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.
In Conclusion
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.
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- 14 September, 2020
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