3 Important Trends Shaping Business Intelligence Growth in 2021
With 2021 now well underway post the critical COVID19 pandemic waves, most businesses are focused on growth and goals for the next year.
In a hyper-connected and digital world, much of that focus will depend on technology. Across industries, innovative technologies and growing amounts of data are changing the way we do business today and in the future.
One of the top buzzwords since 2018-19 “digital transformation” may have grown in relevancy last years, but with additional changes happening in technology, 2020-21 is shaping up to be a big year for how businesses leverage the data they collect to transform their operations and deliver better products and services.
Here are the top 3 business intelligence trends to watch in 2021.
1. Improved AI
Artificial intelligence (AI) has grown in importance for companies because it helps them to complete tasks and process information in a faster, more accurate, and affordable manner. Consider chatbots that are ready to quickly respond to a customer query or an inventory management system that’s able to improve processing times and reduce losses.
According to a report by PwC, AI will contribute up to $15.7 trillion to the global economy by 2030. In 2021, accelerated investment from businesses in machine learning and finding new ways to leverage technology to improve operations will take place.
2. Security & Access Control
As more and more company data is created, it’s become especially critical that security of that “intelligence” and the processes involved in extracting and utilizing it are in place. Especially in regulated industries and where there are strict compliance requirements. These industries stand to benefit most from a digital transformation but require protections in the process. One layer of this is data governance, and we’ll see more of it in 2021. Not only to reduce risks and maintain compliance but also to bring confidence to decision-makers. Together with IT teams and end-users, these leaders will work to build processes and trust in analytics and databases throughout 2021.
3. Connected Cloud
Business intelligence is also making its move to the cloud today because of the ability to access and share data quickly across the company. Easier accessibility to data, greater computing power, and lower costs have all made the move to the cloud more appealing to businesses. In 2021, we’ll see a merging of multi-cloud, hybrid, and edge solutions to allow companies maximum flexibility and the best results.
With years of experience in cloud computing, UX/UI, mobility, big data, analytics, robotic process automation, agile software development methodologies, and DevOps, our team knows what’s needed to enhance the customer experience, optimize business processes and help businesses become more agile.
Our Business Intelligence services can assist you in understanding your customers better, and designing and delivering reports to manage your business. In addition, VLink’s information management capabilities can help your organization transform data into actionable insights which then allows you to make critical decisions with confidence. Get in touch today!