Nowadays, we produce more data daily than ever before, and decision-making is an all-important aspect of business and operations management. While some business people rely on their intuition, savvy entrepreneurs use solid data as a basis. But contrary to popular belief, analytics don’t follow your experience-based instincts. Data can either support intuition or not, but it helps you determine the next steps and directions.
By 2025, the world’s data will have exceeded 180 zettabytes coming from over 41 billion connected devices.
Data management is no longer an ideal; it’s an expectation in today’s business world. Over the last few years, spreadsheets have finally given way to informative real-time data visualizations and interactive business dashboards.
Business intelligence (BI) helps companies collect, analyze, present, and integrate data to receive valuable information for business growth. Over time, the business intelligence industry has morphed into a billion-dollar enterprise. More and more companies undergo digital transformation in response to industry demands.
The future of BI is being defined, and everyone who wants to be data-driven wants to keep an eye on new trends. Let’s have a look at current and future BI trends.
The Current Business Intelligence Trends
The amount of information in all industries is growing fast. Today, organizations are continuously generating volumes of data as the speed, variety, and complexity of data are also increasing. But only those companies that know how to handle and use data properly can find useful insights and create real profit.
Let’s have a look at top Business intelligence trends. In 2022, companies are still working to position themselves for the long term: addressing the root causes of their problems, e.g. data quality, and working to create a data-driven culture holistically. Data management has become more important, too. Data discovery and visualization, plus self-service analytics, are important to organizations.
DQ and MD Management
Qualitative data is at the core of the strategic, tactical, and operational management of every company. Data from The BI Survey shows that companies have always strived to provide a high level of data quality. In 2022, when information is increasingly becoming a vital factor of production, the need for high-quality data is growing, too. All in all, poor-quality data results in false facts and wrong decisions at companies.
Rapidly growing volumes of information from internal and external sources make databases keep expanding. Why is using qualitative data considered one of the latest BI trends?
- Organizations must be able to respond as flexibly as possible to dynamically changing market demands.
- Organizations risk missing out on valuable business opportunities, whereas competitors can take advantage of this situation.
- Organizations can only unlock the full economic potential of their data if the underlying data is well managed and delivered in high quality.
Creating a Data-Driven Culture
Recently, many well-known outlets have written about this new trend in business intelligence. The concept of a data-driven culture at a company envisions information as a key resource for implementing ideas in every department. The key goal is to empower every employee to actively use data to bolster their daily work.
This way, they can use the company’s potential and data to make effective decisions, analyze current trends, and make critical competitive advantage more visible. The ultimate goal is to create a cultural framework that helps the company’s members collaborate to move data to the centre of decision-making: from the owner to the employee (marketer, financier, manager, HR, etc.)
In BI, data governance will become a leading focus for companies, big and small. This will also be driven by the numeral different data sources and data types needed to support analytics initiatives that are growing very fast. A good data governance system will help improve ROI from BI investments and allow a balance between data consistency and transparency. This will, in turn, establish the basis for correct, ethical, and evidence-based decision-process.
Data governance is a recent trend in business intelligence and is vital to enabling organizations to respond quickly. Data governance encompasses the people, processes, and technology required to manage and protect the company’s data assets. Therefore, corporate information must be clearly understandable, correct, complete, trustworthy, secure, and available for use.
Here are the main objectives:
- Minimizing risks
- Setting up rules for information use
- Improving internal and external communication
- Making data more valuable
- Saving time and costs
Data Discovery and Visualization
Data discovery is a business user-centric process designed for discovering insights by visually navigating data or using guided advanced analytics. This process can get divided into three steps: data preparation, visual analysis, and managed advanced analytics.
The goal is to leverage the full value of information not only to improve decision-making but also to impact business process optimization and support new business models directly.
Interactive and novel types of visualizations enable decision makers to instantly see key trends and identify outliers. Users are better able to find insights and detect outliers when data gets presented as charts and graphs on a single page rather than hidden in tables that take up multiple pages.
As the XaaS model pervades into almost any business area, the realm of BI and data analytics will be no exception. Organizations with vast amounts of data that have a problem accessing the data or driving insights from it will look out for BI-as-a-Service opportunities. This model will provide all the advantages of a full-fledged, end-to-end BI solution but with the ease and clarity of a cloud deployment.
