Future of Business Analytics and Trends in 2021

Over the past few years the future of business analytics looks bright. All over the globe businesses are driven by a new level of generating data and using the latest technology. It includes a surplus amount of gathering data based on consumer practices to the data that moves global supply chains. Therefore, it has become essential in understanding and implementing best business analytics practices for the functioning of modern business practice. It could be challenging for a business owner to decipher where to initiate, however, observing trends could offer better support. The below image illustrates important BI, Analytics trends in 2021.

What are the emerging trends in Business Analytics?

Significant growth in the business analytics is anticipated to continue into 2021. With few trends of business analytics that would be emerging are as follows:

1.       Artificial Intelligence

2.       Data Security

3.       Data Discovery/ Visualization

4.       SaaS

5.       Predictive And Prescriptive Analytics Tools

6.       Real time Data & Analytics

7.       Collaborative Business Intelligence

8.       Mobile BI

9.       Data Automation

10.   Embedded Analytics

1) Artificial Intelligence

In order to initiate with Artificial Intelligence is one of the major trends of business analytics. AI was also chosen by Gartner for its Strategic Technology Trends report as one of the promising trends for business analytics. AI is the science that aims to make machines execute what is usually done by complex human intelligence.

2) Data Security

Data security has been on everyone’s agenda in 2020, but would still continue to be a buzz in 2021. The implementation of privacy regulations such as: the General Data Protection Regulation (GDPR) and the California Consumer Privacy Act (CCPA) have set building blocks for data security and management of users’ personal information.

3) Data Discovery/Visualization

Over the last year the data discovery has increased its impact. According to the survey conducted by the Business Application Research Centre listed data discovery as one of the top trends by the importance hierarchy. BI practitioners steadily show that the empowerment of business users is a strong and consistent trend.

4) SaaS

One of the technologies which has had a significant shift in business analytics last year is Software as a service (SaaS). The future of business analytics lies in the possibility to perform analysis on its own, with tools that are accessible no matter the location, and can adjust to current and future working conditions. It would continue to shape how we perform business tasks is, of course, SaaS.

 5) Predictive and Prescriptive Analytics Tools

Business analytics of tomorrow is focused on the future and tries to answer the questions: what will happen? How can we make it happen? Accordingly, predictive and prescriptive analytics are by far the most discussed business analytics trends among the business professionals, especially since big data is becoming the main focus of analytics processes that are being leveraged not just by big enterprises, but small and medium-sized businesses alike.

Future of Business Analytics

Ultimately, this brings us to the first insight regarding trends of business analytics.  In order to create a sales report or use multiple dashboards for the clients. Embedded analytics is increasingly becoming a standard in business operation especially in 2021. Several companies are adopting this strategies for better insights and outcome. Ultimately, many organizations have dedicated departments which are seeking for people to present its data without the need to build their own software. 

Few more Emerging Trends of Business Analytics in 2021 and beyond:

The world of business is moving faster, and the related latest technology is moving even faster. So we’ve compiled a few more list of top business analytics trends for 2021 and beyond to help you stay agile in the analytics space.

6) Real-time Data & Analytics

The demand for real time data and analytics has significantly risen in the previous year and would be a top trend in 2021 as well. We have seen since the pandemic arrived, that the needs for real-time and accurate updates are critical in developing proper strategies to respond in such unfortunate situations.

7) Collaborative Business Intelligence

Today in the fast paced environment the managers and employees needs more refined version of information to stay ahead and relevant in the competitive environment. The emergence of social media and related 2.0 technologies makes a suitable combination for collaborative BI. It has ultimately developed a context of enhanced collaboration which addresses the new challenges the fast-track business provides. It provides more analyses and reports are generated quickly.

8) Mobile BI

Mobile business intelligence is becoming more incorporated into BI solutions. It is anticipated that the trend would certainly not lose its importance. In fact, it is considered to be one of the most prominent emerging trends in business intelligence.

9) Data Automation

Without the automation of data analysis business intelligence is incomplete. Whereas in the past decade we have seen surplus data being produced, stored, and made readily available. However, in order to tackle massive volumes of information that has been collected modern data automation solutions needs to be in place. Several companies and organizations are seeking solutions and the skilled manpower regarding the same. A survey by KDNuggets predicts that by the next decade, automation of data analytics would be emerging trends providing ample scope for young professionals to up skill.

10) Embedded Analytics

During the occurrence of data analytics within a user’s workflow, embedded analytics comes into picture. Business solutions such as KPI dashboards r reports are thereby increasing business decision making and business productivity. Previously, spreadsheets were used which now got into and utilization of embedded BI to provide higher value for its own operations.

Key Takeaways

  • Data quality management is set to become one of the most important digital trends
  • Predictive and prescriptive analytics are changing the dynamics of business analytics
  • Self-service is shaping the future of digital analytics by lowering the barrier of entry into the world of BA
  • Privacy and personalization are going to top most priority as consumers become increasingly privacy-conscious, yet more demanding of their personalized data