The adoption of business intelligence tools is expected to continue to increase in 2023 as more organizations realize the importance of effective data management and its role in driving information-based decision-making processes.
The global business intelligence industry is expected to grow from $23.1 billion in 2020, growing at a CAGR of 7.6%, to reach nearly $33.3 billion by 2025. The Data Explosion and increased data literacy have shaped data-driven cultures in organizations of all sizes, writes Naren Vijay, EVP—Growth at software company Lumenore.
With data being generated from multiple sources and its increasing importance in business operations, organizations need to use data and information effectively in day-to-day decision-making.
Here are some key business intelligence trends that will be front and center in 2023:
Business intelligence helps companies automate several otherwise tedious and time-consuming tasks. By using multiple tools and technologies like AI and machine learning along with low-code and no-code frameworks, it has become possible for companies to leverage business intelligence for business automation. data.
The scalable capabilities of business intelligence platforms will continue to play a critical role in automation in 2023, and enterprises will be able to reach hyper-automation mode for multiple operational requirements.
The integration of modern technologies such as AI and machine learning allows companies to make it easier for non-technical team members to harness the power of business intelligence. Augmented analytics allows the entire team to create advanced data analysis models and derive valuable insights without wasting a lot of time.
The growing accessibility of analyzing data by asking the right questions and providing contextual suggestions for relevant information, makes it one of the most sought-after features of any business intelligence platform. As it helps a business manage the complexity and scale of data through transparent collection, cleansing and generation of information, it will continue to have an impact in 2023.
Predictive intelligence is one of the most discussed topics among BI professionals. As it allows a business to understand possible outcomes and can act as a driving force, it has the potential to be the main focus of business intelligence in 2023. However, a business must collect adequate data and establish reliable future estimates for the platform. propose alternative scenarios and effective risk management.
Predictive intelligence should increasingly be used to identify business opportunities and challenges. Businesses will likely recognize more compelling use cases for predictive intelligence, and it will play a more critical role in the business intelligence ecosystem.
NLP-Based Features for Data Democratization
The use of natural language processing (NLP) in business intelligence helps companies democratize data and make sense of unstructured and semi-structured data. Regardless of the level of technical expertise, the use of NLP in business processes can provide real-time business intelligence to end users, facilitating insight generation and data-driven decision making for businesses. .
As computers better understand human language and the context of queries, NLP will continue to drive the acceptability of the growing importance of business intelligence in 2023.
Artificial intelligence is expected to play a more active role in the business intelligence ecosystem in the coming year. The demand for real-time online data analysis is increasing among enterprises, and business intelligence platforms are expected to develop sophisticated adaptive AI models that will be flexible and adapt to changes in the real world.
According to an analysis by Gartner, companies capable of developing adaptive AI capabilities by 2026 will be able to outperform the competition by operationalizing AI models by at least 25%. AI will emerge as a more reliable and scalable technology that can bring much more to organizations.
The use of conversational intelligence is expected to increase in various business functions in 2023. It enables AI-based business intelligence systems to analyze speech or text and help derive insights from it to drive the business growth.
It is expected that several other departments will use conversational analytics outside of marketing and sales to deliver better business performance. At the same time, the level of sophistication of conversational intelligence should go through a learning curve.
Sectors such as e-commerce, retail, manufacturing, automotive, healthcare, logistics, financial services, and energy are expected to be big proponents of business intelligence. 2023 will continue to be an exciting time for business intelligence platforms and companies aiming to increase their data management and processing capabilities.
While it is difficult to determine the exact route that the various capabilities of a business intelligence platform will take in the future, the trends highlighted here will inevitably figure critically and shape the conversation around business intelligence.
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