Over the past few decades, the business intelligence landscape has experienced tremendous transformation.
Access to the cloud by businesses is now a common trend. Plain spreadsheets have been replaced by interactive business dashboards and insightful data visualization, and the use of data is a common phenomenon.
Business Intelligence (BI) is instrumental in businesses in numerous ways, including accurate reporting, business insights, decision guidance, and competitive analysis.
BI helps your brand to provide world-class customer service that leaves a lasting impression on your clients. That ensures they return in the future for more purchases. A good business intelligence program helps you to find and compile repeat customer data that help you develop techniques like prioritizing customer experience and interactions with your company to make them return.
Hence, businesses must adopt the right data analytics to avoid shooting in the dark. In 2023, you should leverage all information you have about your enterprise to make business decisions that will effectively impact your bottom line.
1. Data Governance
Companies should integrate data governance into their business intelligence strategies because of the various data sources and types required to support fast-growing analytics.
A good enterprise data services can help improve return on investment from business intelligence investment, promoting a balance between information transparency and consistency. As a result, the business will establish the basis for an ethical, correct, and evidence-based decision process.
Recently, data governance has become a business intelligence trend enabling enterprises to respond quickly. It encompasses people, processes, and the technology needed to manage and protect the business’s data assets. Business information must be correct, concise, secure, trustworthy, complete, and readily available.
Adapting data governance minimizes risks, improves internal and external communication, makes data more valuable, sets up the rules for information use, and saves time and money.
2. Adopt Artificial Intelligence
Artificial intelligence helps machines to perform work otherwise intended for humans. It revolutionizes human interactions with analytics and data management. The Strategic Technology Trend reports that artificial intelligence in 2023 will combine engineering and hyper-automation to identify vulnerable attack points and security risks.
When you enhance your business intelligence strategy by adopting AI, you will enjoy real-time alerts on what is happening and also get notified about unexpected events. Integrating artificial intelligence in your business intelligence solutions will help automate and analyze your full dataset from all data sources without human effort.
You will receive instant business reports on trends, growth, forecast, what-if analysis, anomalies, key segment correlations, value drivers, and more.
3. Collaborative Business Intelligence
Technological advancement has made business to become more competitive. That has led to enhanced collaborative business intelligence. Collaborative Business Intelligence combines programs such as online business intelligence tools like social media and other 2.0 technologies.
Businesses with daily analysis and report editing have unique challenges which can only get solved by embracing enhanced collaboration. Automated reports generated by business intelligence online tools are scheduled for specific people at specific times.
When your business sets up BI alerts, you can easily share embedded or public dashboards that are both flexible and interactive. Such a collaborative environment is helpful in work-from-home organization setups. It allows for more than just document exchange and updates.
You can have meetings, calls, email exchanges, ideas collection, and more. Experts project that collaborative business intelligence will be part of bigger systems and be accessible to a large set of users.
4. Real-time Data Analysis
People only started appreciating the need for real-time accurate data updates in responding to the crisis during and post-pandemic. Real-time data analysis plays a vital role in decision-making during testing times.
More and more businesses are implementing live dashboards to provide real-time access to relevant information about the business and solve potential issues. Other companies are riding on and adapting to massive challenges by creating ad hoc analyses. You, too, should gear up to the rapidly growing use of up-to-date data.
5. Data Security
Updated and accurate data is instrumental in business intelligence success. Today even the big tech companies in the world experience data breaches. These result in customer data loss, exposing them to people who might misuse their sensitive data.
The company may experience a drop in its share value, loss of customers, and negative reviews. You can prepare yourself against cyber attacks by implementing security mechanisms that will cover up most loopholes. Enhancing your business intelligence strategies with data security will help your business data to be secure and your enterprise to stay relevant for a very long time.
These ideas for enhancing your business intelligence strategies are some of the latest trends you should adopt in 2023 and beyond. One cannot tell the direction business intelligence and its connected ecosystem will take. However, these five trends and ideas will hold water with the direction of BI notwithstanding.
In 2023, you should go beyond data collection and focus on using high-quality data in problem-solving and decision-making. There is still enough time to adopt robust business intelligence solutions to prepare for future challenges and pave the way for success.