Business intelligence has revolutionized tremendously in the last decade. Data explosions have made it huge. Cloud access has also become easy and effortless. Spreadsheets are now giving way to insightful, actionable data visualizations as well as highly interactive business dashboards. The data product chain is democratized by self-service analytics. The automation trend seems to be gaining popularity globally. Advanced analytics is no longer meant only for analysts.
Emerging trends
For the business intelligence (BI) industry, 2022 was considered to be a major year. The trends presented then are expected to continue throughout 2023. However, the Bi landscape has been evolving very fast. Big strategies and tools for 2023 are increasingly being customized. What type of BI solutions to implement has become a major concern for businesses of all sizes! No longer are businesses wondering if visualizations can help improve analysis or not. Rather, they are interested in knowing the most appropriate way to specify a data story.
This is more so with the advanced BI dashboard software. 2023 is more about robotic process automation and years of data security. Secure, clean data is to be combined with simple but highly powerful presentations. It is also the year of AI and BI collaborating with one another.
Top 5 Business Intelligence Trends
1. Data Security:
2022 saw extensive AI trends, IT, and data security practices. They are also likely to trend in 2023. Privacy regulations have been implemented recently. The EU implemented the General Data Protection Regulation (GDPR), the USA implemented the California Consumer Privacy Act (CCPA), and Brazil implemented the General Personal Data Protection Law (LGPD). To comply with newly introduced regulations, businesses need to place emphasis on security and customer relationship management. They also need to safeguard themselves from increasing cybercrime. The coming 5 years will see expenses on cybersecurity products cross $1.75 trillion. Cybersecurity is considered a major business risk and not just an IT-related issue.
2. Artificial Intelligence (AI):
AI is being combined with hyper-automation, engineering, and robotic process automation. Focus is made more on security levels, especially in places where AI-related attack risks are noticed. Machine learning and AI have managed to revolutionize how businesses interact with data management and analytics. Advanced security measures are also being considered. AI in the coming years is expected to become a more scalable and responsible technology.
3. Data Discovery/Visualization:
Using Visuals, data discovery has enabled the opening up of analytical doors that can be accessed by a wide audience. It is likely to grow further. Data discovery involves gathering data from different external/internal sources. Advanced visualizations and analytics are used for consolidating all information. Businesses can now retain all relevant stakeholders by following Automation trends. They can be empowered to analyze as well as manipulate information intuitively. Hence, modern solutions like BI tools that are flexible, have user-friendly interfaces, and offer interactive visualizations and data integration are desired.
4. Collaborative BI:
These days, workers and managers are to interact differently since they are to work in a more competitive environment. This has helped give birth to collaborative BI. It combines several collaboration tools like 2.0 technologies and social media with online BI tools. It addresses new challenges offered by fast-track businesses. It allows performing analysis and editing reports in huge numbers.
5. Prescriptive and Predictive Analytics Tools:
Tomorrow’s business analytics is more focused on the future. The objective is to provide answers to what is likely to happen and how to make it happen! BI professionals can be found to be more interested in business analytics trends and customer relationship management.
Thus, businesses of all types, sizes, and domains should have a better understanding of the prevailing business intelligence trends and make the most of them.
