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The future of KPI Dashboards is bright, in 2021, these beautiful data management tools went mainstream, and the market continued its upward trajectory. More than ever, companies of every size started to realize that putting their data to work bought about real competitive advantages.
With 2022 closing in fast, it's time to take a look at where KPI Dashboards are heading.
As companies use this period to get their strategies aligned and goals in place, what better time to look at new advancements and trends set to take center stage in the coming year.
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Predictive Analysis will evolve to be Prescriptive
The increasing availability of KPI analysis tools has accelerated and driven much innovation over the last few years. From traditionally analyzing KPIs after the event, "what happened and why," the evolution to predict what will happen going forward will gather pace.
This predictive Analysis will evolve with more companies using the mass of data available to ask questions such as "what can we do to make____happen?" or "What should I do?".
Known as Prescriptive Analytics, it will further empower companies to look at the data behind their KPIs to direct company goals and targets, sometimes in directions they never thought of.
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Smaller and Smaller firms will adopt more KPI Dashboards
Data growth is staggering; the IDC states that by 2025 worldwide data will increase 61%, or to put in perspective, if you stored all this data onto blue-ray disks, it would reach the moon 23 times.
Nearly every business now relies on this data to perform marketing, sales, finance, and HR operations.
The need to transform this data into insights highlighted via KPI dashboards is key to the adoption by smaller and smaller firms. Owners, managers, and executives now have insights into their own company, competitors, and customers.
This "democratization of data," or the availability of data and KPI tools to businesses that aren't necessarily data experts, is something that will continue through 2022.
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Augmented analytics will spur significant developments
The arrival of Augmented Analytics will have a profound impact on how data and KPIs are interpreted. The way we currently interface with dashboards is set to change to more of a 2-way conversation than a passive viewer.
Advances in AI can now help to prepare the data, present insights and explanations to questions around the performance of KPIs. Data analysts are no longer required to use premium tools and services to translate the data on behalf of a business.
As 2022 rolls on, expect to see more and more KPI Dashboard Software suppliers steadily integrate elements of augmented Analytics into their normal functions.
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No Code Software
No Code Software or NCDPs as they are known are changing the way businesses embrace software for efficiency improvements.
This click-and-drag approach to application design allows companies to build anything from small chatbots for e-commerce sites to entire websites.
Building KPI Dashboards will move towards a pure NCDP model in 2022. More and more process components are delivered as simple drag and drop formats, reducing the need for specialist developers and lowering costs.
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IOT KPI Dashboards for consumers as well as businesses
The growth of The Internet of things (IOT) is accelerating. 127 Devices are added every second, according to research by Mckinsey. Organizations currently use KPI Dashboards to manage the data produced by these devices, such as airlines visualizing the data sent to them from their fleet of aircraft.
As consumers expand the use of these devices, the desire to use the data for personal benefit will increase. Think mixing fitness data with fridge content or smart thermostats and electric usage.
As these devices grow, so will the desire from consumers to create and manage their own personalized KPI dashboards.
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The rise of the SME Data Warehouse
SMEs are under growing pressure to handle vast amounts of data - and as more and more SMEs understand their data is now an indispensable asset, a more robust approach to managing and reporting is needed.
Once the remit of only large organizations, SMEs are increasingly turning to Data Warehouses to reap the same competitive benefits.
Lower data storage costs, networking, and the proliferation of specialist SME Data Warehouse tools have driven this growth in this sector.
Expect to see a surge in SME Data warehouses in 2022 to facilitate the underlying data required for KPI Dashboards.
Conclusion
The KPI Dashboard market has been relentlessly rising since the early 80s. The ability to transform raw data into graphs that provide decision-making insights has been key to their success.
In 2022 the market trend will continue on this upward trajectory; there will be increased adoption from SMEs, and advancements in prescriptive and augmented analytics will make the KPI Dashboard smarter.
We will start to see consumers take advantage of their own KPI Dashboards to manage and benefit from their data-connected devices.
Of course, the developments in KPIs and dashboards are constantly changing, and it's likely, many of the advancements we will see in 2022 are not yet on the radar. Exciting times and a happy new year.
by Stuart Kinsey
Stuart Kinsey writes on Key Performance Indicators, Dashboards, Marketing, and Business Strategy. He is a co-founder of SimpleKPI and has worked in creative and analytical services for over 25 years. He believes embracing KPIs and visualizing performance is essential for any organization to strive and grow.