Business Intelligence (BI) is a collective concept that includes business intelligence, data mining, data visualization, tools, and data infrastructure. The main BI goal is to help make informed and effective business decisions. Efficient data management helps scale, maintain competitive advantage, increase customer loyalty and improve business performance. BI is developing dynamically and the main trends in 2023 are:
- Artificial intelligence. The main task of AI is to make machines perform the functions that the complex human intelligence usually performs. Artificial Intelligence and machine learning are revolutionizing data management and data analysis process;
- More security developments are planned for 2023 in the BI ecosystem. Already now there is proactive monitoring and analytics that allows to quickly detect system anomalies and prevent negative consequences in time;
- NLP (Natural Language Processing). NLP bridges the gap between humans and computers, as well as the need for any programming language. Integrating NLP with voice-activated digital assistants on mobile devices provides even more user-friendly data discovery. With the help of spoken language data interpretation is much easier and clearer;
- AaaS (Analytics as a Service). This tool provides end-to-end big data analytics, including data collection, cleaning, organization and processing of huge and disparate data sets over the Internet, given the business specification;
- Data literacy. Wider use and maximization of BI tools effectiveness is possible with a high level of information literacy. Data literacy is a key component in the process of doing business, regardless of work field and profile. The company’s management mission is to bridge the gap between data analysts and non-technical users in terms of data literacy;
- Data visualization. With the help of data visualization, it is possible to involve all interested parties in working with data, to provide them with an independent process of data analysis and management. This will allow to extract valuable information and use it wisely;
- Data and analytics in real time. We are accustomed to accessing and using data in real time in business and life. The introduction of interactive dashboards will provide immediate access to business information that will allow to quickly respond and prevent potential problems;
- Data quality management. Huge data amounts are produced every second. In this situation, it is critical to use qualitative data to perform the analysis. Data quality management is a kind of guarantee that the right data is being used to make informed decisions based on the data;
- Data management. Data management ensures data security and controls access to them, considering roles and using authentication and audit protocols;
- Data automation. BI is unimaginable without data automation. This trend involves the automation of many processes using a variety of tools and technologies (artificial intelligence, machine learning, tools with minimal code and no code, and much more).
