Business Intelligence and Data Trends to look to in 2022
Published on : Sunday 03-01-2021
Data and insights generated will become joint currency, giving businesses and their partners the resilience to thrive, says Varun Babbar.
In today’s world, digital integration is just not enough for businesses to thrive. They need to innovate and that can be only possible if data resources are synchronised and put to best use to bring out insights that add value. Businesses who are looking to breach the veil of uncertainty and weaving resilience into their DNA for future shocks are focusing on gathering more data. Data has enormous potential for helping and assisting businesses to make decisions in real-time. Additionally, organisations need to equip their people appropriately to understand and utilise data with data literacy. A leader must understand the importance of having interwoven business approach that is built on collaborative value chain inclusive of people and technology. Here are the top data business intelligence and data trends to look up to in 2022.
Collaboration mining arrives
There has been significant rise in the adoption of productivity apps owing to remote working and this will only grow as the hybrid working model continues to be adapted post pandemic. With auditing gradually becoming one of the prime focus areas for employers to map employee’s behaviours and actions, Collaboration data will become part of the data tracked and assessed by organisation leaders. This will enable them to make decisions with high trust, providing crucial auditability and boosting trust with multiple stakeholders.
Insight velocity brings cost into focus: As cloud data warehouses and lakes have been broadly adopted, they have opened up the opportunity to live-query huge amounts of data directly. But when businesses use this technique, they can end up with runaway cloud compute costs.
On the data integration side, businesses should be able to choose between continuously updating and merging data (incurring higher compute costs) and doing an aggregate view (with lower costs). And from an analytics perspective, they should be able to choose between live-query (higher compute costs) and in-memory exploration, which can be both faster and cheaper. By mapping out their unique needs, organisations can and will have to figure out how to run the right queries in the right places.
Application Automation triggers action
The API economy has gradually opened newer ways for businesses, partners, customers, and even competitors to work together in interwoven joint initiatives powered by API integrations. This makes the buy-versus-build decision less relevant, instead presenting the opportunity to assemble apps and orchestrate actions. Application automation is a strongly emerging area that removes the need to code these integrations, making the opportunity much more accessible to a wider variety of actors.
Not only should applications in an ecosystem talk to each other, alerting and notifying users with in-the-moment insights, but they should also enable actions triggered directly by data-driven milestones in the workflow, with or without human involvement. This can lead to never missing out on any business opportunity. Application automation will become more common due to the widespread adoption of SaaS applications and the increasing ease of automating actions in apps through API.
In conclusion
In today’s business landscape, longstanding boundaries are blurring. As markets are increasingly dominated by a few strong value chains, businesses can’t function alone. Open platforms – with APIs – create extraordinary opportunities to build partnerships that create interwoven value chains. The data and insights generated will become joint currency, giving businesses and their partners the resilience to thrive.
Varun Babbar is Managing Director for Qlik India. Varun is responsible for spearheading Qlik’s India operations in the region empowering customers in India & South Asia to lead their businesses with data by enabling them to see more deeply into customer behaviour, discover new revenue streams, and balance risk and reward. He reports to Geoff Thomas, Qlik’s Regional Senior Vice President for the Asia-Pacific region.
