8 Business Intelligence & Analytics Trends For 2023

Over the past few decades, data has grown by the bounds, and making sense of the data through Business Intelligence (BI) has become an indispensable part to most organizations, big or small. Businesses have started taking the help of Business Intelligence(BI) and BI tools to leverage every bit of information they can generate through the volume, variety, and velocity of data they work around.

Modern BI tools have opened up opportunities for organizations, empowering them to unearth new insights, innovations, and proactivity in day-to-day business operations.

The future of business analytics is bright. As more and more businesses discover the value and benefit of the best business intelligence solutions and analytics in every facet of their operations, it is only likely that the market size will grow exponentially in the coming years.

Let us have a look at some business intelligence statistics.

  • As per Markets and Markets, the business intelligence market will be worth $33.3 billion by 2025, growing at an annual CAGR Of 7.6%
  • The global mobile business intelligence market was valued at $8.8 billion in 2020 and is expected to reach $29.6 billion by 2027 at a CAGR of 18.9%.
  • The worldwide business intelligence software market is projected to reach $17.6 billion by 2024 when run together with analytics tools, as per Statista.
  • Michael Speyer, a Senior Consultant at Forrester, says that any organization implementing a BI solution can experience a 127% return on investment (ROI) in just three years, per his analysis.

This blog will look into emerging business intelligence and analytics trends and what’s in store for them.

So let’s dive right in!

The following are some Business Intelligence and Analytics trends emerging in today’s competitive world, which businesses must watch out for.

business intelligence and analytics trends

1) Cloud-Based BI and Analytics

Cloud-Based BI is a key business intelligence future trend. Most businesses’ BI elements, such as data sources, models, analytics, computing power, and data storage, have already moved on to the cloud where its adoption has led to better collaboration and productivity amongst their workforce.

Businesses must harness the power of cloud analytics to garner actionable, timely insights from the data. With plenty of options available, business analytics solutions can be deployed on public, private, hybrid, multi, or microservice clouds depending on the budget, security, compliance, hardware, and many other factors that propel its adoption.

Also read: Cloud Application Development – Everything you need to know

2) Augmented Analytics

According to Markets and Markets, the global augmented analytics market size is expected to reach USD 18.4 billion by 2023.

It is one of the critical components in the future of data that leverages the power of machine automation and AI by transforming the way data is generated and sharing valuable insights.

The evolution of natural language query capabilities has driven up the adoption of BI among business users while delivering analytics has become a vital functionality for BI vendors. Analytics platforms have even started embedding Artificial Intelligence(AI) and Machine Learning(ML) capabilities in business workflow for better insight delivery.

3) Data Discovery

Data discovery has increased its impact over the years by detecting patterns through visual analysis, guided advanced analytics, and accurate data preparation. Data is collected from various databases to be consolidated into a single source that can be evaluated instantly with the help of visual tools for viewing and managing data easily.

Data discovery is among the top business intelligence trends in the importance hierarchy. Studies have shown that the empowerment of businesses is possible with proper data discovery techniques and visualization as it produces relevant insights for the long-term decision-making process.

4) Data Storytelling

Businesses are looking beyond primitive data structuring and insights without bias so the team can make better-informed decisions. Data storytelling has become pivotal as it can add context and a better understanding of statistics by providing a business with the picture needed to put their insight into action.

Dashboard figures alone do not make sense anymore, as they need to be interpreted or contextualized. This is where storytelling comes into the picture around data. This trend will change progressively in how businesses can use data to engage better, acquaint themselves with the unknown, and try new ideas. It has already taken a prominent role in business intelligence and is redefining how analysts can interpret data and provide insight.

5) Collaborative Business Intelligence

Collaborative information and decision making is the key focus of new BI solutions. It combines collaboration tools with online BI tools, including social media and other 2.0 technologies like Ajax and JavaScript.

These BI tools can make sharing easier as automated reports can be scheduled at specific times and to people with a flexible level of interactivity. In addition, collaborative BI is slowly becoming essential for agile approach as it allows everyone to check, track real-time data and make decisions faster.

6) Embedded Analytics

Businesses must know the potential that different BI components like dashboards or reports have. They can improve a business’s decision-making process and productivity when embedded into applications.

As per Allied Market Research, the embedded analytics market is projected to reach about $77.52 billion by 2026, with a CAGR of 13.6% from 2017.

Embedded dashboards have enormous potential as they provide better value within their application. Businesses can create a sales report or send multiple dashboards to clients with the help of embedded analytics which is becoming a standard norm in business operations. In addition, they allow collaboration and keep every stakeholder involved, facilitating better extraction of insights.

This is one of the trends in business intelligence and analytics that can be implemented immediately as it ensures that the application works seamlessly and without much complexity.

7) Data Governance

Data Governance has become an indispensable part of business excellence as stringent security and data privacy measures are brought into focus. It has now become essential for any business that wishes to get significant returns from business intelligence investment.

The model forms the foundation for organization-wide data management as they enable companies to harness the power of business intelligence technologies, processes, and people involved in managing data assets impacting multiple levels. With the passage of the General Data Protection and Regulation(GDPR), businesses must implement appropriate data governance programs and remain compliant with relevant laws.

8) Data Quality Management (DQM)

Data is a crucial element of any business, and it helps a company predict customer expectations, get competitor information and make better-informed decisions. Unfortunately, poor data quality has been a constant problem encountered by businesses of all sizes, and the rise of Data Quality Management has been welcomed.

Data Quality Management is a combination of technology, process, people, and culture that delivers accurate and valuable data with the help of a wide range of metrics used for analysis. It improves the data governance framework of an organization by ensuring standards are maintained, and stakeholders have a clear picture of day-to-day operations. As a result,  business leaders can make the right decision to move their businesses forward.

Summing up

The BI landscape is soon changing and is getting defined by some of the above-mentioned trends in business intelligence. Companies who wish to stay on the best side of digital disruption must move on fast and get serious with their data and analytics efforts, embrace the BI trends and strengthen their foothold in today’s competitive and dynamic business environment.

Get valuable business insights and better data quality for improved customer satisfaction with the help of a business intelligence consulting company like Ailoitte. Our Business intelligence consulting services can help your organization identify gaps and opportunities by providing powerful insights from data and helping enable structured data-driven decision-making. Connect with us today.

FAQ

What are the emerging trends in business intelligence(BI)?

The top 5 emerging trends in Business Intelligence are Quality Data Management, Artificial Intelligence (AI), Real-Time Data & Analytics, Embedded Analytics, Collaborative BI.

How is business intelligence changing?

Business intelligence is shaping the shift in business demands, decreasing operational costs by increasing productivity, providing enhanced customer experience, enabling increased business agility and resilience, and driving digital transformation by implementing the latest technologies.

Why is business intelligence necessary nowadays?

Business Intelligence enables businesses to know in detail about their competitors and analyze current consumer buying trends. It enables them to support and facilitate better business decisions.

What is the goal of business intelligence?

The goal of business intelligence (BI) is to give businesses a detailed and customized view of data to empower them to make data-driven decisions.

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