In this post, we refer to our buzzwords list again – not because we are feeling sentimental but rather to make revisions and update the list for 2019. With some of the predicted buzzwords, we hit the jackpot to the extent that it has gone even beyond our expectations. Other buzzwords were less trending then we thought. Let’s take a look at the 10 business intelligence buzzwords that will be present in the Business Intelligence world everywhere and will turn our eyes in 2019.
To drive innovation, development, and success, businesses will have to 'shape, shift, and share.' The rapid pace of the digital business environment means that businesses, big or small, will have to adapt their operational and strategic development. Companies like Tesla, Google or Airbnb did not limit themselves only to the 'product' mentality, but shifted and adjusted their business models to achieve new customer experiences in the form of services via software applications and BI tools.
The Continuous Next approach, emphasized by Gartner, expounds on the importance for organizations to be more adaptive to change. Digital business transformation created a strong momentum for continuous development and the ability to adjust technology to deliver the best possible business intelligence value. The digital transformation is no longer highlighted by itself, but with the power of small businesses and big enterprises to recognize the value of adapting in the world of continuous change. This vision is emphasized into 5 main pillars imperative for digital transformation and business intelligence success:
- Augmented Intelligence
- Product Management
- Digital Twin
The digital journey of a company is no longer an abstract idea to embrace somewhere in the future, but here and now, when big data is changing the business realm and future strategies. “Nearly two-thirds of CEOs and CFOs anticipate business model change, frequently due to digital transformation, and investors are encouraging that change,” according to Gartner’s evaluation. Applying different data analysis tools, combined with the ability to adapt those insights into the overall business intelligence strategy will create a sustainable development and increased efficiency.
2. Data Science
In 2012, data science was considered the sexiest job of the 21st century. By the year 2020, more than 40% of data science tasks will be automated, according to Gartner, bringing increment of citizen data scientists, one of the data science buzzwords we will hear about next year.
Simplification of software and platforms are now the main focus of vendors since it can make data science products easier to manage and help overcome the skills gap. By using simple solutions for data analysis and interpretation, visualizing findings and sharing knowledge throughout different departments, everyone can understand data that once was colossal and difficult to comprehend. Nevertheless, data science buzzwords next year include also predictive and prescriptive analytics, augmented analytics, data maturity – hence it’s not far from the truth when we say analytics is going under transformative change.
A research conducted by MHR Analytics found that 80% of UK companies will seek data consultancy or plan to hire a data scientist. In the digital economy we face today, there is no reason to fear that the vast amount of big data will not be under close analysis. Companies just have to know how to do it and utilize the right and simple database software.
3. Data Security
Data and information security have been on everyone’s lips last year, and it will continue to buzz the world in 2019. The implementation of privacy regulations such as the GDPR (General Data Protection Regulation) in the EU and the CCPA (California Consumer Privacy Act) in the USA have set building blocks for data security and management of users’ personal information.
Worldwide spending on information security products and services will increase 12.4% in comparison to last year (more than $114 billion). In 2019, the increase will reach 8.7% to $124 billion. Gartner underlines the main drivers to the global security spending (see the table below):
- Privacy regulations
- The need to address digital business risks
- Focus on building detection and response capabilities
Since data breaches have been regularly in the news, buzzing industries, and average users, the demand for security products and services is understandable.
4. Predictive Analytics
We’ve already recognized predictive analytics as one of the major Business Intelligence trends in 2019. The practice to extract information from existing data sets in order to predict future probabilities has risen as one of the top BI buzzwords this year, and it will certainly expand its influence in the year 2019.
Predictive analytics is used to analyze current and historical data in order to better understand products, partners, customers, and to identify risks and opportunities for a company. Estimating future with alternative scenarios and possibilities of errors makes it one of the most prominent statistics buzzwords to keep an eye on in 2019.
The importance of analytics is growing each year, and using all of the collected data properly is increasing in its value. Self-service and data visualization tools are among top analytics means to collect, interpret and analyze big and small data for businesses that need sustainable development. The statistics buzzwords won’t stop here; the human factor is still one of the main elements that affect data - the psychological patterns behind why people make decisions cannot be boiled down to simple logic and very often are complex and unpredictable.
5. Digital Citizens
The digital transformation in educational systems is the slowest to achieve. For decades, education across the world is resistant to change and adapt to modern technologies or implement BI solutions that could improve their efficiency. In recent years, this has started to change, and that’s why we’ve decided to incorporate digital transformation in governments and educational systems as one of the top business intelligence buzzwords 2019.
Across the world, countries have started to digitize educational systems and becoming future ready. Knewton started to integrate a learning courseware based on adaptive technology; the student’s activity is monitored by the software and personalized based on the student’s level of performance. The goal is to develop content for optimal learning.
Other important trends to watch out for in educational systems have been summarized by the Digitalist Magazine:
- Augmented and virtual reality
- Internet of Things
- Artificial Intelligence and chatbots
On the other hand, governments are investing more resources in incorporating digital services to their citizens. The Internet of Things (IoT) in the USA or the e-participation in EU have increased the level of technology and smart tools’ implementation into the average citizens’ lives. These tools come in different forms – up to 17 countries in 2018 provide archived information online, compared to 154 in 2016. That means that the number of countries using online services in all sectors (emails, mobile Apps or downloadable forms) is increasing steadily every year.
We have yet to see how the digital citizen will develop in 2019, but the momentum is here.
6. Mobile Analytics
The increasing factor of mobile usage, the rapid expansion of laptops, smartphones and tablets implementation in businesses is considered to affect the global business mobility management industry (EMM) by almost 488% by the year 2020. Additionally, the global mobile analytics market is expected to have a CAGR (Compound Annual Growth Rate) of about 24% during the period 2017-2023.
