Top Trends in Business Intelligence for 2023 and Beyond
- Elsa Barron
- Jun 21, 2023
- 2 min read
Businesses have faced significant challenges and undergone extensive changes in recent years, and this trend will continue into 2023. They are still grappling with the aftermath of the global pandemic, Russia’s conflict with Ukraine, economic hardships, and the rapid advancement of technologies.
In today’s business world, effective data management is becoming increasingly crucial. Real-time data visualizations and interactive business dashboards are being embraced as essential tools. The amount of global data is projected to surpass 180 zettabytes by 2025, generated by over 41 billion connected devices.
Furthermore, the landscape of business intelligence has undergone substantial evolution, influencing how companies operate. The exponential growth of data serves as a significant driver for this transformation. Rather than simply recognizing the potential of their data, businesses are now actively leveraging existing data and exploring diverse sources to extract valuable insights.
Business intelligence (BI) plays a vital role in helping companies gather, analyze, and incorporate data into their operations to gain valuable insights for business expansion. Over the years, the BI industry has grown into a billion-dollar enterprise, and with organizations embracing digital transformation, it is witnessing a substantial response across industries.
The future of BI is being shaped by upcoming technological advancements, and businesses are preparing to embrace data-driven trends. Let’s delve into some of the anticipated BI trends ahead.
Business Intelligence and Analytics Trends for 2023
One of the prominent trends in the field of Business Intelligence (BI) is the increasing adoption of cloud-based solutions. The cloud is playing a crucial role in the growth and advancement of business insights and operations. Big data is experiencing accelerated progress, largely due to the cloud’s influence. All elements of BI, including data sources, analytics and models, storage, and computing power, are transitioning to the cloud. To ensure reduced risk and enhanced flexibility, businesses need to embrace a connected cloud strategy.
Cloud-based services represent a significant trend in BI. With the widespread adoption of the cloud, remote working has become more prevalent, and cloud-based BI enables access to applications and data from any location and at any time. The popularity of Software-as-a-Service (SaaS) applications is also on the rise, as they offer convenient access through web browsers, providing data insights and answers with the flexibility to access them anytime and on any device.
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