Over the past decade, business analytics has been revolutionized. Data exploded and became enormous. Spreadsheets made way to insightful and actionable data visualizations and interactive business dashboards. The emergence of self-service analytics creates a level playing field for all businesses in the data product chain.
The Business Intelligence (BI) landscape is evolving and the future of BI is unravelling with emerging trends. In 2020, BI strategies and tools have become increasingly customized. Businesses, from small to large, are focusing on the best BI solution for their particular business.
Business executives on completion of reputed business analytics courses will be presented with amazing career growth opportunities such as artificial intelligence and collaborative BI. XLRI business analytics courses offer top-quality learning in the latest trends of business analytics.
1) Data Quality Management (DQM)
The analytics trends in data quality grew exponentially this past year. DQM comprises acquiring data, implementing complex data processes, distributing the data efficiently and managing oversight data.
Data Quality management is an apex business analytics trends in 2020. This trend is becoming a standard operational practice, adopted by companies to protect their initial investments. Meeting strict data-quality levels also serves the purpose of compliance and regulation. By investing in Data Quality Management, companies improve their ability to leverage business analytics and maximize their returns on their investment.
2) Data Discovery/Visualization
Data discovery is a business process to identify patterns and deriving key insights through data analytics tools. As a business process, data discovery consists of the following:
- Data preparation stage where end business users are connected to various data sources
- Data visualization stage where users can easily accomplish visual data analysis through informative charts and graphs
- Data analytics stage where the business users can deploy these analytical skills to detect advanced patterns in the available data
XLRI business analytics courses offer leaning inputs in visualization tools which enable organizations to discover market trends and anomalies in a time-efficient manner and take immediate action.
3) Machine Learning and AI in Business Analytics
Be it through data-driven personalized services or chatbots, 96% of industry experts see an ascending role for machine learning and artificial intelligence in marketing functions. The synergy of AI and machine learning can be deployed in business strategies related to analytics and business intelligence.
The 2020 Gartner report suggested that AI and machine learning technologies are highly efficient in the detection of unexpected patterns in data analytics. For example, through advanced neural systems, AI algorithms can examine historical data and precisely detect anomalies.
4) Predictive Analytics and Reporting
Predictive analytics is a popular trend which can determine customer value or make sales forecasts. With the advent of big data, BI tools can discern future business trends from the current data patterns.
XLRI business analytics courses offer state of the art learning in the applications of predictive analytics in the estimation of customer demands. Airlines can arrive at optimum ticket prices and financial institutions can accurately calculate credit scores of customers, using predictive analytics.
5) Collaborative Business Intelligence
Collaborative Business intelligence is the fusion between BI technology and online entities such as social media and web technologies. The rise of rapid data collection and analysis has led to faster decision making processes.
Collaborative BI allows seamless sharing of BI reports along with increased interactivity among business users. Collaborative BI tools are aimed towards creating efficient solutions that enable an exchange of business ideas through Web 2.0 tools such as blogging and Wiki.
6) Augmented Analytics
Augmented analytics harnesses artificial intelligence/machine learning techniques to automate data preparation, insights breakthrough and intelligence sharing. With the enormous technological advancements, businesses can acquire more data.
This data influx presents an opportunity to derive more insights into the consumer’s buying profile. XLRI business analytics courses provide data analytics professionals with practical learning on data management processes and the ways to capture online data.
7) Business analytics for Sales and Marketing
With the help of BI dashboards, marketing professionals can have access to the latest sales and purchasing trends without relying on technical IT experts. BI tools enhance the returns from the marketing or sales activities by ensuring the following:
- Improving the accuracy of sales forecasts and targets
- Evaluating the market impact of the latest marketing promotions or campaigns
- Devising new business strategies for acquiring new customers
- Identification of most valuable customer segments and prioritizing them for profit generation
- Creating the right marketing message for individual clients based on the value and frequency of their purchases
Business analytics courses can help organizations to adopt the perfect BI tools for sales and marketing and improve the performance metrics such as product cross-selling, up-selling and customer satisfaction.
8) Data Automation
This trend indicates the era of high disruption in global markets in 2020. About 40 % of data-related tasks will undergo automation that makes the data automation trend, a force to reckon with. The wide range of data sources is a major bottleneck for businesses trying to merge and analyse the generated data. Data automation solutions in business analytics aim for data integration that provides analysts with the capability to collect and analyse large data volumes.
9) Embedded Analytics
This BI trend is the centre of attraction for data-driven businesses and is expected to reach a market turnover of $60 billion by the year 2024. By integrating business analytics solutions like reports, dashboards within local applications, data professionals can make faster decisions without switching to a different software tool.
10) Self-Service Business Intelligence
Conventional BI tools are integrated around a centralized data warehouse. Modern enterprises need immediate data access seamlessly and a centralized infrastructure is not sufficient to meet this requirement. This has led to the creation of self-service BI that offers users, more flexibility and independence when it comes to accessing data.
Companies have become data-centric to survive in the modern business world. The success of business intelligence and analytics is demonstrated by its increasing adoption across industry domains. Analytics professionals can get accredited through XLRI business analytics courses to derive competitive advantage by using the latest technological solutions.