Top BI and Analytics Trends For 2021: Expert insights that’ll help you make the digital switch

Jan 6, 2021

importance of financial analytics

Over the past years, crucial business decisions were solely made by the top-tier management and stakeholders with access to crucial business data. These norms are set to change in 2021 as the evolving BI and analytics landscape will pave the way for new trends in data-driven decision making that businesses will have to keep an eye on. Few trends that transformed the business landscape in 2020, including data visualization and dashboarding, will continue to play out through 2021. But, businesses will witness a drastic transformation in how they function, as every individual within an enterprise will have access to data required to make crucial decisions.

As we move into a hybrid world, it’s crucial to stay prepared to tackle challenges by integrating on-premises data with cloud data into a single environment. Get in touch to know how we can help you.

According to our BI and analytics experts, ensuring information access and decentralizing the decision-making process will alleviate overburdened IT teams, reduce risks, and dramatically reduce decision-making timeframes.

If businesses learned anything from the 2020 pandemic, it is to expect the unexpected. And in order to stay future-ready, your organization must make the digital switch.

So what does it take to make the digital switch, you ask? The digital switch is more than end-to-end digital transformation. It is about using data and acting upon insights in real-time. This requires modern applications, information flow, a full-stack BI architecture, smoother workflows, and up to date business consumption ready data accessible in real-time.

To help businesses understand the need for a digital switch and adapt to the trends, we conducted a survey to analyze the top BI and analytics trends for 2021. The survey involved the active participation of over 800 data scientists, analytics consultants, and stakeholders who shared their views on the most critical BI and analytics trends, delivering a new perspective on industry-specific differences and providing insights on the importance of BI and analytics across markets.

Flexibility and agility are crucial to respond to disruptions. This requires leveraging BI and analytics to uncover more of the unseen and act on insights early enough to make a long-lasting impact. Our solutions are designed to help you respond proactively to disruption. Learn more by requesting a free proposal from our experts.

Data quality management, modern full-stack BI architecture, and data security are three topics that were identified as the most important trends for 2021. At the other end of the spectrum, we also witnessed emerging trends in IoT analytics, cloud computing, and AI driven analytics.

bi and analytics

Data quality management gains prominence, prompting businesses to ensure data integration and analytics need to work together efficiently

In the post-COVID world, data quality management will play a crucial role in successfully navigating the new normal and executing a sustainable digital transformation strategy. As such, businesses must ensure that data integration and analytics work together efficiently by embedding it in their culture and operations. More importantly, businesses that wish to remain viable must ensure all teams have access to high quality, consumption-ready data to respond quickly to the ever-changing business landscape. For detailed information and insight on our BI and analytics solutions, request more info.

The growing importance of data security will require businesses to enable more people to spot and respond to data breaches faster than ever

Data security created a buzz in 2020, which grew further with the enforcement of privacy regulations, including the General Data Protection Regulation in the EU and the California Consumer Privacy Act in the USA. Notably, these factors have set building blocks for data security and personal information management, giving rise to a worldwide increase in spending on data security projects. Given the rising incidents of data breaches, this trend is expected to accelerate in new normal with more businesses focusing on avoiding such occurrences. Request a free pilot to discover how these BI and analytics trends will impact your business in 2021.

Need to implement a full-stack BI architecture that enables analytics and BI to work together to provide instant insights

With more brands going digital, the importance of consumption ready data is slowly being brought to light. And since traditional BI and analytics tools can’t handle the rigor and pace of data generation in today’s world, businesses must implement a full-stack BI architecture that helps turn uncertainties into actions. Fortunately, several full-stack BI architectures have surfaced to meet the demands of businesses across sectors. With new integrations that include data security and AI driven analytics combined with ease of use, modern full-stack BI architecture is poised to be a game-changer for companies in the new normal, says an analytics expert at Quantzig.

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