In today’s marketing world, business intelligence is one of the main subjects of discussions. Have you ever questioned why business intelligence is getting all these hypes? The influence of data has become a pretty big deal in the modern business and marketing world. And business intelligence is all about harnessing the data that a company generates and devising data-driven strategies based on them.
With many marketing tools and applications available online, marketing has now become an increasingly data-driven industry. Business intelligence helps marketers gain comprehensive insights into the market, customers, and competitors. This incident eventually allows marketing professionals to create better marketing campaigns, generate higher ROI, and target the right customers. This article has explored the critical business trends in 2020 that you must watch out.
Business Intelligence Trends 2020
#1: AI for Decision Making
AI is one of the top business trends of 2020, as its application in today’s business world is noteworthy. Recent studies reveal that AI will have a revolutionary influence on the decision-making process. AI tools and applications provide reliable insight into the consumers’ persona. It eventually helps marketers predict consumers’ behavior and make insightful marketing decisions. In addition to this, AI tools enable the automation of decision making without human intervention. As such, AI is projected to remain as one of the significant business trends in 2020.
#2: Data Governance is a Top Priority
Well-defined and thoroughly implemented data governance enables marketers to become influential data-driven companies. Have you heard of data governance before? Well, data governance and data quality are complementary but are separate functions. Data governance assures that quality data is systematically gathered and precisely listed according to defined rules so that business leaders can make high-impact decisions. So, there’s no doubt that data governance is one of the top business intelligence trends to keep a note of in 2020.
Organizations across different market segments have already started leveraging data governance as it’s one of the top business trends 2020, but some are still unsure where to start. If you have not institutionalized data governance programs yet, it’s the right time to start. Undoubtedly, data Governance has a significant impact on strategies and operations, so it’s a prominent area to improve.
#3: Predictive Business Analytics will Grow
Is predictive analytics one of the emerging business trends 2020? We say, indeed, yes! It is because modern marketing and metrics go hand-in-hand. So, it’s inevitable that if marketers don’t invest in analytics or rising business trends 2020, they’ll struggle to drive the best business outcomes.
Nowadays, customers are spoilt for choices. Also, analyzing the customer journey is more complicated now as users engage with a brand across multiple touchpoints before purchasing. One of the significant business intelligence trends, predictive analytics, leverages AI-powered algorithms to help data analysts predict future business outcomes.
#4: Natural Language Processing to Get Smarter
Natural language processing or NLP is turning as one of the significant business intelligence trends. Is it one of the biggest business trends in 2020 that leading businesses will adopt? Speech recognition, machine translation, natural language generation, semantic search, and machine learning are some of the significant business intelligence trends already adopted by businesses of all sizes.
Constant developments in NLP has gradually changed the way marketers function. With these business trends 2020, data extraction is becoming exponentially faster and much manageable. As such, NLP is expected to remain as one of the emerging business trends in 2020.
#5: Augmented Analytics to Become Mainstream
Market survey reveals that augmented analytics is one of the top business trends 2020. As data analytics is inherently linked to business intelligence, we can anticipate growth in augmented analytics over the coming years.
Augmented analytics, one of the significant business trends 2020, enables more people in an organization to use the analytics program, whether they have a computer science or high-level mathematics background or not. Another exciting use of these booming business trends 2020 is that it allows businesses to use voice commands to execute analytics functions or manage the business intelligence dashboard.
A data-based approach can surely help businesses analyze the potential needs and demands of target audiences. The business intelligence trends mentioned in this writing price empower not only companies but also customers. These business intelligence trends are not going to reverse any time soon! Besides, as AI technology advances, business intelligence will become more powerful.
So, businesses of all sizes can turn to AI-driven business intelligence solutions to gain a strategic advantage.
Consider investing in these business trends in 2020 to turn data into lucrative opportunities
And all you can expect is success.