Current Trends of Business Intelligence

This report observes and discusses the current trends in business intelligence (BI) and companies dependence on it. It covers topics such as Artificial Intelligence, Data Security, Data literacy, Data visualisation, and Natural Language processing. The report concludes that businesses must strive to effectively leverage business intelligence insights as their data becomes more complex and diverse.

Current Trends of
Business Intelligence

Table of Contents
INTRODUCTION ...............................................................................................................................3
TASK....................................................................................................................................................3
Artificial Intelligence.......................................................................................................................3
Data Security....................................................................................................................................4
Data literacy ....................................................................................................................................4
Data visualisation ............................................................................................................................4
Natural Language processing
........................................................................................................................................................5
CONCLUSION ...................................................................................................................................5
REFERENCES.....................................................................................................................................6

INTRODUCTION
For running a successful business in today's rapidly evolving corporate climate, businesses
have to be nimble and adapt with the same pace. Failing to keep up with the technological
advancement can leave a company obsolete. This report will observe and discuss the current trends
in business intelligence (BI) and companies dependence on it BI is an umbrella term explaining the
processes that enable business organizations to make data-driven decisions at a higher level. BI
encompasses activities such as business analytics, mining of data, visual representation of that data,
data techniques, etc.
TASK
Businesses are multi-faceted operations. It includes running the sales & marketing
departments, a finance department, and an operations department which oversees the smooth
running of the business's core function. As competition grew fierce it got important for firms to be
more optimal and efficient. The rise of technology, gave companies computing power to take more
accurate business decisions, taking guess-work out of the equation. Now, company's management
could base decisions based on what their business data suggests. BI has helped companies with
providing an accurate quantitative analysis, helps businesses to measure their performance in
comparison to the goals set by them, gaining insights directly from the customers' behaviour, and
identify new opportunities for businesses. With a constant evolution in BI, the trends in the field
keeps changing quickly, however, these are a few trends that may continue to assist organisations in
the coming future. These trends are:
Artificial Intelligence
One of the few mainstream terms which is heard very frequently these days in the cyber
world are Artificial Intelligence (AI). AI can loosely be described as the development of computer
software and programs which empower them to do those activities and enable them to solve those
problems which can usually be solved by human intelligence. Incorporation of AI in business
intelligence give companies the ability to improve their revenue streams and also provide them with
valuable insights. AI helps in this by solving high volume of data with ever increasing complexity.
This has attracted organisations in adopting AI to enhance the value of the enterprise.
AI if used in conjunction with machine learning provide companies to draw valuable
insights assisting them to forecast the trends that may occur in the industry, and the behaviour of the
users of their product/service. This will allow businesses to take holistically informed data-driven
decisions and allow companies to gain an competitive advantage over its rival firms (Artificial
intelligence, 2022).

Data Security
Data privacy and security was a major concern for individuals and companies over the past
few years, as the awareness of how vulnerable it is to store data, and easy it can be to hack into data
became prevalent. With these raising concerns of cybersecurity, a lot of new laws were made and
implemented at various government and organisational level. And companies then became obligated
to stay compliant with these laws. Companies became more stringent with sharing of high volume
data to those companies which provide BI services to organisations. These BI service providers had
to take up the responsibilities making sure that their clients' (which are large organisations, who in
turn collect data of users), stay safe. To make this happen, and better prepared to implement
mechanisms to ensure security (Data Security, 2022).
Data literacy
Businesses are starting to understand the significance of utilising data analytics across their
organization. Companies are now trying to put insight first, rather than decoupling analysis and
decision-making. They want data to support their decision-making, from goal setting to strategy
formulation to action. As per Gartner, it is the potential to read, write, and communicate data in
context. This is the key to increasing user adoption and maximizing the effectiveness of your BI
tools. Data literacy is important for everyone, regardless of job title or organization. The skills to
interpret data, generate insights, and ask the right questions are skills that can drive change in every
role at every level of the organization. Data-driven business owners must bridge the data literacy
gap between their analysts and non-technical users. This is a process called data democratization.
Companies must foster a data-first culture to foster data literacy and encourage employees to
prioritize data. All organizational teams must learn, through training and initiatives, how to analyse
data and apply insights to their work. Even with self-service tools accessible to all, data literacy
remains the cornerstone of a successful data-driven culture. Leaders are responsible for providing
training and tools across the organization to enable everyone to work with data and analytics. A
successful data literacy process requires a careful assessment of employee and management skills to
identify weaknesses and gaps (Data literacy, 2022).
Data visualisation
Essentially, records discovery is the system of accumulating records from numerous inner
and outside reasserts and the use of superior analytics and visualizations to consolidate all of the
statistics. This lets in companies to preserve each applicable stakeholder engaged with the records
with the aid of using empowering them to research and manage the statistics in an intuitive manner
and extract actionable insights. To acquire this, companies of all sizes flip to fashionable answers
inclusive of commercial enterprise intelligence equipment that provide records integration,

interactive visualizations, a user-pleasant interface, and the ability to paintings with massive
quantities of records in an green and intuitive manner. Discovering tendencies in commercial
enterprise operations which did not even recognised had been there or permitting on the spot
movements whilst a commercial enterprise anomaly happens have emerge as priceless equipment in
efficaciously coping with companies of all sizes (Data visualisation, 2022).
Natural Language processing
As the companies are growing and are trying to attract new customers, natural language processing
(NLP) allows companies to collect data from relevant parties using their natural language with
directly with spoken words or in written. With AI capabilities quickly catching up and
incorporating in NLP, more people will be able to use data to solve problems. This will increase the
productivity of businesses, as they would not have to spend on employee training for coding and
data mining and analysis. However, the only drawback seen by NLP is to overcome the barrier of
nuances in languages around the world. Words which have similar phonetics, words and their
synonyms, words with differing meanings among organisations, etc.
It makes explosion of NLP in 2022 rather difficult but with continued growth in usage over
time, it will continue to make gradual improvements and will help business truly become global
(Natural Language processing, 2022).
CONCLUSION
These are some of the most popular business intelligence trends for 2022 and beyond. While
it is impossible to say with certainty which direction BI and the ecosystem it entails will head, each
of the above trends is certain to emerge in some form. The use cases for machine learning
algorithms are increasing by the day, and the excitement about what's possible in the business
intelligence space is only growing. To stay competitive, businesses are smart to use business
intelligence tools that take a big hit to their bottom line. Organizations in all industries must strive
to effectively leverage business intelligence insights as their data becomes more complex and
diverse.

REFERENCES
Books and Journals
Artificial intelligence, 2022. [Online]. <https://www.datapine.com/blog/business-intelligence-
trends/>
Data Security, 2022. [Online]. <https://www.zucisystems.com/blog/top-8-trends-in-business-
intelligence-in-2022/>
Data literacy, 2022. [Online]. <https://www.qlik.com/us/bi/data-literacy>
Data visualisation, 2022. [Online]. <https://powerbi.microsoft.com/en-us/data-visualization/>
Natural Language processing, 2022. [Online].
<https://www.techtarget.com/searchbusinessanalytics/news/252511319/5-business-
intelligence-trends-to-watch-in-2022>