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Top 2021 Business Intelligence Trends In Reporting

Business intelligence has changed dramatically over the last decade. Data multiplied and grew in size. We were all able to access the cloud. Spreadsheets have finally given way to interactive business dashboards and actionable and insightful data visualizations, know more. The democratization of the data product chain was aided by the rise of self-service analytics. Advanced analytics was no longer just for analysts.

The year 2020 was a watershed moment for the business intelligence industry. The trends we discussed last year will continue into 2021. However, the BI intelligence landscape is changing, and the future of business intelligence is being played now, with new trends to watch. BI tools and strategies will become more customized in 2021. Businesses of all sizes are now asking what is the best financial analysis software for their specific business, rather than if they need more access to business intelligence analytics.

Let’s delve a little deeper into what trends are changing the game for top financial analysis software.

Artificial Intelligence.

We’ll begin by looking at what’s new in business intelligence with AI. Gartner identified this as one of the major trends in their Strategic Technology Trends report, combining AI with engineering and hyper-automation and focusing on the level of security in which AI risks developing vulnerable points of attack. Artificial intelligence (AI) is a branch of science that aims to make machines do things that complex human intelligence would normally do.

While we work on programs to avoid such inconvenient situations, AI and machine learning are revolutionizing the way we interact with our analytics and data management systems, and increased security measures must be considered. Whether we like it or not, it is and will continue to have an impact on our lives.

Businesses are transitioning from static, passive reports of events that have already occurred to proactive analytics with dashboards that allow businesses to see what is going on in real time and provide alerts when something isn’t working as it should. As it learns from historical data, solutions like an AI algorithm based on the most advanced neural networks provide high accuracy in anomaly detection.

Another feature of AI in BI analytics tools is the ability to provide upscaled insights. It basically analyzes your dataset in its entirety without requiring any effort on your part. You simply select the data source and the column/variable (for example, revenue) on which the algorithm should focus. After that, calculations will be performed and you will receive growth/trends/forecast, value driver, key segment correlations, anomalies, and what-if analysis.

This is a huge time saver because what a data scientist would normally do will be handled by a tool, giving business users access to high-quality insights and a better understanding of their data, even if they don’t have a strong IT background.

AI assistants are another means of gaining time. Artificial intelligence features have begun to emerge that allow users to communicate with software in plain language: the user types a question or request, and the AI generates the best possible response.

Data Visualization/Discovery

In the last year, data discovery has become more important. According to the Business Application Research Center’s importance hierarchy, data discovery is one of the top two business intelligence trends. The empowerment of business users is a strong and consistent trend among BI practitioners.

One thing to keep in mind is that data discovery tools are based on a process, and the results generated will provide business value. It necessitates data preparation, visual analysis, and guided advanced analytics to comprehend the relationship between data.

According to the Research Center, “the high demand for data discovery tools reflects a huge shift in the BI world toward increased data usage and the extraction of insights.” The use of online data visualization tools to carry out those tasks is quickly becoming a valuable resource for generating relevant insights and establishing a long-term decision-making process. Business users, on the other hand, require software that is:

  • Simple to use
  • Flexible and adaptable
  • Allows for easy handling of a large volume and variety of data, reducing time to insight.

Discovering previously unknown trends in business operations or enabling immediate action when a business anomaly occurs have become indispensable tools in effectively managing businesses of all sizes.

Whether it’s for developing sales charts or comprehensive interactive reports, data visualization has evolved into a state-of-the-art solution for presenting and interacting with multiple graphics on a single screen. The point is that data discovery is a process that allows decision-makers to uncover insights, and teams can spot trends and major outliers in minutes by using visualizations.

The data discovery trend will grow in importance as one of the most important BI trends in 2021, as humans process visual data better.

Tools For Predictive And Prescriptive Analytics

Tomorrow’s business analytics is focused on the future and attempts to answer the following questions: what will happen? How are we going to make it happen? As a result, predictive and prescriptive analytics are by far the most talked-about business analytics trends among BI professionals, especially as big data becomes the focal point of analytics processes used by both large corporations and small and medium-sized businesses.

