In the business world, Artificial Intelligence (AI), Business Intelligence (BI), Machine Learning (ML) and Natural Language Processor (NLP) are the most talked about topics. With huge amounts of data being produced every day by various resources, it is no wonder that Business Intelligence (BI) is booming. It is quicker and precise in reporting, time-saving and robust in producing results and that is why it is being adopted by many companies every day across the globe. In the coming year 2020 also, it is expected that BI will be adopted on a huge scale by the companies of the business world and will revolutionize their operations.
Let us take a look at the Business Intelligence trends driven by Artificial Intelligence, Machine Learning, and Natural Language Processor which will be shaping the business world in the year 2020:
One of the biggest and revolutionary trends that are expected for the year 2020 is the automation of the maximum operations. It is predicted by the Gartner even that over 40% of all the data science tasks will be automated. Businesses and vendors can be seen leveraging artificial intelligence in automating the portions of the analytics process. So, in the coming year, maximum automation of the processes can be seen happening in the business world.
• Generation of Actionable Insights
Modern-day companies will be depending on artificial intelligence to produce actionable insights instead of investing time in gathering and storing data. Because of the robust augmented analytics, the organizations won’t be required to invest money and time to analyze raw information and even on the SMB level, the requirement of data scientists will not be as crucial as it is at the present time. Using Business Intelligence, large datasets will also be handled with robustness and efficiency. ML and NLP will together enable the devices for augmented analytics to comprehend the data organically. AI will be enhanced to great levels where it will on its own be capable of noticing unusual and important changes in patterns irrespective of the size of the data set. In the coming time, it is expected that businesses will only be required to enter their raw data and deep actionable insights will be provided to the companies within a few hours or maybe someday in a few minutes.
• Data will be considered as a valuable commodity
With huge amounts of data being produced by various sources daily, most of the world’s leading brands are monetizing on this collected data. Popular companies like Facebook and Google are already selling their private information to third parties and making a lot of money. This trading of information is not illegal or ethically wrong and therefore, it can be expected that regulated data trade may become a profession of the future. In the year 2020, we can expect direct data monetization by selling and indirect data monetization.
• Integrated Capabilities
On-the-spot decision making or real-time decision making is a very crucial part of the businesses just as the long-term strategizing. Businesses need these to operate with optimum efficiency. And, therefore in among all the business intelligence trends for 2020, it is expected that embedded analytics will be among top ones in the list. We will be seeing more robust integration of analytic content and capabilities within the company applications.
• New Opportunities for Digital Assistants
We can expect in 2020 that digital professionals will be provided with digital assistants and they will no longer be manually monitoring the workflow, creating reports and other operations. With the advancements in Artificial Intelligence (AI), Machine Learning (ML), Natural Language Processor (NLP) voice-activated assistants like Alexa, Siri will also start transcribing language and converting it into structured data to be analyzed for insights.
• Diversified Data Jobs
Because of the increased usage of data by the companies, new data-related jobs can be expected to be created. The creation of positions like data manager, data translator, data ambassador, etc. can be expected in the year 2020.
• Big Data and Big Metadata
Big data and Big Metadata are playing a crucial role in helping the businesses to make data-driven decisions. The year 2020 can be seen as a major milestone year for the Big data and Big Metadata as with the daily increase in the volume, velocity and variety of data, there is dire need of Metadata to process the raw data. This trend is expected when it comes to business intelligence as it relies on structured data sets to analyze the information.
• The Emergence of Machine Learning as a Service
The year 2020 will definitely watch more and more companies investing in business intelligence and data analysis. But, there will be some companies that might have a shortage of resources or budget to invest in the same and for those companies, there is an alternative to these complex business intelligence tools. This alternative approach will be implemented by employing Machine Learning as a service.
The expected Machine Learning services which will skyrocket in the year 2020 will be NLP, predictive analysis and data visualization. Tech giants like IBM, Microsoft, Google, Amazon, and BigML are already offering efficient machine learning services to the businesses which cannot or do not want to invest in complex in-house ML programs.
• Predictive Analytics for all
Businesses have witnessed an increase in the democratization of predictive analytics in recent times. Artificial Intelligence (AI), Machine Learning (ML), and Natural Language Processor (NLP) have become quite popular and their exponential commercialization is making AI-based solutions reasonable for companies of all sizes. It is expected that by the year 2020 companies will no longer be required to invest huge sums in BI technology and data authorities. It may be seen that in the year 2020, companies will make it mandatory for the employees to attain basic knowledge about the data.
• Improved Data Governance
With an increased number of data sources and huge amounts of data generated, data governance and management is the need of the hour. In the present time, data shape is critical for the companies. Terrible information results in bad decision making resulting in loss to the company. Therefore, in the year 2020 companies can be seen paying undivided attention to data governance to gain maximum benefits.
With the rising of implementation of business intelligence, companies are efficiently making data-driven decisions. Adaption of the latest technology and methodology is imperative for the companies in the present time in order to survive the market competition and therefore, staying updated with the upcoming trends may help a lot to stand out from the competition.