) software is one of the most vital business intelligence tools because it provides a platform to centralize all of your data from various silos and programs. MDM also makes it much easier to integrate and extract data from multiple enterprise-level software programs.
Predictive Analytics
One of the most exciting and fastest-spreading uses for data is predictive analytics. It’s a tool that prioritizes bold prediction and preparation over a reactive strategy. That’s a lot of P’s, but the most important P to remember when it comes to predictive analytics is profits
Imagine if a trucking company could predict when their trucks are likely to need serious maintenance? The ability to make repairs before they’re necessary empowers the company to keep its fleet moving ahead of schedule and providing top-tier customer service. Additionally, a skilled data engineer can create algorithms to analyze client data and predict when their clients will need shipments, allowing them to schedule their routes accordingly. The capacity to forecast obstructions in your operations before they occur and solve them in real-time is the power of predictive analytics.
Data Visualization
Data visualization is a business intelligence tool that yields graphical depictions of data to help people see and interpret it more quickly and act on it more effectively. Prioritizing understandability and aesthetics makes the information more interesting and actionable, and as you well know, presentation is everything.
Business intelligence reporting software that extracts data from a multitude of sources and presents it in a palatable format, business users can stay abreast of critical metrics and extrapolate strategy enhancing trends from them. Business intelligence tools give companies valuable insights into their infrastructures, industries, competitors, and customers. However, all of the data in “The Matrix” is useless if your team can’t understand it. Data visualization technology earns its money by giving boring data sheets the cosmetic surgery they need for regular people to understand them.
Dashboards
With dashboards that combine data and graphical indicators and deliver at-a-glance summaries, users can view the state of their businesses, track key performance indicators (KPIs), generate insight into the historical and real-time contexts of specific metrics, and act faster. When software developers embed these dashboards within applications where executives and knowledge workers are taking action, they make their products more valuable and competitive.
Forward-thinking companies employ BI tools throughout their entire organizations to streamline processes, store and transfer data, and predict future trends. As we advance, developments in business intelligence will revolutionize the way companies wield big data as a weapon of mass insight. It doesn’t take a data analyst to see that the use of BI for wide-ranging applications across a multitude of industries is trending upward.
