Business intelligence has been revolutionized over the past decade. Data exploded, spreadsheets took a backseat to insightful data visualizations and self-service analytics began to rise. Business intelligence is the practice of collecting and analyzing data to support better business decision making. This landscape will continue to change through 2020, with new tools and strategies becoming increasingly customized.
2020 will be the year of data quality management, and discovery. Businesses of all shapes and sizes are no longer asking if they need increased access to business intelligence analytics, but what is the best intelligence solution for their specific business. The experts at D3 have compiled a list of the top analytics and business intelligence trends that will continue to grow as we enter into the New Year.
Augmented analytics is the use of statistical and linguistic technologies to improve data management performance, from data analysis to data sharing and business intelligence. Over the past few years, data and information collection has become more advanced, so relying on machine learning automation, and using new artificial intelligence techniques will continue to push augmented analytics forward.
Augmented analytics is important because the data collected will produce better business decisions, more accurate business predictions, and measurable analysis of product and service offerings, pricing, financials, production and more!
Mobile Business Intelligence
The emerging trend of mobile business intelligence will continue to push forward in 2020. Vendors, companies, and organizations will continue to implement mobile solutions in order to allow users to access data from any location. This near-real-time access will allow companies to increasingly use mobile business intelligence, allowing for quicker reactions to new business data, and greater access to remote users. Essentially, mobile business intelligence allows those who want/need access to data information, to be able to access it anytime, anywhere, on their mobile devices.
As data and analytic importance continue to grow within organizations, companies will continue to adopt a data-driven culture mentality. It is imperative for companies to become data-driven in order to remain competitive and progressive. Data is no longer a tool for showing reports, it also facilitates work and sales coordination, business organization and making decisions that result in a successful organization. In a data-driven culture, informed decisions are made from the top-down, allowing employees to be more effective, and make better decisions in their jobs.
Data is being collected daily on individuals who use the web, allowing companies to use data sets to predict future possibilities. Data Mining is used for past actions and interactions, and predictive analysis gives a reliable view of what a customer may do, products that they may purchase, as well as future behaviors and potential risks to avoid.
Have you ever scrolled through your Instagram feed and wondered why you keep seeing similar content to posts you ‘liked’ just the day before? Or why you’re following hundreds of accounts but seem to only see a handful of accounts? This is because of predictive analytics algorithms, deciding on what exactly you want to see in your news feed!
Data Quality Management
Data quality management is a process goes all the way from the acquisition of data, to an effective distribution of data. Today, most of a company’s operations and strategic decisions heavily rely on data, making the importance of quality even higher.
Why does this matter? If you have inaccurate data in your system, when you run a Facebook or Google ad campaign that targets an area, the cost will be higher than it should be because of false information. If you send a physical flyer, some of your letters won’t ever reach their recipients. If your data quality is good, however, then you’ll be able to get leads at a lower cost than your competition, get more return on investment from each direct mail, phone call, or email campaign that you execute, and so much more.
For more information, please contact D3 at 410-213-2400, or email us at firstname.lastname@example.org