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“The Top 10 Business Intelligence Trends to Watch in 2023”:
As we approach 2023, there are certain trends emerging in the business intelligence (BI) world that are worth watching closely. These trends are shaping the way businesses operate, interact with customers, and stay competitive. In this blog post, we’ll take a look at the top 10 business intelligence trends to watch in 2023.
What exactly is Business Intelligence?
Before incorporating these data processing technologies, it is critical to understand the distinction between the two. Business intelligence is a collection of processes that entails gathering, structuring, analyzing, and transforming raw data into actionable business information via reports, graphs, and dashboards. It is a summary of historical events used to determine future actions.
1. Augmented analytics:
In 2023, we can expect to see more businesses adopting augmented analytics tools to derive insights and make data-driven decisions. These tools leverage machine learning and natural language processing to automate the data analysis process, identify patterns, and highlight important trends.
2. Cloud-based BI:
Cloud-based BI has already gained traction in recent years, and it is anticipated to become the norm by 2023. Cloud-based BI allows businesses to store and analyze massive amounts of data in real time, allowing for increased scalability, flexibility, and cost savings.
3. Embedded analytics:
Embedded analytics involves integrating BI solutions into business applications such as CRM, ERP, and marketing automation software. In 2023, expect to see more businesses embedding analytics into their applications to provide users with relevant insights and data-driven recommendations.
4. Mobile BI:
With more people working remotely, mobile BI is becoming increasingly important. In 2023, businesses will need to ensure their BI solutions are mobile-friendly, allowing people to access real-time data and insights on their mobile devices.
5. Self-service BI:
Self-service BI is all about empowering end-users to access and analyze data without relying on IT or data analysts. In 2023, expect to see more businesses investing in self-service BI solutions that allow business users to easily create reports and dashboards without any technical knowledge.
6. AI-powered BI:
AI is changing the way we interact with data, and in 2023, we can expect to see more businesses leveraging AI to make smarter decisions. AI-powered BI tools can automate data prep, identify trends and outliers, and even generate recommendations.
7. Data storytelling:
Data storytelling is a way of presenting data in a way that tells a compelling story. In 2023, expect to see more businesses using data visualization and narrative techniques to communicate insights and engage with stakeholders.
8. Data governance:
As data becomes increasingly important, businesses will need to ensure they have robust data governance practices in place. Data governance involves managing data quality, security, privacy, and compliance, and is essential for ensuring business decisions are based on accurate and trustworthy data.
9. Predictive analytics:
Predictive analytics involves using statistical models and algorithms to forecast future outcomes. In 2023, expect to see more businesses using predictive analytics to identify future trends, opportunities, and risks.
10. Data democratization:
Data democratization involves making data accessible to everyone in the organization, regardless of their role or department. In 2023, expect to see more businesses embracing data democratization, allowing users to access and analyze data across multiple sources and systems.
Wrapping Up
In conclusion, these are the top 10 business intelligence trends to watch in 2023. By staying on top of these trends, businesses can position themselves for success in the years ahead, by making informed decisions and staying competitive in a rapidly changing business landscape. If you enjoyed the article, drop us a comment here below.
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