If you’ve been keeping an eye on the future of business intelligence, you may well be aware that this is an area that’s continually evolving. This includes exciting new developments, such as artificial intelligence to cloud-based business intelligence. We’ve put together this article to keep you up to date with 5 important business intelligence trends in 2023.
Where are we with business intelligence?
Before you move on and start to take a look at the latest trends in business intelligence, it’s worth pausing to consider just where we are right now. While upcoming trends will have a greater degree of importance over time, it’s worth appreciating the benefits of business intelligence and what it has to offer in the here and now.
Just some of the developments that we’ve seen in business intelligence in recent times include:
- Data mining – by utilising databases, statistics and machine learning there is the ability to reveal trends in large databases.
- Reporting – there is the ability to share data analysis with relevant stakeholders, allowing them to draw conclusions.
- Metrics and benchmarking – a look at past and current data allowing comparisons and tracking.
- Data preparation – the compilation of numerous data sources in preparation for analysis.
- Querying – there are features that allow specific questions to be asked and the business intelligence is able to pull answers from the datasets.
So this list provides just a snapshot of how things currently stand, but what exactly is the future of business intelligence? That’s what we’re going to explore next.
Business intelligence trends for the future
1) Individualised curated insights
One of the problems that organisations have experienced with business intelligence is the fact that too many tools offer a one size fits all solution. Yes, these tools can still bring exceptional value, but the reality is that every business and every user has different needs. When an organisation is looking to leverage data and use it to its full potential, business intelligence tools need a degree of flexibility so that the experiences can be tailored to the individual.
To keep up with business intelligence trends, there will be a need to access the latest tools. While you may be able to identify platforms that are able to curate insights based on the needs of a user, there is also a need for a chosen platform to have been designed in such a way that it can be fully utilised by people with differing skill levels.
The future of business intelligence moves beyond just the tools though. A hugely significant part of this will fall to business leaders. These leaders will need to work towards developing a culture where advanced analytics are adopted. To achieve this, employees need to have an understanding of the tools available and how they can assist. To fully benefit from business intelligence trends, the tools matter but the full benefits can only be realised when people know how to use them correctly.
2) Artificial intelligence
When looking at the question “What is the future of business intelligence?”, the rapid evolution of artificial intelligence (AI) can not be ignored. AI is leading to hyper-automation which allows business intelligence to be gathered at speed and with great ease.
AI and machine learning are the future of business intelligence. They are already changing the way in which we interact with data analytics and are having a significant impact on how insights are leveraged. By offering superior data management, AI and machine learning are also offering the highest standards of data security.
With AI continually advancing, there is the ability to empower end users by allowing them access to timely anomaly detection. This is based on existing data and trends. By receiving immediate notifications, the user has the opportunity to optimise strategies so that they can be adapted in line with the anomaly.
The future of business intelligence will see AI carrying out calculations on the behalf of users. This will lead to users being presented with varied insights relating to:
- Business growth
- Market trends
- Customer segments
Perhaps one of the biggest advantages that AI will bring about is the ability to access critical insights in real time. This provides significant time advantages to stakeholders and decision-makers.
3) Collaborative business intelligence
Business intelligence trends will see self-service business intelligence solutions that will remove the need for highly skilled IT employees. There will be the ability for any user to both handle data and understand it too. With easy communication and data sharing capabilities, there is even the ability to utilise integrated social media platforms.
These new solutions will no longer be just about tracking data and documents. They will, instead, be able to track various interactions with your business. This will include the likes of calls, emails, social data and internal communications. Insights will be accessed with ease and, due to simplified sharing capabilities, leaders will be able to promote collaboration within an organisation, leading to an increase in efficiency and an improved decision-making process.
The overarching benefits of collaborative business intelligence will be found in increased productivity and a boost in revenue margins.
4) Cloud-based business intelligence
The future of business intelligence is in the cloud. As business intelligence trends go, this is one that is already gathering great momentum and will continue in the coming years. The benefits brought about by this cloud-based approach are the fact that your applications and software can be accessed whenever you want to, regardless of your location. You’re also able to use any device of your choice to do this.
This means that everything can be accessed by simply clicking a button on your chosen device. If you want to access data collection, insights or analytics, this is something that can be done with ease.
5) Augmented analytics
Augmented analytics is the future of business intelligence. It is seen as being the key component of the future of data and leverages both machine learning and artificial intelligence (AI) to deliver. The changes brought about by augmented analytics will relate to the ways that data is prepared, how insights are generated and shared, and how to operationalise data science and machine learning models.
Perhaps the biggest benefit offered by augmented analytics is the fact that it allows non-technical people to become involved. Without a deep understanding of systems, software or anything else that would usually create barriers, virtually anyone is able to create data analytic models that have a degree of sophistication. What’s equally important is that users are then easily able to draw deep insights from them.
Final thoughts on business intelligence trends in 2023
Business intelligence (BI) is developing at speed. Keeping up with business intelligence trends can be challenging at times as advancements are being made on a continual basis. What’s clear about what the future holds is that data, and its interpretation is going to be open to all.
The latest business intelligence trends are centred on creating systems that allow non-technical people to benefit from all that BI has to offer. The benefits here are clear as it will mean that decision-making processes become more timely and businesses have the opportunity to boost both productivity and profits.