The way business leaders make decisions is increasingly linked to the availability of fast and timely information. This is becoming a constant challenge due to the large amount of data handled in different areas and the limited capacity to process it in real time.
In this context, Business Intelligence appears as a tool that allows a better interpretation of the flow of information and thus a more agile and transparent management. But what is it all about?
It is a management concept that aims to work with concrete data in order to make more assertive decisions, using various technologies to help collect, organise, share and transform them.
In this article, I will explain 7 trends in BI that you should be aware of in 2023.
- Real-time data analysis
It allows organizations to make decisions faster, improve efficiency, and adapt to change. With these tools, you can get instant information about operations, customers and the market in general.
- Artificial Intelligence (AI) and Machine Learning (ML)
These technologies are transforming the way companies collect and analyze data, making the process faster and more accurate, allowing them to identify patterns and make more accurate predictions. AI and ML are used to automate tasks, improve analysis and provide personalized recommendations.
- Advanced Data Visualization and User Experience
Data visualization is evolving to become more engaging and intuitive for users. According to a report on LinkedIN, interactive visualizations, 3D graphics, animations, infographics and personalized dashboards are some of the ways companies are presenting and communicating valuable information that drives users to take action.
- Unstructured Data
Organizations are leveraging text analytics and natural language processing tools to extract valuable information from unstructured data such as social networks, emails, videos and documents and combine it with structured data for a more complete view of their business.
- Collaboration and Social Business Intelligence
Collective construction and collaborative environments are increasingly necessary for strategic business decisions. Collaboration tools and social BI platforms enable teams to work together and share knowledge for collaborative, data-driven decision-making. This fosters a data-driven culture that improves an organization’s communication and transparency.
- Data Security and Privacy
Increasing cybersecurity risks and data protection regulations are making data security and privacy a critical issue in the business intelligence arena. Organizations are taking more stringent measures to protect sensitive data, implementing encryption, access control and security audits that comply with internal privacy regulations and policies.
- Emphasis on Data Ethics
In a world of significant privacy and ethical challenges, BI is focusing on data ethics. Policies and practices are put in place to ensure that the collection, storage and use of data is conducted in an ethical and responsible manner. Transparency in the use of data and respect for the privacy rights of individuals are key considerations in the development of BI solutions.
In short, against a backdrop of continued volatility, organizations are constantly looking for new ways to use data to gain a competitive advantage. BI is evolving by leaps and bounds, and emerging trends are changing the way organizations use this data to make strategic decisions that drive their success.