Master data management and data quality have been ranked as the most important trends in business intelligence over the past five years. This is in line with our other surveys that have shown that companies constantly have challenges with insufficient data quality. Let’s take a closer look.
Top Business Intelligence Trends to Look Out for in 2022
1 – Data-Driven Culture
With the growth in AI, machine learning, and automation, organizations will always be looking for ways to create efficiency and innovation in their businesses. Data quality and management are key challenges in this process. Everything from big data to IoT will revolve around data quality and data management. As a result, we will see a shift from data-driven culture to data-driven organizations.
2 – Data will Become a Strategic Asset
Data is the number one asset for organizations. When organizations are able to extract value from their data, they will be able to make better decisions and drive the success of the business. Data will continue to remain a strategic asset with organizations looking to develop data governance programs that will enable better management, storage, and reporting of their data.
3 – Data Quality and Management
Since data quality is the number one challenge, organizations will continue to invest in data quality and master data management programs. Data quality and data management will be a critical piece of an organization’s overall business intelligence strategy.
4 – Data Governance
Data governance is an important part of data quality management. Data governance programs must align their data quality programs with business objectives so that data quality is aligned to business outcomes.
5 – Cognitive Analytics
Cognitive analytics (aka. artificial intelligence and machine learning) will become an important component of data quality management and master data management programs. Connected systems, including IoT, will require artificial intelligence in order to be smarter and more efficient.
6 – Data Auditing
As organizations continue to build data governance programs, we will see a focus on data auditing and data compliance. We will see programs that combine data quality, master data management, data governance, and data auditing to ensure high-quality data is flowing through the organization.
7 – Data Visualization
As organizations focus on data quality and data management, data visualization will become a central component of business intelligence and analytics programs. Data visualization enables more efficient decision-making, which makes it more valuable. There will continue to be more efforts in quality data visualization and less on fancy visualization (aka. charts and graphs).
8 – Predictive Analytics
With the growth in AI and machine learning, organizations will be looking to leverage predictive analytics (which comes with data quality and data management) as a way to improve their business performance. Predictive analytics will continue to be a critical component of business intelligence programs.
We have seen that data quality and data management are very important topics for business intelligence and analytics. To us, it’s essential that organizations focus on improving their data quality. It will enable better decision-making, which leads to better business outcomes. At the end of the day, the organization’s success will be driven by the quality of its data.
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