Top Business Intelligence Trends for 2023
One of the best ways to get ahead in 2023 is to integrate Business Intelligence into your operations. This leverages existing software to extract and transform business data into useful business insights. Companies that have integrated Business Intelligence into their operations over the past few years can look forward to some interesting trends in the coming year – with businesses still considering BI well-placed to get going now!
Trend 1: Augmented analytics
Every industry is being impacted by AI (artificial intelligence) in some way or another, and BI is no different. By integrating BI and machine learning capabilities, even those with minimal technical experience will be able to use the insights from BI. The more people that have access to BI tools, the better it will be for your business across every department. This will lead to better collaboration and better decision-making in the long run.
Trend 2: Conversational intelligence
AI-powered BI systems will now be able to analyse speech and text patterns, thereby enhancing the accuracy and volume of data insights. Because of the incorporation of conversational intelligence, we’re likely to see even more industries adopting BI for its fantastic insights, including retail, manufacturing, automotive, finance, healthcare, and logistics.
Trend 3: Data security
The more data we have access to, the greater the risk of data theft. Add in the ever-increasing global legislation covering data privacy, and it’s likely we’re going to see much more stringent data security going into 2023. This will ensure that customer data is protected, while also protecting the business’s brand and reputation.
Trend 4: Mobile intelligence
Remote and hybrid workplaces mean that employees need access to data insights from wherever they are. This is prompting the broader use of mobile technologies to access the valuable insights from BI platforms.
Trend 5: Predictive intelligence
BI is allowing for more and more predictive intelligence, providing insight into the possible outcomes of various actions. As data sources improve in volume and accuracy, we’re going to see more businesses relying on predictive intelligence when planning for the future. This allows for better market predictions, behavioural analysis, and supply chain streamlining.
Trend 6: Cloud connectivity
A strong developing trend is for businesses to move their data into the cloud. We’re going to see this trend growing further in 2023 with businesses focused on moving all BI elements onto the cloud, including data sources, data storage, and analytics models. This will tie in with the need for much better cybersecurity as cloud-based access becomes more prevalent.
Trend 7: Improved data literacy
Finally, with Business Intelligence becoming a mainstream business tool, we’re going to see a spike in the number of employees with improved data literacy. Companies will be investing more in training to ensure digital dexterity among all employees so that technological platforms can be used for much more business efficiency. This data literacy bodes well for business, as BI provides valuable information for all departments.
Keep up with these business trends in 2023 by contacting Canvas Intelligence for the best in Business Intelligence solutions. We will connect your multiple data sources (including ERP systems) to a Business Intelligence platform, allowing you to access real-time data on any mobile device, tablet or PC.
Read More: Top Business Analytics Trends for 2023