Using BI-as-a-Service, companies can have experts seamlessly extract data from numerous sources, collect and analyze the growing volume of data, and deliver insights to users using real-time information and dashboards. The BI-as-a-Service will allow them to overcome barriers around their small numeral of data scientists and enable regular users to build reports and dashboards independently.
Scaling cloud services is one of the comprehensive trends that BI solutions will notice in the following years. It allows software and apps to be accessed anytime and anywhere and is supported on any gadget.
All, from data collection to analytics and insights, will be available at the click of a button on the end-users gadget. This will increase demand for SaaS BI solutions and promote data management and cooperation via enterprises and industries.
Future Business Intelligence Trends: Predictions You Want to Be Thinking About
Real-time data & analytics gain more traction
Recently, organizations have seen a growing need for real-time data, and this trend will continue in 2023. Up-to-date information is becoming more important than ever before, and as the world has changed, companies also need to adapt. Since the onset of the pandemic, we have seen the need for accurate, real-time updates is critical to developing the right strategies to respond to adverse situations like that. Besides, interactive dashboards will help companies immediately access relevant information related to their business and respond if any potential issues arise.
Learn more about “Why may businesses benefit from automated data pipelines?”
Artificial intelligence (AI) and machine learning are future trends in business intelligence. AI is a branch of computer science to make machines do what sophisticated human intelligence would normally do. AI and ML revolutionize how we interact with our analytics and data management.
Business intelligence topics would be incomplete without data automation (analysis). This emerging trend is all about activities where businesses automate as many processes as possible using multiple tools and technologies such as AI, machine learning, low-code and no-code tools, etc.
Eye-Opening Business Intelligence Statistics in 2023
According to business intelligence statistics, any business effectively using information extracted from market data will surely benefit. Of course, big companies in any industry know this. We understand the value of BI to your company’s growth. All in all, we have hand-picked some of the most relevant business intelligence statistics for 2022.
Here are some top statistics in business intelligence to help you understand the importance of it all:
- By 2023, over 33% of large-sized businesses will have practised decision intelligence.
- Data analytics makes decision-making 5x faster for businesses.
- Self-service BI is crucial to 60% of research and development departments.
- The global BI market will have grown to $33.3 billion by 2025.
- Most businesses adopted BI in 2020.
- The top three latest trends in BI are data visualization, data quality management, and self-service business intelligence (BI).
- Seven out of ten businesses rate data discovery as very important.
- 71% of buyers prefer Microsoft Azure as their number one vendor.
- Only 37.8% of firms report building a data-driven organization.
- Only 26.8% consider themselves successful in building a data culture.
- Reporting, dashboards, data integration, data warehousing and data processing are among the top five technologies and initiatives of strategic importance for BI.
You see? Business intelligence is crucial nowadays.
How Can Business Intelligence (BI) Help Businesses during the Crisis
The crisis has made one point obvious: the traditional wait-and-watch strategy for optimizing operations won’t work. Companies must make data-driven decisions to devise strategies to empower employees, navigate through the crisis smoothly to earn clients’ trust and loyalty, stabilize operations, and optimize costs—none of which is possible without BI.
Let’s have a look at these top trends in business intelligence in more detail:
Discover opportunities for boosting growth
The main business intelligence industry trend is removing barriers between siloed data sources. BI can help you match information from thousands of datasets and provide forecasts that are not only accurate but also timely. Such information can enable historical data analysis, helping companies uncover growth opportunities—even as sectors plunge.
Find areas for saving costs
By identifying unnecessary costs and redundant processes, BI can list business areas to yield the best results in cost savings while highlighting avenues of business that require investments, such as digital workspaces, business continuity, or remote workforce.
Make informed decisions to minimize risks
By connecting to a wide array of data sources, BI can provide the figures, information, and facts to help companies make informed business decisions and mitigate potential risks.
Speed up normal operations
BI provides a fast and simple overview of data from across the company—that can easily go unnoticed. By incorporating sophisticated data analysis tools and technologies, BI can maximize correlations, patterns, and trends and helps employees make data-driven decisions.
Learn more about “How to be a data-driven decision-making company in times of crisis”
In this article, we have summarized what the near future business intelligence trends look like for us. In our crisis-ridden world, technologies like BI can bring a lot to the table: they enable companies to understand the problems they face, assess gaps in their systems and processes, remodel their business, make the right decisions, and protect growth and profitability in the long run.
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