You are already aware that companies today rely more on data than ever. Enabling data-driven decision-making has the power to optimize operations, increase customer satisfaction by understanding their needs better, and improve overall business efficiency.
While it is challenging to drive the best outcomes, given that organizations have to deal with varying data volumes, types, and speeds, there is something that can help – embracing Business Intelligence (BI).
The boom in the analytics and BI tools market paves a path to more opportunities for businesses looking to unearth meaningful insights that can help them perform better on a day-to-day basis. According to reports, this sudden growth is a catalyst to the already expanding BI market and is estimated to reach $33.3 billion by 2025.
Having positioned ourselves firmly in the Dynamics 365 ERP market for the last 17+ years, we at STAEDEAN aim to be the frontrunner in the BI market with our modern, easy-to-use, and self-service analytics and BI solutions for Dynamics 365.
In this article, we dive into the top five trends that you can expect to create a difference in the BI market and how equipping yourself with new-age BI tools can prove to be beneficial to your organization.
Where is the BI world headed?
Today, BI is just more than spreadsheets of numbers and trying to make sense of them, and it continues to evolve. Industrial advancements make way for better visualizations and deeper insights with the help of technologies such as artificial intelligence (AI) and machine learning (ML), self-service tools, and embedded solutions, helping us make better action-oriented decisions.
To unlock the full potential of BI, it is essential we are up to date with companies that are aware of and embrace the latest trends. So, what should we be excited about in the future in the BI world? Let’s take a look at the top five trends that could change your data game for the better.
BI-As-A-Service
With the XaaS model expanding into every area, analytics and BI is no exception. As the data companies consume increases exponentially, it only makes sense to move toward BI-as-a-service solutions. Why, you ask? BI-as-a-service aims to simplify the end-to-end enablement of analytics and BI, allowing users to set it up and running quickly, saving a lot of time and cost associated with complex analytics tasks.
This would further drive companies to overcome any roadblocks associated with extracting data from multiple sources, allowing users to access insights using new-age dashboards and reports on their own, and seamlessly manage large volumes of data.
Moreover, with self-service BI taking precedence, we can witness reduced dependencies on technical resources or training, empowering more users within an organization to implement and use it. The industry, valued at approximately $6 billion in 2020, is expected to boom to $19 billion by 2028, as per verified market research. Therefore, self-service BI enables decision-makers to take action much faster and enhances overall agility.
Artificial Intelligence and Machine Learning
Undoubtedly, artificial intelligence and machine learning are one of the biggest disruptors in the BI market. With AI on your side, datasets can be thoroughly analyzed automatically without any effort from your end. Not just that, users also get to see and keep track of what’s happening every second through proactive analytics dashboards, which include high-accuracy anomaly detection, notifying them of any abnormal outliers or errors. Additionally, machine learning will help by comprehending a company’s patterns and analyzing trends to predict various scenarios, understand consumer behavior and simplify core business decision-making.
Also, with all the noise around GPT-4, open-source BI is the new buzz around town. GPT is an AI-driven text generator used for various functions like translations, code generation, classifications, answering questions, and more. Using this as a foundation for creating products based on specific data can help companies achieve excellent outcomes.
Integrative/embedded BI and IoT
The world is moving from standalone solutions and tools that need to be implemented as a separate entity to those with in-built BI capabilities, which means users do not have to leave the platforms they are working with. The introduction of next-generation BI tools works toward making integrative and embedded BI more mainstream, be it for extracting data, analyzing it, or drawing insights in real time. Furthermore, embedded BI makes integration with third-party systems more easily, creating an overall data-driven culture on an organizational level.
On the other hand, IoT empowers users to take advantage of connected devices within the organization and other systems to improve operational efficiencies and mine customer data to ensure better satisfaction. With data lakes increasing in popularity, IoT can open doors for users to bring in data from various sources, making it more intelligent and convenient.
Data governance and security
With data security concerns rising worldwide, it becomes even more essential to have proper data governance in place. This will ensure that your analytical and BI efforts have better returns while driving more accurate and ethical decision-making in the organization.
Therefore, companies of all sizes are looking to build a sound data governance strategy, besides aligning the governance framework with their business goals, setting a fitting foundation for making evidence-based business choices. Using the right data for BI decision-making means better business outcomes and performance while also guaranteeing safety by facilitating a healthy sense of balance between data transparency and consistency.
How can you leverage modern analytics and BI tools?
Organizations that want to leverage and evolve with the market trends must step up their data and analytics efforts. One way to achieve this is to consider self-configurable, pre-packaged analytics and BI solutions that cater specifically to the ever-evolving needs of your business.
STAEDEAN’s Business Analytics Suite is thoughtfully developed, keeping in mind the businesses of today, that is not only easy to use with simple plug-and-play modules but is also integrated with the Dynamics 365 ERP, allowing high flexibility and extensibility.
If you would like to know more about our Business Analytics Suite or have queries about implementing analytics and BI in your organization, our experts are always ready to help.
In another scenario, if you are unclear about where you stand in your data journey and would like to assess your capabilities, here is an assessment we created that can help you. Once you take the assessment, you will identify your data maturity level and get a free detailed report from our experts with action steps to put you on the path toward success with BI.
Sumana Samuk
