Vipul Sharma, 27th Dec
Business intelligence is a critical part of any company’s infrastructure. It helps you make better decisions and get answers to your business questions faster, which can help improve productivity, reduce costs and increase revenue.
But if you’ve been in business for any length of time, you know that companies are constantly reinventing themselves—including their BI solutions.
Now more than ever before, new trends are emerging around how businesses use data to drive insights into their operations and growth strategies. Here are 7 ways we’ll see BI change over the next few years:
Table of Contents
Business Intelligence Trends for 2023
1. Cloud-Based Business Intelligence
Cloud-based business intelligence is the future. It’s already here and will be even more popular in 2023.
- Cloud-based BI is more affordable than on-premise BI systems because you don’t have to pay for hardware, software, or maintenance costs. You also don’t have to worry about security concerns like data loss or hacking attacks that can happen in an on-premise environment.
- Cloud-based BI is more flexible than traditional enterprise software solutions because you can modify your system at any time without having to purchase new licenses or update existing ones – making this approach ideal for companies that want flexibility but don’t want the hassle of maintaining a physical infrastructure themselves (or hiring an IT department).
- Cloud-based BI enables organizations with smaller budgets but still need advanced analytics capabilities to gain insights into their customers’ behavior without having access only through static reports generated by traditional reporting tools such as SQL Server Reporting Services (SSRS).
2. In-Memory Databases
In-memory databases are faster than traditional databases and can scale up to many times faster. They’re also more reliable, secure, and flexible than their traditional counterparts.
In-memory databases store your data in memory rather than on disk or other storage devices. This means they’re able to take advantage of all available resources (such as CPU power) without having to go back and forth between different locations like a traditional database would.
As a result, in-memory databases reduce the amount of time it takes for queries to complete by orders of magnitude—up to 100 xs faster compared with conventional approaches such as Cassandra or MongoDB!
3. Self-Service Analytics
Self-service analytics is a new trend that allows people to access data and analytics tools without the help of IT. It’s an alternative to what we call “traditional” BI when you have to go through an analyst or analyst team before you can use your tools.
Self-service BI allows users to access their datasets directly from within the cloud—no need for extra software or hardware at all!
This opens up new opportunities for faster time-to-value (TTV) as well as greater flexibility in terms of how that TTV is measured; it also helps organizations reduce costs associated with IT staff who would otherwise be required if traditional BI wasn’t available via self-service interfaces.
4. Predictive Analytics
Predictive analytics is a method of using data and algorithms to predict future events. It can be used to make decisions about customer behavior, revenue and profitability, churn rates, and market share. Predictive Analytics allows businesses to predict what will happen based on existing information about their customers or products.
Prediction is often used in conjunction with other business intelligence tools such as forecasting (the process of predicting something that hasn’t happened yet) or scenario planning (the process of creating alternative scenarios based on known facts).
In this way, predictive analytics helps companies make better decisions by looking at trends over time rather than making them anew every time there’s an event that may affect the decision-making process.
5. Artificial Intelligence and Automation
Artificial Intelligence and Automation are two of the biggest trends in business intelligence. AI is used to automate tasks, improve customer experience and efficiency, as well as improve accuracy.
AI-based tools can be used for several purposes:
- Customer Experience – AI helps you better understand what your customers want from your product or service by gathering data from multiple sources in real time. This allows you to create an improved user interface (UI) that will make it easier for customers to use your product or service efficiently by providing them with relevant information at every step along their journey.
In addition, artificial intelligence can also be used as part of software development projects so that developers get access to high-quality datasets without having any human intervention needed during the testing phases. It saves time on manual verification processes while also improving accuracy levels overall due to better automated processes being followed during testing stages rather than relying solely on human efforts alone which may lead to better customer experience.
6. Embedded Business Intelligence
Embedded BI is a new trend in business intelligence. It’s a combination of machine learning and business intelligence, which are two powerful tools for helping companies make better decisions.
To understand how embedded BI works, let’s look at an example: suppose you want to improve customer service by using AI-based chatbots as customer support agents.
You could have these chatbots ask customers questions about their needs or history with your company so they can provide personalized responses based on what they say (this would be called “exploratory” learning). Or you could use predictive analytics to predict whether or not someone will purchase something before they walk into the store (this would be called “predictive” learning).
7. Companies are Making Significant Investments in Business Intelligence
The business intelligence market is growing at a rapid pace, and it’s expected to continue in the next few years. Companies are making significant investments in business intelligence, with some even investing millions of dollars per year.
Business Intelligence (BI) tools are becoming more sophisticated and integrated into the overall business process, allowing companies to better predict customer behavior and respond faster than ever before. BI also helps companies automate their operations, which frees up time for employees who can focus on other tasks rather than spending hours entering data manually into spreadsheets or databases every day (or week).
BI tools aren’t just used by businesses anymore—they’re becoming accessible through mobile devices too! You don’t need an expensive desktop computer or laptop anymore; all you need is an internet connection so that you can access your applications from anywhere at any time.
Conclusion
We’re witnessing a major shift in the way companies use business intelligence, driven by new technologies and emerging trends. In this post, we have outlined seven key trends that will affect B2B technology in 2022. The most obvious is cloud computing — as more companies turn to public clouds for their data storage needs, BI will inevitably follow suit.
We also explored how self-service analytics are becoming an essential part of business operations; predictive modeling has become more accessible than ever before; artificial intelligence and automation are changing how BI professionals interact with their data sets; embedded business intelligence is taking hold within certain industries where it was previously unavailable, and finally, there’s some exciting news about embedding analytics into other devices such as smartphones or wearable.
