Business Intelligence and Data Trends

IN 2023

Challenging environment for Business Intelligence and data

2023 is a year full of challenges, related to the economic situation and war in Ukraine. This means that Business Intelligence (BI) and data related subjects are in extremely challenging times. Trends from previous years are still there, but there are increasing subjects, demanding high attention.

Data volume is growing rapidly, and time is critical to get the business insight as quick as possible. We must respond to this situation immediately, and these are the main topics we need to address.

Business Intelligence and Data Trends

New challenges in 2023

Main challenge for the next year is optimization in crisis, which requires the need to discover opportunities, cost saving activities, risk minimization and speeding up operations. To achieve this, businesses will need to use Machine Learning (ML) and Artificial Intelligence (AI) on a large scale. Robots are not what was predicted in SF books or movies. They are just simply taking over the repetitive work, while humans focus on advanced-level tasks, that require creativity and strategy. BI is going to use ML and AI to automate data preparation and analysis. The rest of the job will need to be no code or low code operations.

Therefore, hyper-processing, system engineering, and virtual assistants will be developed as part of BI in the next year. Defensive AI is also a trend for 2023, as there are more and more threats to security. Ethical and secure AI features is required to create a safe business environment.

Another task to be done will be predictive analysis – the next step in a Data Driven organization. Big Data, another piece of the puzzle will be converged with regular data transformation and analysis, due to the rapidly increasing need to analyze Big Data along with business data, not in separate silos.

Data democratization is also an important trend, which was present in previous years but now it becomes crucial and mandatory. Research by McKinsey has found that companies that make data accessible to their entire workforce are 40 times more likely to say analytics has a positive impact on revenue. Data analysis and access to BI must be extended to all people in the organization, as they will get tools to effectively find threads and options to expand or protect their parts of the business.

With real-time analytics and interactive dashboards, along with other analytic tools, which require low code or no code options, we can create and develop Data Driven business. An important part of these solutions is embedded and collaborative BI. This means that your staff will have well-defined roles and responsibilities, as well as with Data Literacy introduced. Mentioned elements will allow avoiding the devastating effects of improper data handling. With strong Data Governance and a view of the whole business pipeline organization will thrive in these difficult times.

Mobile BI, with sophisticated features but simple in use is the key to using BI across the business, even by people with low technical skills.

The data volume is increasing rapidly, therefore Cloud Solutions will be increasing in the coming year. The future of the Cloud is still in the hands of big players like Google, Amazon, Microsoft, and IBM. Only they could build infrastructure on the industrial scale. Along with cloud-based warehouses of the new generation, it will create powerful business solutions to scale BI. Especially with the IoT (Internet of things) market growing rapidly from 9.7 billion in 2020 to 29.4 billion in 2023.

Is your business ready for 2023 trends and challenges? Please let us know.

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