Any tech company in today’s data-driven world is bound to adapt to business intelligence, if they fail, then they will be facing a setback in the competitive business world. Hence, it is not just essential for tech companies to operate based on data to deploy business intelligence into the operations but also to keep up with its trends. Let us have a look at the top BI trends for 2023.
Data Security and Governance
The more the importance of data rises in the business world, the higher will be its vulnerability to getting hacked and mishandled. Since the inception of technology, business applications related to data and cybersecurity are evolving hand-in-hand. In 2023 and the upcoming years, businesses will focus more on securing data, new ways to achieve it and making data security the mandatory and top trend of business intelligence.
Another business intelligence trend that follows data security is its governance. Post the deployment of the General Data Protection and Regulation act, companies started giving more focus to data governance. Data governance streamlines the process of handling organizational data, ensuring its security as the primary factor. The decision of who must manipulate and use the data at what time is decided by the data governance.
Augmented Analytics
Augmented analytics will be a new addition to this list of trends as it operates with equal contribution of Machine learning and Artificial Intelligence. The arrival of augmented analytics makes the data analysis part more accessible to all business executives now; any business executive with proper domain knowledge and good decision-making skills can use this to attain insights by asking the right questions.
Connected Cloud
In today’s digitized business world, the cloud has become a mandatory technology in the blood and flesh of businesses. In the current scenario, any data activities like data modelling, data migration, and mitigation are carried out based on the cloud, the companies need to upgrade themselves with their expertise in cloud technology. Cloud technology not just provides easy access but also ensures data security.
Collaborative BI
In business intelligence, collaborative BI is not a new trend, instead, it keeps updating at a higher frequency rate. Collaborative BI, as its name suggests, is the amalgamation of BI tools, software, and web 2.0. and other technologies. The primary goal of collaborative BI is to bring swiftness to data-driven decision-making. Collaborative BI has encouraged high-level executives from several departments of an organization to make decisions based on it.
Data Quality Management
Another notable and core trend in business intelligence is data quality management where quality data helps derive quality insights and better business decisions made with quality insights. Any organization needs to hold a quality set of data, and this can get assured with five elements:
- Accuracy
- Reliability
- Timeline
- Relevance
- Completeness
Actionable Insights
Modern BI tools are so efficient that it makes data accessibility easier. These modern BI tools bring extensions, APIs, and embedded analytics together to carry out organizational processes and workflows. Now viewing, deriving insights, and implementing those insights can be carried out at a single stretch with the help of the most advanced actionable BI analytical tools. Further, these actionable BI tools bring in in-depth preciseness in deployment.
AI & NLP
AI (Artificial Intelligence) is the most notable trend in business intelligence. According to some exaggerations, AI is not here to rule or destroy the career of humans; instead, it is brought in for humans to enhance their abilities to further extents. Dedicated programs are made to create better AI products and solutions in the business world to ensure that they are not just here to mimic humans but also act and think the same way we do, and control in the form of ethical AI.
One of the vital parts of AI is NLP (Natural Language Processing) which helps a machine interpret the user input and think on its own to resolve problems. Sentiment analysis is the most engaging concept in the field of NLP, here, the machine not just reads the comments posted for a blog or product review instead, it analyses and presents the tone of the comment, which is used to sense the user behaviour.
Analytics as a Services
Similar to Software as a Service (SaaS), its predecessor Analytics as a Service (AaaS), is also gaining importance in the business arena. By embracing analytics as a service, companies will now get end-end analytical solutions, and the users can pay only when used like SaaS.
Data Literacy
Mentioning data literacy in the BI trends might sound a bit odd, but knowing the basics and becoming strong in it is vital for any organization to excel in data handling hence, data literacy is the key trend here. An organization must create proper data-related awareness among all their employees across functionalities to make them comfortable handling data. In the future, every employee in an organization will be doing some data-related job, hence it is essential to hold sound literacy.
Data Automation
Data automation is a trend in business intelligence, getting strengthened every year in the tech field. The upcoming trend in this field is the automation of report generation which plays a key role in fields like predictive analytics. A lot of data has been collected and processed in the last decade, and it’s time now for data automation.
Final Thoughts
Business intelligence is here to stay, and if you want to stay alive and be an active player in this tech-driven business world then, knowing the BI and other data-related trends is essential. Adopting BI and its allied technologies not just helps in making sound business decisions but also helps in several forecasting methods. Finally, business intelligence services and data analytics solutions are now delivered by several tech companies. Organizations need to do in-depth studies and find a suitable tech partner.