7 Business Intelligence Buzzwords to Know for 2022
These emerging trends in business intelligence are going to change how business is done. Though they will not be an overnight game-changer, their impact is imminent. It is therefore essential that you keep an eye on these seven buzzwords in 2022.
Predictive analytics entails extracting information from existing data sets in order to predict future probabilities. It’s used by several businesses and organizations, regardless of type and size, and it has proven to be quite effective.
The Predictive Analytics market is projected to reach $10.95 billion by 2022, with a compounded annual growth rate of 21% between 2016 and 2022.
When applied to business, it analyzes current data and historical facts to understand customers, products, and partners better. It helps to identify potential risks and opportunities for a company.
Organizations can also use predictive analytics models to entice, retain, and nurture their most valued customers.
Diagnostic analytics is another common business analytics buzzword. It’s a form of advanced analytics. It examines data to know why something happened. It also looks for valuable insights.
Descriptive analytics, which is usually the initial step in most companies’ data analysis, is a simpler process that describes the facts of what has already happened.
Diagnostic analytics takes this a mile further to uncover the full spectrum of causes, giving a complete picture of events. Descriptive analytics can be useful to decision-makers from various departments in a business.
- The sales team can identify similar characteristics and behaviors of profitable customer profiles that may explain why they spend more.
- The finance team can track the timing of key initiatives to monthly and yearly revenue growth or decline (to determine correlations).
- The marketing team can look at the unique characteristics of high-performing marketing campaigns compared to poorly-performing ones. This helps identify the reasons for the performance differences.
Self-Service Business Intelligence
In the past, business analytics was considered mainly as an IT project. However, in recent years the emphasis has shifted to a broader range of business users like marketing managers and sales directors
But these tools can be compromised because they don’t cover the entire process of data analysis. This is where Self-Service Business Intelligence comes into play to analyze data effectively.
Collaborative Business Intelligence
In this day and age, managers and their employees need to interact differently as they face an ever-competitive environment. Increasingly, we see a new kind of BI buzzword emerging: collaborative business intelligence.
It is a combination of BI technology and online collaboration tools like social media and others. It promotes customer satisfaction, faster and more informed decision-making, knowledge sharing, security, stakeholder involvement, and auditing.
It allows for easy sharing of BI reports as well as increased engagement among business users. In addition, collaborative business intelligence empowers business information assets because of cooperation and data sharing with other companies.
Data analytics sometimes occur within a user’s natural workflow. Embedded Analytics is the business analytics buzzword used to refer to it. Businesses have realized the potential of embedding various BI solutions like KPI dashboards or reports into their own applications like CRM, ERP, and HER/EMR.
This helps businesses improve their decision-making processes and solve high-value business problems. Most companies have realized how utilizing embedded BI allows them to work more efficiently.
This is because the capabilities are available inside the applications they use every day. Embedded analytics is used in various processes like marketing campaign improvement, sales lead conversions, inventory demand drafting, and financial budgeting.
Cognitive computing is another BI buzzword we’ll hear more often in 2022. It enables the digestion of large volumes of structured and unstructured data that are transformed into manageable content.
It copies the human brain and will imitate human information processing on a much more sophisticated level than before.
Cognitive computing is considered the next-generation system to help companies make better decisions. It does this through natural language processing, machine learning, and pattern recognition,.
By the year 2026, the Cognitive computing market is projected to be $87.39 billion. It’s expected to grow at a CAGR of 31.6% from 2019 to 2026. So, it’s a profitable space for businesses to invest in.
X Analytics, a term coined by Gartner, refers to the X variable for ‘different structured and unstructured content like text analytics, video analytics, and audio analytics’.
It’s the capability to run any type of analytics on an organization’s structured and unstructured data. This is regardless of where it resides and in what format.
When used in conjunction with AI and other techniques like graph analytics, it will have a major role in recognizing, predicting, and planning for business crises and opportunities, especially in 2022.
So it’s definitely a business analytics buzzword you should look forward to hearing in the coming years.
BI has been around for a very long time, but every year a handful of new buzzwords crop up. It’s important to have a good grasp of these latest trends so that you can successfully take full advantage of what’s available. Buzzwords today will help shape decisions made in the future.