There was a time when forecasting and overall business decisions were based largely on intuition and past experience. It wasn’t too long ago that companies had to operate without the tools and technologies that collect data from various sources so trends can be identified and observed as multiple data points are brought together in a unified place. Fortunately, the days of wandering into the future, hoping for the best without any concrete evidence to back up leaders’ decisions are long gone, and we’re not looking back.
With business intelligence (BI), CEOs, CFOs, and other business leaders now have the ability to secure competitive advantages in their markets by extracting meaningful insights that facilitate organizational growth that reaches far beyond the immediate future.
As 2022 draws to a close and 2023 knocks on the door, the system known for analyzing trends will see a few of its own. So, what’s the new year going to bring the world of business intelligence? Let’s take a look at a few upcoming analytics trends we expect you’ll see in the coming 12 months.
1. Improving Data Literacy to Support Effective Decision-Making
These days, data’s role in the decision-making process is more important than ever before. Because it’s a collaborative tool, it allows for an in-depth understanding and application of information across the entirety of organizations.
Digital literacy and dexterity are the backbone of success if organizations wish to leverage their technologies in ways that provide more efficient business outputs. Digital literacy is soon to become a key element for companies that want to add value to their operational ecosystems. As it stands, poor digital literacy is a major contributor to businesses falling short on reaching their milestones.
In 2023 and beyond, data literacy will play a vital part in companies’ value-add systems. In this case, the accessibility of self-service business intelligence tools will help confront complex, overwhelming data head on. Combine this with AI and augmented analytics, and strategic companies will have the foundation for prosperous data-driven cultures.
2. Continued Focus on Data Governance
When the General Data Protection and Regulation (GDPR) was passed in 2018, a lot of companies had to scramble to ensure they were compliant with the terms set forth in the act regarding the management and storage of data.
Now that data governance plays such an important role in organizations’ infrastructures, modern BI tools can be used to support data governance models in ways that optimize the value of analytics. This ensures the power of people, processes, and technologies are harnessed in ways that deliver trustworthy, secure, and understandable data.
3. Inviting Artificial Intelligence into the Mix
Artificial intelligence (AI), when married with engineering and hyper-automation, helps businesses concentrate on the level of security available to their operations. This, in turn, allows for the development of strategies and systems that protect weaknesses that would otherwise be vulnerable to attack.
AI aims to use machines to execute tasks that are usually handled by complex human intelligence. Sure, AI and human intelligence are often portrayed as foes in the movies; however, AI isn’t on the verge of destroying the human race, despite warnings given by Hollywood, as well as some scientists and tech entrepreneurs. In fact, AI and machine learning will continue to revolutionize the ways in which people interact with data and analytics. In other words, AI isn’t going anywhere any time soon, and in the coming year, it’s expected to evolve into a more responsible, scalable technology.
As AI developers work to ensure their products are compliant with current and future privacy regulations, a concept known as “ethical AI” has begun to emerge. This helps protect organization that utilize AI from facing legal issues that could otherwise come from collecting data from their users.
4. BI Will Integrate More Seamlessly with Other Systems
It’s entirely possible that the BI industry may see a bit of revenue slowdown as it’s integrated with other systems like ERPs and CRMs. The same thing happened when collaboration software, which initially began in its own market before it evolved into a regular feature of other software categories like task management and communication apps, became a staple element in tech.
With that said, don’t count BI out! Instead, the world is likely to see a vertical enterprise business intelligence market procure its own space, separate from the general BI software market.
Bear in mind that ERP systems that include built-in BI features are often not robust enough for enterprise users. As such, enterprise business intelligence—one that is able to tackle enormous amounts of data and can be specifically tailored to companies’ unique needs—is here to stay.
Meanwhile, the general BI industry is headed toward embedded BI that plugs into other business applications.
With all this said, the BI market will continue to increase in revenue in 2023 overall.
5. Emphasis on Qualitative Data
Qualitative data is the foundation of strategic, tactical, and operational management in fruitful companies. Organizations have historically strived to provide high-quality data, but it hasn’t always been possible. As such, it’s becoming increasingly important for smart businesses to eliminate poor-quality data that can result in false facts and poor decisions in favor of high-quality data that facilitates production, growth, and provable outcomes.
Databases continue to expand as a result of the volumes of data they must handle from both internal and external sources. The more data housed in various systems, the harder it is for leaders to be flexible, pivot quickly, and avoid risks without the proper BI tools in place.
In 2023, companies will unlock the full economic potential of their data by implementing BI systems that thoroughly organize and manage the information they’re responsible for.
MIBAR Will Help Companies With Business Intelligence Succeed in 2023
As we welcome a fresh new calendar, our team at MIBAR looks forward to helping companies succeed with BI systems that fit their needs. MIBAR has helped companies just like yours to discover, implement, and operate essential business software, like Power BI, for more than three decades.
If you want to start your organization on the path to success in 2023, touch base with our team to set up a demo today!
