Business Intelligence trends for 2024

Business Intelligence (BI) refers to processes, technologies, and tools that help companies collect, analyze, interpret, and present relevant information for strategic and operational decision-making. The main objective of Business Intelligence is to transform raw data into meaningful insights, providing a deeper understanding of company performance and the business environment in general.

Business Intelligence plays a key role in the success and productivity of companies, providing valuable insights and supporting informed decision-making. The tool allows data to be visualized for better analysis of the performance of organizations and to aid decision-making. 

More and more work is being done to determine better ways of using Business Intelligence (BI) technologies. As technology advances, new trends such as artificial intelligence, machine learning, and real-time analysis continue to shape the field of Business Intelligence, with significant advances in digital transformation and task automation.
 

The main Business Intelligence trends for 2024 are:

• Artificial intelligence

With artificial intelligence, companies can benefit from real-time notifications to know what is happening at all times and be informed if something unexpected happens.
 
Incorporating AI into BI systems allows the entire data set from any source to be analyzed automatically and completely without manual work, as well as easy access to business reports on growth, trends, forecasts, anomalies, hypothetical analysis, and value factors, among other aspects of a company's analysis
. 

• Data security

Company data can be easily protected thanks to new encryption models and advanced protection methods, guaranteeing integrity, confidentiality, and less risk of cyber threats.
 

• Data discovery

Data discovery is the discovery of patterns and conflicts in data, presenting all the data collected from various internal and external sources using advanced analytics and imaging. Companies are developing a sustainable decision-making process with online data discovery and visualization tools. 
 

• Data literacy

Data literacy involves reading, writing, interpreting, and communicating information in a specific context. Data literacy requires in-depth knowledge of all the tools, technologies, methodologies, and processes used in data analysis.

Companies should therefore provide all employees with the training and resources needed to work with data and analysis. Team members with more experience in data can be mentors for those who are starting in this area.
 

• Sustainable Business Intelligence

There is increasing awareness and integration of sustainable practices in the use of BI, taking into account the environmental impact of analytical processes. 
 

• Real-time data and analysis

Real-time data analysis has become essential for crisis management, as companies can rely on accurate updates and rapid information to solve their problems. 
 

How to implement Business Intelligence in a company??

Choosing a tool is the first step in starting to use Business Intelligence in a company. At Hydra IT we use and recommend Power BI, Microsoft's Business Intelligence tool that allows companies to use fast and reliable information to make management decisions, without requiring a huge investment in infrastructure or human capital. 

Microsoft Power BI offers an analysis service, providing business information that enables quick and sustained decisions. It can convert raw data into dashboards so that you can analyze data more efficiently, detect trends and patterns, and obtain information to improve business decision-making.
 

Did you know that you can use Power BI for free?

If you're just starting, the first step is to download Power BI Desktop for free here to start exploring the tool. 
 

Take advantage of our free resources too: 

• Create impactful reports in Power BI
• Working with forecasts in Power BI
• Business Intelligence in decision support: how to define the direction of our business
• Sales analysis with Dynamics 365 Sales and Power BI

 

Talk to our team!

Our team has over 17 years of experience in Microsoft solutions. We are available to help your company leverage its resources and optimize processes. If you want to get the most out of Power BI, schedule a free exploratory meeting with our consultants.

 

Source: https://www.cioreview.com/news/top-trends-in-business-intelligence-nid-38102-cid-192.html