The fast rise of BI and analytics continues. In this article, we will attempt to predict key trends in the BI industry in 2022.
With the beginning of the COVID-19 induced economic recession, many companies have adopted BI and analytics. Although the entire analytics industry in on the rise, there are the top 5 trends that will grow the most in the coming years.
Automation will continue to be the biggest BI trend in 2022. The new technology trends are changing business processes and reshaping operations. Companies are looking to reduce manual, repetitive tasks.
This trend goes hand in hand with the development of AI. Many large companies already use AI to automate the data analysis processes. In 2022, companies will automate an estimated 40% of all data science-related processes.
Master data management (MDM) and data quality
This trend will remain on top in the years to come. Regardless of how well leaders drive other BI projects, without sufficient quality, data will still be useless. Companies cannot make the correct data-driven decisions, without good-quality data.
Although poor data quality is not a new problem, the issue remains among the top 3 problems in the BI industry.
To have better MDM processes, companies should work to improve data culture and governance across the enterprise. It isn’t possible to have high-quality data without a company-wide data-driven culture.
Cloud computing will become even more mainstream. This trend is the foundation of everything else. According to Gartner, cloud computing services will be needed for 90% of all data and analytics advancements next year. Cloud computing is becoming cheaper, faster, and more flexible.
With the high availability of the cloud services, the use of cloud-native solutions will also increase further. In the cloud, companies can pick and choose which service and for how long they would like to use them. One no longer needs to purchase a service up front but can simply deploy microservices for a limited amount of time.
The self-service trend has been a top BI trend for a while now. And industry surveys confirm that this still will be a high priority trend in 2022.
Leading BI vendors are constantly working on improving their products’ user experience. For example, users no longer need to have computer science degrees to use modern BI tools, such as Power BI. Microsoft has done a tremendous job of providing users with self-service tools and freedom to use analytics. As the BI adoption rates will increase, more business users would use BI independently. They will no longer need a constant assistance from the IT department.
Predictive and prescriptive BI and analytics
The rear-mirror view, which descriptive analytics provides, is no longer effective. We live in such a fast-paced environment that by the time one analyzes what happened, it may be already too late. That is why, the predictive and AI-enabled prescriptive analytics trends will increase. Leaders do not need to know what happened, but what will happen and what should they do about it.
Much of the estimated global analytics market’s reach of $22.1 billion by 2027 will include a rise in predictive and prescriptive analytics.