It is clear that mobility is key for future growth and many companies have started to realize the potential mobile analytics can have into their business strategies. Mobile apps that deliver data on-the-go, intelligent alarms and fast data processing systems increase the need for organizations to utilize mobile analytics and rely on smart devices/platforms to “collect, store and access critical data.”
Tech giants like Adobe, Amazon, Google, IBM and Microsoft adopting strategies to gain a competitive advantage in the market, cloud-based mobile analytics, increased need of developers with relevant experience, chatbots and “smart mobility” play a major role in increasing the BI buzzwords 2019 that await the mobile market.
According to Chatbot Magazine, a “chatbot (also known as a talkbot, chatterbot, Bot, IM bot, interactive agent, or Artificial Conversational Entity) is a computer program which conducts a conversation in natural language via auditory or textual methods and sends a response based on business rules and data of the organization.” The tendencies in the communication technologies indicate that texting became the socially accepted form of communication – people prefer chatting rather than personal contact. Some studies support this statement and give chatbots an increased value in utilizing AI into various industries – virtual assistant was one of the major business intelligence buzzwords in 2018, and for the next year, we go even further with chatbots being the forefront of smart business change.
How does that apply to business?
It is expected that chatbots in 2019 will become even more advanced and human-like; ordering a pizza by using a Facebook chatbot, virtual agents responding to customer’s inquiries and identifying their emotional signals, and having a proper robotic conversation, chatbots are becoming one of the most prominent business intelligence buzzwords 2019. Autodesk has already started to implement chatbots as a virtual customer service agent responding and communicating with customers. Will chatbots completely overtake the customer service industry?
A study conducted by Spiceworks predicts that 40% of large businesses will implement chatbots by 2019. Natural language processing (NLP), thanks to machine learning algorithms, is getting to a point where “it will harder to tell whether we are talking to a human or a computer.”
In businesses, utilization of chatbots brings many benefits:
- Chatbots are excellent tools to process a large volume of requests
- It allows companies to better know and understand their users so more data can be analyzed and more insights gained
- Low maintenance costs
- Customer service improvement through analytics and data collection
- Platform agnostic
That being said, the impact of AI on workforce may alarm the labor market, approximately 9% of the global workforce, as we also stated in our technology buzzwords article, but the impact cannot affect the human empathy needed to successfully deliver a great customer experience.
8. DevOps Trinity
If you’re not familiar with the term, the standard definition of DevOps describes it as a “phrase used to mean a type of agile relationship between development and IT operations.”
This year DevOps gained more attention as more industries and companies are incorporating the digital way of working.
The Development and Operation Trinity – people, process, and tools, caused a high note since it is not concentrated only on the software methodology of combining software development (Dev) with the IT operations (Ops) only, it has also extended in the digital business transformation realm to include:
- People and Culture
- Process and Practices
- Tools and Technologies
All of the above, if connected and considered together, will help businesses to build a sustainable DevOps culture and business success. That will be one of the most important BI buzzwords in 2019 since it will interconnect people, software and operations. According to Viktor Farcic, the DevOps Trinity is the key for digital transformation, as it has the potential to address many business challenges, enabling teams to deliver high-quality software – faster.
What does that bring to companies? It enables an organization to innovate, eliminate waste and respond rapidly to market needs. And by using the right business intelligence tool, the trinity can be achieved more quickly and efficiently.
9. Chief Analytics Officer
Capitalizing on data and analytics, availability and complexity of data continue to evolve. The emerging landscape of the digital economy is transforming organizations and companies to become more analytics-driven one, and the Chief Analytics Officer (CAO) has the main seat in the executive table to do so. Enterprises increased their focus on business agility and data-driven strategies that enable them to make the data-driven decision-making process better, but also faster.
With many types of analytics on the market, the usage of self-service analytics tools also plays a principal factor in business management decisions. The Chief Data Officer will be the architect of the analytics strategy, but the tools he uses and employs is one of the most prominent aspects of getting work done.
That being said, the rise of SaaS trends also play a significant role in the analytics departments and C-level positions that complement and bring value to the overall data management strategy of an organization. Although closely related to the CIO (Chief Information Officer) and the CDO (Chief Data Officer), the CAO will be one of the major analytics buzzwords we will keep an eye on in 2019.
10. Digital Automation
The umbrella term of digital automation focuses on the rise of intelligent technologies to have an impact on businesses across industries, providing automated processes that make big data and analytical analysis easier to utilize and comprehend, and, consequently, gain valuable insights. Integrating artificial intelligence and intelligent automation tools to solve business challenges while increasing productivity will become a pivotal point into the next phase of digital transformation.
The importance of speed in businesses is not the latest news, but the tools and means to gain proper data, be it while compiling a management report, determining which KPI examples to research, study and choose, or which AI automation process to leverage in a specific industry, will certainly affect businesses of all sizes in 2019.
Taking advantage of artificial intelligence and machine learning while using neural network data alerts and pattern recognition alerts, can bring automation for a business on a speedy, valuable and sustainable level. And since a giant like MIT is investing into a new college focused on AI worth $1 billion, we will keep digital automation as one of the business intelligence buzzwords to look out for in 2019.
We hope you enjoyed our list of business intelligence and analytics buzzwords of 2019. To summarize, we bring you the list we have discussed in detail:
- Data Science
- Data Security
- Predictive Analytics
- Digital Citizen
- Mobile Analytics
- DevOps Trinity
- Chief Analytics Officer
- Digital Automation