In 2019, business analytics started being taken seriously. As businesses stop asking themselves “do I need analytics?” and start asking themselves “how can I get analytics?” 2020 will witness major acceleration in all of the trends we’ve come to know, and introduce a few new ones that join the forces of business intelligence and predictive analytics.
How will 2020 leverage business intelligence and put the power of prediction into the hands of everyday decision-makers? Let’s find out.
Defining Business Intelligence and Predictive Analytics
Business intelligence refers to technologies, processes and procedures that go into integrating, analyzing, and presenting the massive volumes of data that organizations and its respective customers are creating on a daily basis. However, on their own, business intelligence data provide information about what already happened or is happening, but with the addition of predictive analytics, the equation shifts into “what will happen next“.
By simple definition, predictive analytics is the idea that data analysts can use a combination of data, statistical algorithms and machine learning techniques to identify the probability of future outcomes based on historical information. They are used in a variety of different ways in nearly every industry that you can think of: cybersecurity, marketing, healthcare, lab studies, and manufacturing, and environment.
By analyzing predictive data, researchers are able to spot any potential action that can be taken on their platforms, whether from customers or outside parties that could be considered as a threat.
Bridging the Gap
It’s important to keep in mind that the end goal is less about predicting the future in a literal sense and is more about putting the decision maker in a better position to achieve desired outcomes by leveraging past behaviors to their advantage.
Discovering a potential future trend is just a question of applying what they learned from trends as it behaves across different seasons and mixing that with the most recent behavior of the trend: together a forecast is created that can take into account the seasonality of a business or an innovation and its most recent performance allowing manager and analysts to plan ahead and gain momentum.
Future Trends of Business Intelligence
- Augmented Analytics
This trend will take a central role in business intelligence. By the end of 2020, predict state that more than 40% of data science tasks will be augmented and automated. Augmented analytics is the practice of deploying automated algorithms to not just process large sets of data, but to also make predictions and prescriptions based on that recommended data.
- Embedded Analytics
It’s a recent type of analytics that physically embeds analytics and dashboards into a company’s software. Where business intelligence software is a standalone piece of software, embedded analytics is a component of other programs that enable analytics.
- Collaborative Business Intelligence
One of the key business intelligence future trends many experts are predicting is a growth of the digital business intelligence world into a space where tools and platforms will become more broad-spectrum and eventually, more collaborative.
Business intelligence will continue to progress in 2020 as we continue to progress through the era of Big Data. And with the intervention of predictive analytics, the future of business intelligence is likely to be much more personalized and problem-solving oriented with little limitations to the free flow of data.
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