In this article, we look at the top 5 trends that experts forecast in the business intelligence (BI) field in 2023.
Over the past several years, the role of advanced analytics and BI tools has risen significantly. This was especially evident during and after the COVID-19 pandemic. Many companies that have successfully survived the economic recession did that with the help of BI.
Today, every business is a data business. And every business needs analytics to support decision-making. Below we look at the top 5 BI trends in 2023, based on the survey 2023 BARC Data, BI and Analytics Trend Monitor. The industry analyst and consulting firm BARC asked 1,823 users, consultants and vendors for their views and opinions about the most important BI trends as part of this survey.
Master data and data quality management
Master data and data quality management has been one of the most important trends in BI for the past several years. Good data quality is the foundation of everything.
Before a data analysis can even begin work, data must be well-organized and of good quality. This isn’t always easy to achieve, as companies are regularly struggling to keep good quality data. That is way, this trend remains and will remain a top priority in the years to come.
Since its introduction several years ago, the term “data-driven culture” established itself as a top priority and trend across the industry. In simple words, a company is said to have a good data culture when data is used to make decisions at every level of an organization. Data-driven culture is about replacing the gut feeling with facts based on data when making decisions.
To build a proper data-driven culture companies need to develop and implement all the right tools and processes. Most importantly, employees across a company should be encouraged to use these tools and processes. It is crucial to engage everyone, not just company executives.
Data discovery and visualization
The third trend is data discovery, which is a process of discovering patterns and outliers by applying advanced analytics methodologies. This is mostly a business user driven and iterative process. The use of advanced visualization tools helps to digest information better and recognize patterns. Cutting-edge companies are paying an increased attention to the visual analysis part as an efficient way for decision-makers to absorb information and act on it.
Both vendors and clients invested and will continue to invest a great deal of resources on data discovery and visualization technologies.
This trend is closely linked to master data and data quality management. Data governance is the foundation of company-wide data management processes. The term encompasses many areas, including people, processes, tools and technologies to properly manage and protect a company’s data. Strong data governance guarantees secure, clean, and discoverable data.
With an increased amount of data, data governance is a key trend that will remain at the top of the list in the future.
Self-service analytics is another high priority, growing trend. In simple words, the term self-service BI includes processes and technologies to help business users analyze data themselves without having to wait for the IT department to step in.
By putting the analytical power into the hands of business users, companies can become more flexible. Self-service BI gives business users an opportunity to run their own queries, analyze data, build reports, and focus on key insights in business. The best part is that business users can do all these things without having to rely on the IT department.
As the BI adoption rates will increase, more business users would use BI independently. Therefore, the self-service analytics trend will remain as the top priority for companies.
If you need help implementing advanced analytics and BI technologies in your company, Centida could provide assistance. Having the combination of business and IT experience, our consultants have successfully delivered projects for large Fortune 500 companies and SMEs around the world.