New systems enable the “democratization of data”, in which professionals of all types, in any team, can use tools to efficiently obtain the information they need.
BRANDVOICE article appearing in Forbes discusses another emerging trend, the notion of embedded business intelligence. The paper acknowledges the time-consuming nature of developing insights from data – even with the help of automated tools – and suggests that companies are prepared to supplement self-service options with methods like embedded analytics . ) learn new skills or invest additional time.”
The article suggests that organizations are looking for applications that have built-in analytics tools. “ In this environment ,” the article states, “ employees can make data-driven decisions without thinking twice and without interruptions .” Insights gained from this approach can go “beyond descriptive analysis (what happened) and predictive analysis (what will happen) to prescriptive guidance (what to do about it) .”
Use cases for such guidance include reaching out to customers based on certain signals – such as a late delivery of a package – rather than waiting for them to call with complaints, or proactively adjusting inventories based on purchasing trends.
Business Intelligence Trends for 2024
Some challenges remain with business intelligence, including data quality. With data as the basis of business intelligence, it must be trusted to provide more accurate results. Companies recognize the potentially enormous costs of making bad decisions based on bad data. Therefore, many are implementing data quality management (DQM) policies and continuous data monitoring to ensure they are starting in the right place and reducing operational risk.
The outlook for additional business intelligence trends in the coming year includes a continuation of the developments mentioned above. Workers across professions, departments, and seniority levels will be able to perform more tasks autonomously, better understand insights from data, and gain insights that will help them not just react, but proactively move forward with valuable initiatives. In other words, business intelligence is getting smarter.
