Top 5 Business Intelligence Trends this 2023
As the pace of technological innovation accelerates, the field of data science and artificial intelligence (AI) is rapidly evolving, paving the way for exciting technological advancements for businesses in the coming years.
With technology advancing at a breakneck pace, it is imperative for your business to stay abreast of the latest trends in business intelligence to remain competitive.
In this blog, we will delve into the five trends that are shaping the future of your business —from predictive analytics to the use of cloud-based accounting solutions.
Business intelligence trends this 2023
To keep up with the latest developments, your business must adapt and monitor these five current trends in business intelligence:
Predictive analytics has gained significant popularity in the business world due to its ability to anticipate future trends, behaviors and outcomes and plan accordingly. By analyzing past and present data, predictive analytics can help your business make informed decisions and improve your overall performance.
The applications of predictive analytics are diverse and span across various industries, including finance and marketing. For instance, predictive analytics can help financial institutions to identify and mitigate fraud and aid marketers in identifying the best target audience for a particular product or service.
The growing importance of predictive analytics in business intelligence is due to its potential to transform data into actionable insights that can drive your business success. As technology advances, predictive analytics is expected to become more sophisticated and more accessible, thereby unlocking new possibilities for your business to leverage data-driven insights for growth and profitability.
Augmented analytics is an emerging trend in business intelligence. It leverages the power of machine learning and artificial intelligence to automate the data preparation, analysis, and insights processes. This technology aims to make your data analytics more accessible and intuitive for non-technical users by automating complex tasks such as data cleansing, visualization and reporting.
By integrating machine learning algorithms into the analytics process, augmented analytics can help your business identify patterns and trends in your data that may have been missed by human analysts. This can also provide valuable insights into your customer behavior, market trends and business performance, which can be used to drive growth and profitability for your business this 2023 and the years to come.
RELATED: Four Technology Trends in Businesses You Should Watch Out For
Data Governance and Data Security
As your business continues to collect, store and analyze vast amounts of data, it is imperative to have robust policies, procedures and standards in place to manage and protect data assets.
Data governance encompasses a range of activities, from defining data quality standards to managing metadata and ensuring compliance with regulatory requirements. By implementing effective data governance practices, your business can maintain data accuracy, consistency and availability, thereby ensuring that your data is reliable and trustworthy.
Data security, on the other hand, involves protecting data from a wide range of cyber threats such as hacking, malware and phishing attacks. This is especially important for businesses that handle sensitive data such as financial or personal information. To safeguard against these threats, your business must implement a comprehensive security strategy that includes encryption, access control and regular security audits.
By implementing robust policies and practices, your business can minimize the risks associated with data breaches, protecting your reputation and maintain your competitive edge in the marketplace which is also crucial for maintaining trust with your stakeholders.
READ: Building Data Literacy in the Workplace
Natural Language Insights (NLI)
NLI is a subset of artificial intelligence that enables computers to understand, interpret and generate human language. NLI is gaining popularity in business intelligence as it enhances communication and facilitates data analysis automation. NLI-powered chatbots, for example, can be used to handle customer inquiries and support requests, freeing employees to focus on more complex or strategic tasks. This can help your business improve efficiency, reduce costs and enhance the overall customer experience.
However, your business should ensure that the information you’re getting from NLI is clear and accurate. Like any technology, NLI can make mistakes or misinterpret data if it's not properly trained or configured. Therefore, your business to be diligent in monitoring and verifying the insights you’re getting from this tool, and you should have processes in place to correct any errors or inaccuracies.
Cloud-Based Accounting Solutions
Another trend you should also watch for is the continued use of cloud-based accounting solutions. Cloud-based accounting software allows businesses to access financial data from anywhere, at any time and on any device.
This flexibility can be especially useful for small businesses or those with remote teams, as it eliminates the need for physical servers and allows your employees to access the same data simultaneously from different locations.
In addition, cloud-based accounting solutions often come with built-in business intelligence tools, such as dashboards and reports, that can help your business make data-driven decisions. These tools can provide insights into your company's financial performance, allowing you to identify areas for improvement and make informed decisions about income and expenses.
Finally, as more businesses move to the cloud, you can expect to see an increase in the adoption of cloud-based accounting solutions in the coming years.
What is next for business intelligence?
As businesses increasingly rely on digital technology to gather and analyze data, it is expected to see a greater emphasis on the future of business intelligence. With the rise of the Internet of Things (IoT) devices and the increasing amount of data being generated every day, your business should be able to response quickly and act on this growing amount of data to remain competitive.
Real-time data analysis enables businesses to make timely and well-informed decisions, which can enhance efficiency and profitability. By exploring these trends, we will gain insights into how organizations across various industries can leverage the latest trends in business intelligence
Read Next: 4 Easy Steps to a Smooth Transition to Cloud-based Accounting Software
Stay Ahead of the Competition
Are you struggling to keep up with the latest trends in business intelligence? Or are you worried that your business may fall behind the competition?
Our team of experts can help you implement the latest trends in business intelligence, giving you the edge, you need to succeed in today's competitive business landscape. Contact us today!
You can also download our whitepaper, Finding the Right Talents: D&V Philippines’ Solutions to Modern Accounting Firms, to learn more about the services and solutions we have for you.