Trends 2023 Business Intelligence

Top 5 Business Intelligence Trends In 2023

Summary

Five trends we expect to see in Business Intelligence in 2023 are 

  1. Data democratization 
  2. Real-time data 
  3. Artificial Intelligence (AI)
  4. Data Discovery and Visualization
  5. Data Governance and Regulation

In this post, we will have a look at the most notable trends that we expect to see in 2023 and beyond:

What are the trends of Business Intelligence in 2023? 

Five trends for business intelligence in 2023 are

1. Data Democratization

Data democratization is the process of creating a data-driven culture where business intelligence data is accessible to all users within an organization.

This is usually done by creating self-service data analytics tools that allow users to access and analyze data without the need for IT assistance.

Data democratization can have a number of benefits for businesses. 

  • It can help boost productivity by allowing users to access data when they need it, without having to wait for IT to provide it. 
  • It can also help create a data-driven culture by empowering users to explore data and make decisions based on insights they find.
Data Democratization in Business Intelligence

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.

2. Real-Time Data

Real-time data provides a more accurate picture of what is happening in the present moment, as opposed to data that is a day or two old. This is especially important in industries where things are constantly changing, such as the stock market or retail.

In general, when trying to find insights in your data, it’s better to know what’s going on right now – rather than yesterday, last week, or last month.

Real-time Data for Business Intelligence

However, collecting and working with real-time data often requires a more sophisticated (and often more expensive) type of data infrastructure, but the benefits will most likely be worth the investment in time and effort, if used correctly. There are many different ways to collect and analyze real-time data. 

3. Artificial Intelligence (AI) 

Artificial intelligence (AI) and its subset machine learning (ML) are future trends in business intelligence. AI is rapidly becoming a tool for businesses across all industries. By automating repetitive tasks and providing deep insights into data, AI is transforming the way we operate.

AI  is revolutionizing the field of business intelligence (BI). With the help of AI, businesses can now make better decisions by analyzing large data sets and understanding trends that would otherwise be difficult to discern. 

Additionally, AI can help businesses automate tasks such as report generation and data analysis, freeing up BI professionals to focus on more strategic tasks.

Artificial Intelligence in BI

As AI continues to develop, its impact on BI will only become more pronounced. Businesses that embrace AI will be able to gain a competitive edge by making faster and more informed decisions.

4. Data Discovery and Visualization

Data discovery and visualization are two of the most important aspects of business intelligence. 

Data discovery is the process of understanding your data and finding out what it can tell you, i.e, the insights. This includes understanding the structure of your data, the relationships between different pieces of data, and the meaning of different data points.

Visualization is the process of taking that data and representing it in a way that is easy to understand. This can be done using charts, graphs, and other visual aids.

Data Discovery and Visualization

The process can be divided into three steps: data preparation, visual analysis, and managed advanced analytics

Together, data discovery and visualization can help you make better decisions for your business. By understanding your data and being able to visualize it, you can gain insights that you might otherwise miss.

5. Data Governance and Regulation

Data governance will also be a top subject in 2023 as more governments introduce laws designed to regulate the use of personal and other types of data. 

In short, data governance is the process by which organizations ensure that their data is accurate, compliant, and accessible. Regulation is a key part of data governance. It involves setting policies and standards for data management, as well as implementing processes and technologies to enforce those policies.

Data Democratization in Business Intelligence

The world of business intelligence (BI) is rapidly evolving, and with that comes new challenges in data governance and regulation. As businesses become more reliant on data to make decisions, it is essential that this data is managed in a way that complies with all applicable laws and regulations.

The main idea, although it may seem tedious and resource demanding with all new regulations (like GDPR), is that everyone will benefit as consumers will be more willing to trust organizations with their data if they are sure it will be well looked after. 

Companies will then be able to use this data to develop products and services that align more closely with what we want at prices we can afford and are willing to pay

Conclusion: BI Trends 2023

As we move into 2023, there are several trends that are beginning to shape the field of business intelligence. Here are a few of the most notable trends that we expect to see in 2023 and beyond:

  1. Data democratization 
  2. Real-time data: 
  3. Artificial Intelligence (AI): 
  4. Data Discovery and Visualization
  5. Data Governance and Regulation

If you want to read more about business intelligence (BI), we recommend our post Introduction to business intelligence (BI), or check out all of our posts related to business intelligence

FAQ: Business Intelligence Trends 2023

What are five trends in Business Intelligence for 2023?

1. Data democratization 
2. Real-time data 
3. Artificial Intelligence (AI)
4. Data Discovery and Visualization
5. Data Governance and Regulation

What does data democratization mean?

Data democratization is the process of creating a data-driven culture where business intelligence data is accessible to all users within an organization.

This is usually done by creating self-service data analytics tools that allow users to access and analyze data without the need for IT assistance.

Why is Real-time data important for Business Intelligence?

Real-time data provides a more accurate picture of what is happening in the present moment, as opposed to data that is a day or two old. This is especially important in industries where things are constantly changing, such as the stock market or retail.

In general, when trying to find insights in your data, it’s better to know what’s going on right now – rather than yesterday, last week, or last month.

How is AI used in Business Intelligence?

AI  is revolutionizing the field of business intelligence (BI). With the help of AI, businesses can now make better decisions by analyzing large data sets and understanding trends that would otherwise be difficult to discern.

Additionally, AI can help businesses automate tasks such as report generation and data analysis, freeing up BI professionals to focus on more strategic tasks.

Why is governance and regulations a trend for Business Intelligence in 2023?

The world of business intelligence (BI) is rapidly evolving, and with that comes new challenges in data governance and regulation. As businesses become more reliant on data to make decisions, it is essential that this data is managed in a way that complies with all applicable laws and regulations.

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Eric J.
Eric J.

Meet Eric, the data "guru" behind Datarundown. When he's not crunching numbers, you can find him running marathons, playing video games, and trying to win the Fantasy Premier League using his predictions model (not going so well).

Eric passionate about helping businesses make sense of their data and turning it into actionable insights. Follow along on Datarundown for all the latest insights and analysis from the data world.