Some BI And Analytics Trends For 2020

In the last decade, people perceived the real value of data. It is where data became 'big' so much that in the last 2 years, we have originated 90% of all the data that we observe today.

The below trends and estimates suggest this is just a start:

• Implementation of mobile devices strata and release of data in the shapes of videos, images, and social media interactions
• With the escalating utilization of surveillance devices and sensors, it is going to extend even more. According to IDC, 41.6 billion connected IoT devices will exist and would originate 79.4 zettabytes of data by the year 2025.
• Digitalization of all forms of data, earlier it was in other physical formats and implementation of the cloud platform.

It has been the decade that brought about vital changes across business processes. Stakeholders now across every function like to do a fact check before crafting a big decision. That is where they depend on BI and analytics platforms to do the number crunching for them.

Managing things into perspective- earlier, they had to depend on an analyst or an MIS team for his fact-checking exercise now, we can say that- business intelligence and analytics platforms have been democratized truly.

Now the query for the next decade is- What can we anticipate more from BI platforms in 2020? With the signal of digital transformation catching up, how BI analytics will renovate?

We are going to illustrate our pick of some trends of BI for 2020.

Trend 1: Augmented Analytics-

The first trend that we are going to televise is a blend of Human abilities with machine intelligence- Augmented Analytics. This is going to steer the analytics space in the years to come. People have begun understanding the power technology such as NLP, ML, and AI welcomes to the table and according to the Worldwide semi-annual Cognitive and Artificial Intelligence System Spending Guide of IDC, the world extending on AI systems will twice the present expending to scale up to $77.6 billion by 2022.

There is even though some scepticism that surrounds AI implementations, with the surge of data that the companies are subjected to- they will require technologies such as AI and machine learning to accelerate the process of uncovering core trends and originating predictions.

But this is not all, at least for now companies require human intellect to set these insights into practical utilization. For this reason, an augmented approach is required.

Augmented analytics assures to deliver on some vital challenge that organizations confront nowadays, primarily- 'User Adoption'. With augmented analytics business users can come across actionable insights in a fraction of the time it earlier used to take, with little reliance on data scientists or business analysts. This will offer a big boost to the friendliness and usability ofBI and analytics platforms amongst users of all administrations and impact the ROI of these expenditures.

Trend 2: Plug N’ Play Analytics Solutions-

With everything around us boosting, it is very natural for companies to acclimatize to a pre-loaded analytics solution that organizes to the requirement of one or more departments. Analytics project adoption takes a very large amount of due diligence regarding scheduling downtimes of existing systems to shaping a cadre to rolling it out it phases. It is hard to obtain it right in one go, that is why organizations expend a considerable amount of time while creating a significant analytics strategy.

A pre-packaged application that is tested and tried and vows the wanted result without all the uncertainty and hassles, holds immense value for agile companies of today.

A fast-developing startup wanted a continuous check on its financials and chose to offer its department directs a birds-eye-view of their performance but, they neither desired to expend ample time nor capital in an analytics system. They acquired CFO Cockpit- an analytics solution that set out all their requirements without any frets of maintenance or procurement.

Trend 3: Clear and Concise Data Visualization-

A significant analytics dashboard heads to better implementation for increased usability and lesser time to insight. Also, it expends the promises of an accurately self-service BI tool by throwing out the cumbersome sifting and the requirement of assistance to land at the insights for the decision-makers.

Embedded human behaviour ensures us to quickly perceive and retain information visually displayed. The major aim of a BI platform is to offer information in an absorbable form and there is no greater way than a well-structured and crafted dashboard. Some other factors to approve while making a dashboard are:

• Improved for Personas: who will be utilizing the dashboard
• Recognizing the KPIs: the first screen displays the key ones
• Ignore information overload: might head to difficulties for end-user
• Ensure real-time data: auto-fresh to dispense the exact information
• Minimal reload-time: to hold the attention of the user.

Trend 4: NLP Driven Analytical Queries (Chatbot)-

With the adoption and usability being a great challenge with business intelligence and analytics projects, analytics chatbots that offer the answer to user conversational queries acquire great potential in this regard. These bots are machine-learning ensured and with more communications, it instructs itself and carries on learning with each passing communication and provides greater insights with lesser efforts. Apart from ensuring users, it upgrades collaboration also through communities and group creation that informs users and leads to greater efficacy.

A BI system needs decision-makers to set filters, drill through dashboards, and then attain actionable information, any step ignored could lead to a potentially bad business decision. A chatbot provides a secure and safe remedy for such incidents.

An analytics chatbot brings information to the users. It provides advantages like incorporation with an application of your familiarity, processes natural language queries smoothly, mobile app integration, and a powerful and secure atmosphere.

Trend 5: Embedded Analytics-

Another trend that we anticipate to be implemented further in 2020, is the incorporation of analytics capability in the natural workflow of the users that is precisely what embedded analytics does. It throws out the requirement for users to control across diverse screens to obtain analysis or performance reports. Even, it makes it simpler to grasp decision-makers' attention by exploding alerts and informing for certain KPI-led outcomes.

Teams getting dispersed across geographies, escalating acceptance of remote work, and improving implementation of cloud already has established the platform for embedded analytics. The prospective that embedded analytics provides is huge regarding ensuring the decision-making, minimizing cost, and escalating the user or customer satisfaction.

Trend 6: Automation-

Business executives perceive the significance of data-based decision-making. The last decade has elucidated its prerequisites across companies even more so, the next decade assures to merge on these innovations created. Automation would be a setting stone for organizations switching to the next gear of technological innovations. We will observe data scientists highlighting more ensuring AI and ML capabilities.

Automating actions for accumulating data from different systems, scrutinizing it, and originating reports through BI platforms would unlock the self-service capabilities ultimately for business users.

We have been explaining its significance for at least the last two decades, now it is a requirement for each company. We hope in the next few years, business intelligence services would pave the pathway to more robust business strategies and ventures that would craft maximum value for all the stakeholders engaged.

Hi, this is Kate, a Sap service & solution Consultant in Kolkata, India.