Top Business Analytics Trends for 2023
If you’re already using business analytics, then these are some of the trends you can look forward to in the New Year. If you’ve yet to implement business analytics to improve your business performance, then here’s a look at why you should consider integrating it as early as possible.
What is business analytics?
There’s traditional analytics where massive amounts of data are analysed for insightful predictions. Business analytics simply adjusts this for the business context so that you’re able to make more informed business decisions, thereby improving operations and increasing productivity.
What are the types of analytics?
For a bit more insight, here’s a look at the types of business analytics that are available.
- Descriptive analytics: This examines historical performance through various data sources.
- Diagnostic analytics: This investigates data to find the drivers behind events.
- Predictive analytics: This uses descriptive and diagnostic discoveries to distinguish patterns and anticipate future trends.
- Prescriptive analytics: This recommends favourable outcomes and proposes different courses of action.
What are some business analytic trends to expect?
Business analytics is clearly a game-changer in allowing businesses to adapt to change. It determines what works, what doesn’t, and what could impact the future of business.
1. Increased data security
According to InfoSecurity Magazine, a total of 108.9 million accounts were breached in the third quarter of 2022, which is an increase of 70% compared to the previous quarter. As businesses increasingly use analytics to improve operations, the risk of cyber breaches becomes even bigger. That’s why we’re going to see a massive shift in data security in 2023, with more defensive AI (artificial intelligence) developments to meet this security need. Using historical patterns and real-time information, business analytics will be able to forecast future threats.
2. Stricter data governance
With more access to data comes more accountability, which is why we’re likely to see more global regulations regarding data privacy and access going into 2023. In fact, Gartner predicts that by 2023, some 65% of the global population will be covered by such regulations. These are already being implemented worldwide, with the European GDPR, Canadian PIPEDA, and Chinese PIPL. In South Africa, we’ve been rolling out the Protection of Personal Information Act (or POPI Act) which outlines the conditions for lawfully processing personal information and data. What this means is that businesses will need to audit how data is collected, handled and stored to ensure customer protection.
3. Business Intelligence (BI) integration
The more data that can be analysed, the better the predictions and intelligence, which is why another trend will be increased BI integration for better business analytics. We’ll be seeing much more BI integration with systems like Enterprise Resource Planning (ERP) and Customer Relationship Management (CRM). Rather than being overtaken by other systems, BI will integrate or be customised to a company’s individual needs.
4. More real-time data
The fast pace of the digital age means that companies simply can’t rely on only historical data for business analytics, they need to know what’s happening right now. Even yesterday is old news! Real-time data will be a business analytics trend in 2023 as companies look to source valuable information for more sophisticated data analytics. Some examples of real-time data sources include clickstream data from websites to better customise promotions, or monitoring financial transactions for faster fraud alerts.
5. Data-as-a-Service (DaaS) and cloud expansion
If your company has access to data that is of value to others, then you could be part of the growing trend of selling data to generate revenue. This can be an extremely niche sector, you just need to find out what value your data offers. This collates with the increase in cloud technology in 2023 whereby business analytics will require cloud-native technologies to provide the support needed for data collection, storage, analysis and interpretation. Cloud technology works well with business analytics to provide the support needed for data collection, storage, analysis and interpretation.
Get on trend by integrating the best in business analytics software from Canvas Intelligence. Our team provides Business Intelligence solutions to help companies track operational efficiencies, control budgets and manage costs in real-time.