Why These 5 Business Intelligence Trends Can’t Be Ignored

Making informed decisions is crucial for any business wanting to stay ahead in this highly competitive market. In the digital era, where data is gold, Business intelligence tools provided by top BI companies like Grow stand out at the forefront in making the right decisions.

If your company is still relying on legacy business intelligence tools, you’re navigating a rapidly evolving market blindfolded. 

Moreover, you miss out on leveraging emerging technologies like advanced data visualization, real-time analytics, and more. Clinging to old BI tools is like driving toward your destination using directions from 5 years ago – the landscape has changed, and your route is now ineffective.

These tools have improved a lot over the years. Keeping up with the latest Business Intelligence Trends is important for businesses wanting to do well in a world that relies heavily on data.

Let’s have a look at these trends with some Business Intelligence Examples. 

5 Essential Business Intelligence Trends 

1. Data Democratization 

According to the Experian 2020 Data Democratization Report, data democratization is a critical objective for 81% of questioned company leaders.

Many Business Intelligence Software Companies are developing modern BI solutions with user-friendly interfaces, allowing non-technical staff to access and analyze data.  This emerging trend empowers employees across all hierarchical levels to make data-driven decisions, nurturing a culture of analytics throughout the organization. 

Data democratization breaks down data silos to deliver insights through self-service analytics. Business Intelligence Software Companies like Grow’s dynamic dashboards integrate with various features such as filtering, grouping, and range, which help access data easily to users at all levels. 

As an illustration, when your team sees one of the metrics in Expanded View, the Chart tab displays his interpretation of the measure (just as they saw it on the dashboard), and the Raw Data tab narrows the transactional data only to include a subset of data.

2. Advanced-Data Visualization 

Data visualization serves as a potent instrument for presenting intricate information in an easily digestible format. The latest Business Intelligence Dashboard comes equipped with advanced data visualization capabilities. This includes interactive dashboards, geographic analytics, and visualizations based on augmented reality (AR).

These enhancements enable users to intuitively explore data, acquire deeper insights, and effectively convey findings. 

As the age-old adage goes, “A picture is worth a thousand words,” and interactive data visualization has the potential to make data convey volumes of information.

3. Real-Time Analytics 

In the digital era, businesses cannot afford to make judgments based on old information. Many Business Intelligence Examples showcase how real-time analytics stands as a prevailing trend. This enables organizations to access and analyze data as it’s generated, furnishing immediate insights for swifter decision-making. Whether it’s the monitoring of website traffic or the tracking of inventory levels, real-time analytics plays a pivotal role in empowering businesses.

For instance, a financial service company employed real-time analytics to monitor customer spending patterns closely. This strategic approach enabled the company to promptly identify customers at a heightened risk of defaulting on their loans, thereby assisting the company in mitigating potential financial losses. 

4. Data Security and Privacy 

Given the growing importance of data in business operations, data security and privacy are trending concerns. 

Grow, a leading provider of BI Intelligence tools, understands the importance of providing data visibility and access to authorized users while ensuring robust security against illegal access. When connecting to data sources,Grow always uses HTTPS wherever it is practical. 

This ensures that all data is transmitted over the internet safely using industry-standard 128-bit SSL encryption. This also eliminates the possibility of data exposure.

5. Self-Service BI

Self-service BI is a prominent trend in the field of analytics. This method enables non-technical members inside a company to autonomously create reports, dashboards, and analytics. This removes the need for ongoing dependence on IT or data professionals. 

Self-service BI tools often have user-friendly interfaces, drag-and-drop capabilities, and pre-designed templates to make it easier for business users to access and manipulate data to gain insightful information.

Conclusion

These five trends in business intelligence signify the forefront of data-driven decision-making.

Businesses can secure a competitive advantage and position themselves for success in today’s dynamic market landscape by:

• Embracing and promoting data democratization,

• Harnessing advanced visualization techniques,

• Adopting real-time analytics 

• Emphasizing data security and privacy.

Neglecting these trends is not an option for organizations aiming to thrive and adapt to the ever-evolving business intelligence domain. Stay informed, stay competitive, and stay ahead by embracing these transformative Business Intelligence Trends.

Grow’s feature-rich Business Intelligence Dashboard can help you improve the efficiency of your company. Access advanced analytics, real-time data insights, and customizable dashboards to transform your data into success today!

With the Grow analytics and BI dashboarding tool, you may gain deeper insights. Check out the Grow data dashboard Trustradius and see for yourself!