The Top Business Intelligence Trends for 2023
4 mins read
Explore the latest trends in business intelligence, such as the use of augmented analytics, artificial intelligence, and machine learning in this blog
The world of Business Intelligence BI is rapidly evolving, and staying up to date with the latest trends is essential for any organization that wants to remain competitive in today’s data-driven economy. In this blog post, we will explore the top business intelligence trends for 2023 and how they can help businesses unlock insights and drive growth.
One of the most significant trends in business intelligence is the use of augmented analytics. Augmented analytics combines machine learning, natural language processing, and other technologies to automate data preparation, analysis, and visualization. This approach helps businesses make more informed decisions faster and without relying on highly skilled data analysts.
According to a report by Gartner, augmented analytics is expected to become the standard for business intelligence by 2023. The report states that augmented analytics will “enable users to spend more time exploring insights and less time searching or preparing data.”
Artificial intelligence (AI) is another trend that is transforming the world of business intelligence. AI-powered systems can analyze vast amounts of data, identify patterns and trends, and provide actionable insights. AI can also automate repetitive tasks and help organizations make more informed decisions in real-time.
According to a report by IDC, the market for AI-powered business intelligence solutions is expected to reach $33.6 billion by 2025, growing at a compound annual growth rate (CAGR) of 24.5%. This growth is driven by the increasing demand for AI-powered analytics and the growing need for businesses to make data-driven decisions.
Machine learning is a subset of AI that is focused on building systems that can learn from data and improve over time. In business intelligence, machine learning is used to automate tasks, identify patterns and trends, and make predictions based on historical data.
According to a report by Markets and Markets, the machine learning market is expected to grow from $1.4 billion in 2020 to $8.8 billion by 2026, growing at a CAGR of 43.8%. This growth is driven by the increasing demand for predictive analytics and the growing need for businesses to automate data-driven decision-making.
Data governance is the process of managing the availability, usability, integrity, and security of data used in business operations. Effective data governance is critical to ensure that businesses can trust the data they use to make decisions and comply with regulatory requirements.
According to a report by Gartner, by 2023, 90% of organizations will have a formal data governance policy in place, up from 50% in 2020. This growth is driven by the increasing complexity of data management and the need for businesses to comply with regulations such as GDPR and CCPA.
Cloud-Based Business Intelligence
Cloud-based business intelligence solutions are becoming increasingly popular among businesses of all sizes. Cloud-based solutions offer greater flexibility, scalability, and cost-effectiveness compared to traditional on-premises solutions.
According to a report by Markets and Markets, the cloud-based business intelligence market is expected to grow from $11.4 billion in 2020 to $29.4 billion by 2025, growing at a CAGR of 20.2%. This growth is driven by the increasing adoption of cloud computing and the growing demand for flexible and cost-effective business intelligence solutions.
Examples and Use Cases:
The use of augmented analytics, artificial intelligence, and machine learning is already transforming many industries. For example, in the healthcare industry, AI-powered analytics is being used to analyze patient data and identify patterns and trends that can help doctors make more informed decisions. In the finance industry, machine learning is being used to identify fraudulent transactions and prevent financial crimes.
One case study of the use of cloud-based business intelligence comes from the online retailer ASOS. The company uses a cloud-based business intelligence solution to gain insights into customer behavior and improve its marketing campaigns. By analyzing data from its website and social media channels, ASOS is able to identify trends and preferences among its customers, personalize its marketing messages, and optimize its advertising spend. This has helped the company increase customer engagement, drive sales, and stay ahead of its competitors.
Another example comes from the retail industry, where AI-powered analytics is being used to optimize supply chain operations. For example, Walmart is using AI and machine learning to analyze its inventory levels, predict demand, and optimize its logistics operations. By using these technologies, Walmart has been able to reduce its inventory carrying costs, improve its product availability, and increase its profitability.
The world of business intelligence is rapidly evolving, driven by advances in technology and the growing demand for data-driven decision-making. In 2023, businesses can expect to see continued growth in the adoption of augmented analytics, artificial intelligence, and machine learning. These technologies will enable businesses to automate data preparation and analysis, identify patterns and trends, and make more informed decisions in real-time.
In addition, businesses can expect to see continued growth in the adoption of cloud-based business intelligence solutions, as well as an increased focus on data governance and regulatory compliance. By staying up to date with these trends and leveraging the latest technologies, businesses can unlock insights, drive growth, and stay ahead of the competition.