Data is a valuable asset, considered. But too much data can be overwhelming. Ever stared at a spreadsheet cluelessly? If yes, then you definitely know what we are talking about.
Data is only valuable when it is analyzed well. If we dive a bit deeper, we realize that it’s not the data, but the insights derived from the data are exactly what we value. Here business analytics software comes into play.
2021 has proven to be a landmark year for the business intelligence (BI) industry. Most industries tried to bounce back from the effects of the COVID 19 pandemic by bringing their business on a digital platform. As a result, the BI landscape is evolving, and business analytics software development solutions are high in demand. They can be customized to cater to the diverse needs of different industries.
Most companies have 2 simple expectations from business analytics software solutions:
- Clean and secure data
- Powerful and visually appealing presentation
Analytics software development trends in 2022 will focus on improving these two elements by employing advanced technologies like AI, ML, Predictive Analytics etc.
1. Artificial Intelligence (AI):
The dynamic combination of AI, engineering and hyper-automation will take business analytics to new heights. It will not only increase data security but will also enable machines to make business-related decisions just like complex human intelligence. The only difference is, it would be done after analyzing huge volumes of data, but in a blink of an eye. AI is likely to evolve into a more responsible and scalable technology in the coming times.
2. Increased data security:
2021 was a record-breaking year for data breaches as well. Identity Theft Resource Centre (ITRC) reported that the number of breaches was up by 17% in comparison to 2020. Data and information security were buzzwords in 2021 as more and more businesses kept shifting to the cloud or digital spaces. In the US CCCPA (California Consumer Privacy Act) was implemented for ensuring data privacy. Since analytics accumulate huge volumes of data, data security will be on the top priority list of the analytics software development industry.
3. Better data discovery tools:
Companies these days do not just want analytics reports, they want a state-of-the-art solution that is visually appealing and easy to understand. The primary requirements are-
- Less complexity
- Easy accessibility
- Flexible format
- Time-saving
- Easy handling of data deluge
Read More: Business Analytics Guide 2022: Here's What All You Need to Know