The practice of extracting information from existing data sets in order to forecast future probabilities is known as predictive analytics. It’s a type of data mining that focuses solely on historical data. As software that manages large volumes of data today becomes smarter and more efficient, predictive analytics includes estimated future data and thus always includes the possibility of errors in its definition, though those errors are steadily decreasing. Predictive analytics provides a reasonable estimate of what will happen in the future, as well as a few alternative scenarios and risk assessment.

Predictive analytics is a business tool that analyzes current data and historical facts to better understand customers, products, and partners, as well as identify potential risks and opportunities.

Predictive analytics is used in a variety of industries. It is used by airlines to determine how many tickets to sell at each price point for a given flight. Hotels try to forecast how many guests they will have on any given night so that they can adjust prices to maximize occupancy and revenue.

Marketers use it to predict customer responses or purchases and set up cross-sell opportunities, whereas bankers use it to calculate a credit score, which is a number generated by a predictive model that takes into account all relevant data about a person’s creditworthiness. There are numerous real-world examples of big data being used to shape our world, whether it is in the purchasing process or in the management of customer data.

Predictive analytics must also become more accessible to the general public, and by 2021, we will see even more relevance that will support this idea. Self-service analytical capabilities are becoming a criterion for both BI vendors and businesses; both can benefit from it and add more value to their businesses.

Prescriptive analytics takes things a step further. It looks at data or content to see what decisions should be made and what steps should be taken to achieve a specific goal. Techniques like graph analysis, simulation, complex event processing, neural networks, recommendation engines, heuristics, and machine learning are used to define it. Prescriptive analytics aims to predict the consequences of future decisions so that they can be adjusted before they are made. This greatly improves decision-making because future outcomes are factored into the prediction.

Prescriptive analytics can help you optimize scheduling, production, inventory, and supply chain design so that you can deliver what your customers want in the most efficient way possible, and these are some of the business intelligence 2021 trends we’ll hear more about.

Data And Analytics In Real Time

This year, the demand for real-time data has exploded, and it will continue to do so in 2021. Since the outbreak of the pandemic, we’ve seen how important it is to have real-time and accurate information when developing proper response strategies.

With more variables in the equation, forecasting and alarms will inevitably become much more important in developing proper business responses and strategies for future endeavors. Furthermore, implementing live dashboards will enable businesses to quickly access pertinent information about their operations and respond if any potential issues arise. Data that is up to date is more important than ever before, and because the world has changed, businesses must adapt as well. High-tech data access is becoming the norm, and it’s one of the reasons why some businesses will thrive while others will perish.

Mobile BI Intelligence

Mobile BI was a huge buzzword in the BI and analytics community a few years ago. Although market penetration is still slow, we expect to see even more vendors and BI solutions include this feature in their software, such as modern mobile dashboards, next year. Companies, not just vendors, will implement and actively use mobile solutions because they will provide them with numerous benefits, such as accessing information at any time and from any location – whether on a train or relaxing on a beach.

Each year, physical presence at an office site becomes less necessary, and this is affecting the BI industry as well. Mobile BI allows businesses to have real-time access to their data, allowing for faster responses to any business events and more freedom for users who are currently not in the office but need to access critical business data on the go.

Analytics in the Cloud

Embedded analytics is the name of the game when data analytics occurs within a user’s natural workflow. Businesses have realized the value of integrating various BI solutions, such as KPI dashboards or reports, into their own applications, thereby improving decision-making and productivity. Companies that were previously suffocated by spreadsheets have realized that using embedded BI allows them to provide more value within their own applications.

Embedded analytics is becoming a standard in business operations, whether you need to create a sales report or send multiple dashboards to clients, and we’ll see even more companies adopting it in 2021. Departments and business owners are looking for professional data presentation solutions that do not require them to develop their own software. Organizations can achieve a polished presentation and reporting that they can offer to customers by simply white labeling the chosen application. This is one of the analytics trends that can be implemented right away because many vendors already provide this service and ensure that the application runs smoothly and without too much complexity.

Wrapping Up

In today’s business world, being data-driven is no longer an ideal; it is a requirement. 2021 will be an exciting year for those who want to see beyond the hype and get the most out of cutting-edge online business intelligence software.

If you’re ready to get started with financial data analytics software from PathQuest®. You can request for a free consultation or a product demo.

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