/ What is the future of analytics and business intelligence?

What is the future of analytics and business intelligence?

As businesses strive to become more data-driven, the need for powerful analytics and business intelligence (BI) tools increases. However, traditional BI tools can be difficult to use and are often inflexible, which hinders their adoption.

This is where the rise of applications that are built with analytics as a core offering comes in.

These apps allow users to get the insights they need from data in their workflows with much less effort. As a result, analytics and BI companies are focusing on creating embeddable widgets that can be easily integrated into various workflow tools.

As companies switch to more modern BI tools, we can expect to see a continued focus on portability and customization. This trend will continue as more organizations realize the importance of data-driven decision-making.

So what does the future hold for business intelligence and analytics? Let’s take a closer look and see how your organization can prepare for the changes ahead.
 
Domo Business Analytics
 

Article at a glance:

  • What are business intelligence and analytics?
  • What is the future of analytics and BI?
  • How are applications becoming more portable and customizable?
  • What are the benefits of embeddable business intelligence widgets for businesses?
  • How will this trend continue in the future?

 

What are business intelligence and analytics?

Business intelligence (BI) involves using data to make decisions. It is the process of collecting, storing, analyzing, and visualizing data to help organizations better understand their customers, operations, and finances.

In a world that runs on data, BI is essential for making informed decisions. After all, data is useless if you don’t know how to use it.

Analytics is a term that is often used interchangeably with BI. However, there is a distinction between the two — and it is essential to understand the difference.

Analytics is a subset of BI that focuses on using data to make predictions about the future. It can be used to identify trends, optimize processes, and make decisions about what actions to take next.

With the right data and analytics tools, you can gain valuable insights that would otherwise be hidden. For example, you could use analytics to:

  • Predict customer behavior: What are the chances that a customer will churn? What products are they likely to buy next?
  • Optimize marketing campaigns: Which marketing channels are most effective at driving conversions? How can I reduce my cost per acquisition?
  • Detect fraud: What patterns can help me identify fraudulent activity?
  • Make better decisions: Should I invest in this new product line? Should I expand my business into this new market?

As you can see, BI and analytics are both essential for making data-driven decisions. However, the future of these two fields is diverging.
 

What is the future of analytics and BI?

The future of BI lies in its ability to be embedded into other applications. By making BI tools more embeddable and portable, businesses will be able to get the insights they need without leaving their workflow.

This trend is already underway. BI companies are creating embeddable widgets that can be easily integrated into popular applications like Salesforce, Google Sheets, and more.

The secret to BI’s success lies in its ability to be customized. By allowing businesses to tailor their BI tools to their specific needs, they will be able to get the most out of their data.

As more companies realize the importance of data-driven decision-making, we can expect to see a continued focus on embedding BI into other applications. These can take several forms, such as:

1. Applications that are built with analytics as a core offering

Modern applications are being built with analytics as a core offering. This allows businesses to get the insights they need without having to purchase a separate BI tool.

These capabilities are critical for keeping users engaged and ensuring that they have the data they need to make informed decisions.

2. Data visualization tools that can be embedded into other applications

Data visualization is an essential part of BI. It allows businesses to see their data in a way that is easy to understand and take action on.

There are a number of data visualization tools that can be embedded into other applications. This gives businesses the ability to add visualizations to their workflow, making it easier to gain insights from data.

3. Insights that are delivered through API

API-based BI tools are becoming more popular as they allow for greater flexibility and customization. By delivering insights through an API, businesses can integrate BI into their existing applications and workflows.

4. Embeddable widgets that can be used in various workflow tools

As mentioned earlier, BI companies are focusing on creating embeddable widgets that can be easily integrated into various workflow tools. This trend will continue as more organizations realize the importance of data-driven decision-making.

5. Focus on delivering insights through chatbots and voice assistants

Another trend that we are seeing is a focus on delivering insights through chatbots and voice assistants. This is due to the fact that these tools make it easier for users to get the information they need without having to leave their workflow.

6. Customizable dashboards that give users the ability to tailor their experience

Dashboards are a critical part of BI tools. They allow businesses to see an overview of their data and take action on it.

However, the future of dashboards lies in their ability to be customized. This will give users the ability to tailor their dashboard to their specific needs, making it easier to get the most out of their data.
 

7. Increased focus on self-service BI

Self-service BI is a trend that has been gaining popularity in recent years. This is due to the fact that it allows businesses to get the insights they need without having to rely on IT or data analysts.

This trend is only going to continue as businesses realize the benefits of self-service BI.

8. Continued focus on delivering insights in real-time

Real-time data is becoming more and more important for businesses. This is because it allows them to make decisions based on the most up-to-date information.

As a result, we can expect to see a continued focus on delivering insights in real time. This will be done through a variety of means, such as streaming data and push notifications.

9. Greater focus on artificial intelligence and machine learning

Artificial intelligence (AI) and machine learning are two technologies that are having a major impact on the world of BI. These technologies are being used to automate various tasks, such as data preparation and analysis.

As AI and machine learning become more advanced, we can expect to see a greater focus on these technologies in the world of BI.

10. Increased adoption of cloud-based BI tools

Cloud-based BI tools are becoming more popular as businesses move away from on-premise solutions. This is due to the fact that cloud-based tools are more scalable and easier to deploy.

Expect to see an increase in the adoption of cloud-based BI tools. This will allow businesses to get the insights they need without having to invest in expensive hardware and software.
 

What does this mean for the future of analytics?

The future of analytics lies in its ability to be embedded into other applications. By making analytics tools more embeddable, businesses will be able to get the insights they need from data in their workflows with much less effort.

Additionally, we can expect to see a greater focus on artificial intelligence and machine learning. These technologies will be used to automate various tasks, such as data preparation and analysis. If your team can take advantage of these trends, your capabilities will be greatly enhanced.
 

Conclusion

Data analytics and business intelligence are here to stay. The question is not whether or not these technologies will be important, but rather how they will evolve.

The trends that we have discussed in this article provide a glimpse into the future of analytics and BI.

In summary, the evolution of analytics and BI will focus on being increasingly portable and customizable. This evolution is due to the rise of applications that are being built with analytics as a core offering — a critical development that allows businesses to get the insights they need without having to leave their workflow.

Additionally, we can expect to see a continued focus on delivering insights in real-time, as well as a greater focus on artificial intelligence and machine learning. These trends will shape the future of analytics and BI — as well as how businesses use data to make decisions.

However, companies are slow to adopt these new technologies. In order to stay ahead of the curve, businesses need to focus on creating embeddable widgets that can be easily integrated into various workflow tools — a feature that will become increasingly expected by users.

By doing this, businesses will be able to get the insights they need without having to leave their workflow. Additionally, they’ll be able to take advantage of trends like artificial intelligence and machine learning.

If companies can embrace these changes, they will find that their investment in analytics and BI pays off in the long run.

Check out some related resources:

Why BI Programs Fail to Scale: The Data Decision Gap

Embracing the future of data with augmented BI

Creating modern data experiences that help your customers succeed

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