Business intelligence has undergone many changes in the last decade. Each year, we hear about buzzwords that enter the community, language, and market and drive businesses and companies forward. That’s why we have prepared a list of the most prominent business intelligence buzzwords that will dominate in 2022. Without further ado, let’s get started.
Top 8 Analytics & Business Intelligence Buzzwords
The phrase “X Analytics,” which was coined by Gartner, refers to the X variable for “various structured or unstructured content,” including text, video, and audio analytics. Since many businesses still don’t fully take advantage of the different opportunities that analytics has to offer, the “X” stands for any sort of analytics like the one described, which will bring about disruptive changes in 2022. But on the other hand, we observe organizations utilizing these new prospects through online data analysis, where business users and analysts don’t need to make significant use of IT technical capabilities but, rather, examine the data instantly, regardless of location or device. In the past ten years, these analytical approaches have evolved into new, potent software.
Decision intelligence is unquestionably a suitable addition to our list of data buzzwords for 2022 since organizations of all sizes must embrace the ability to produce actionable insights and improve decisions through data and analysis. Observe, investigate, model, contextualize, and execute are the steps on the decision intelligence roadmap that businesses have begun to use in recent years. In today’s competitive market, when a tonne of information is produced, but the quality of decision-making can deteriorate, this approach has grown in importance.
But let’s go back to the beginning. With the aid of machine learning algorithms, decision intelligence provides a framework for corporate decision-making and processes.
Businesses are using an increasing variety of sources to acquire data. The demand for quicker access to information that is dispersed across several sites increases as a result of this. In order to become one of the most significant BI buzzwords of 2022, data fabric enters the scene.
Data fabric is a design idea, according to Gartner, that acts as “an integrated layer of data and connected activities.” Simply said, a data fabric is a data management architecture that tries to assist companies in gaining access to and connecting data from various sources, regions, and types in order to reduce the gap between the data that is readily available and the knowledge that can be extrapolated from it. Due to this, firms can access their data more quickly and easily.
The broad phrase “digital automation” focuses on the emergence of intelligent technologies to have an impact on organizations across industries, enabling automated procedures that make big data and analytical analysis easier to use and comprehend and, as a result, generate important insights. The next stage of digital transformation will revolve around integrating artificial intelligence and intelligent automation tools to address business difficulties while boosting productivity.
The need for speed in business is not new, but in 2022, businesses of all sizes will undoubtedly be impacted by the tools and methods for gathering accurate data, whether it be for management report compilation, choosing which KPI examples to research, study, and select, or deciding which AI automation process to use in a particular industry.
It is increasingly important for businesses to maintain information organization as they interact with greater data volumes from several sources. For this reason, one of the key buzzwords for data analytics in 2022 will be the utilization of data catalogs.
Data catalogs, to put it simply, are an ordered “inventory” of your data that is created following the mapping procedure. Through the use of metadata, catalogs assist organizations in managing their datasets and keeping them organized to make it easier to access and collect pertinent data from any of their storage facilities, including cloud storage, warehouses, and other types of storage.
In 2022 and 2023, we’ll hear the BI keyword “cognitive computing” used more frequently. It enables the digestion of enormous volumes of structured and unstructured data, which transform into manageable content. It is regarded as the latest big buzz in the computing and BI industry. It imitates the human brain and is paving the way for technologies that will more accurately than ever before mimic how humans absorb information. To discover customer behaviors, trends, and patterns, businesses can employ BI solutions, and in 2022, we’ll hear even more success stories about this intriguing phrase.
Cognitive computing is a next-generation system with technologies like natural language processing, machine learning, and pattern recognition that can assist professionals in various industries make smarter judgments, including healthcare, retail, security, and e-commerce, among others.
There is no doubt that mobility is important for growth, and businesses must understand how to develop mobile solutions that they can fully utilize. Mobile analytics, in the context of business intelligence, refers to giving customers the freedom to easily access their data wherever they are, as long as they have an Internet connection. As a result, customers are given the ability to use their data in the same ways they would on a desktop, adding value to mobile analytics for organizations around the world. The fact that industry giants like Amazon, Google, IBM, and Yahoo have already been named as important players demonstrates the significance of mobile in today’s cutthroat digital environment. The fast use of tablets, laptops and other mobile devices that allow users to access analytics without physically being present in a company is the easiest way to understand why mobility is becoming so prevalent.
Natural Language Processing
At a startling rate, natural language processing is revolutionizing corporate intelligence. Not just NLP, but also all of its variations, like natural language generation (NLG), natural language interaction (NLI), and natural language understanding (NLU) (NLI). Each has its roots in artificial intelligence technologies created to facilitate and improve human-computer interaction. Experts from throughout the world are interested in the burgeoning field of NLP. In fact, Beijing, China is planning to host the 2nd International Conference on Natural Language Processing and Computational Linguistics in December 2021. Experts from around the world are anticipated to present their NLP-related knowledge, research, and initiatives there.
Natural language processing is transforming how we engage with it, especially in massive datasets. It allows non-technical individuals to carry out complex analyses using software without requiring the assistance of the IT department. It’s not surprising that the sector plans to develop with a CAGR of 18.78% by the year 2023 because NLP helps expose patterns that could otherwise go undetected. One of the data analytics buzzwords we’ll hear even more about in 2022 is cognitive computing’s ability for communication, which is not only expected to continue growing but will also remain unaffected by stalling trends.
We sincerely hope you enjoyed reading our list of BI and analytics buzzwords for 2022. These keywords will undoubtedly continue to expand and change the BI landscape in the upcoming year. To sum up, this is the list we’ve talked about:
- X Analytics
- Decision Intelligence
- Data Fabric
- Digital Automation
- Data Catalog
- Cognitive Computing
- Mobile Analytics
- Natural language processing (NLP
All these will help you get started on your own business journey.