10 Leading Trends In The BI Industry For 2023

Trend 1: Hyper Automation

Gartner found that 80% of executives think automation can be used for any business decision, with AI at the center of their automation strategies. But even though it all sounds easy and great on paper, many people still find it hard to do. Some businesses will still have trouble connecting their AI efforts to accurate business results in 2023, which will cause security and governance problems. 

Still, businesses are likely to do well if they have the right tools like Grow, the required skills, and well-researched plans to use AI to automate several processes and make their operations much more efficient.

‍Trend 2:  Natural Language Processing (NLP)

NLP has grown over the past few years, with $3 billion worldwide market revenue in 2017, and is expected to grow to $43 billion by 2025, which is almost 14 times bigger. 

NLP connects computers and human users by eliminating the need for any programming language. It shows the most critical points of data visualization in everyday language, making it easy to understand quickly. By adding this feature to digital assistants that can be controlled by voice on mobile devices, software companies make data discovery even easier to use. NLP will also be a part of "opinion mining" to improve customer experiences by collecting data from online behavior and reviews. 

‍Grow's marketing dashboard lets you see how much traffic and new leads are generated from each social media platform.  

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Trend 3: Data Literacy

Gartner says that not knowing how to use data literacy is the second most significant obstacle to the success of the Chief Data Officer. By 2023, learning how to use data well will be necessary to drive business value.

With the right training and powerful full-stack Business Intelligence software, such as Grow, organizations can find gaps in data and gain the required skills. Gartner says to start by finding people who are good at using data and can act as "mediators" for less-skilled groups. 

It further predicts that by 2025, the lack of data scientists will no longer be a problem for businesses that want to use more advanced technology. 

In short, data science won't need experts anymore.

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‍Trend 4: Collaborative Solutions

2023 brings collaborative BI to progress beyond simply sharing insights and starting at an earlier stage. From data exploration and moving through the entire analytical workflow for a more efficient decision-making process, including all stakeholders, regardless of location.

Many no-code BI software solutions give everyone access to your database dashboards so they can help you make better decisions. Share the data and insights you find with others. 

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‍Trend 5: Data Governance

The market for data governance is expected to be worth $5.28 billion by 2026.

Through role-based access, authentication protocols, and auditing, data governance ensures the quality of business assets. When data is correct, unique, and up-to-date, users trust the insights, which helps boost revenue and reputation.

In the next couple of years, research predicts that privacy laws will protect the personal information of 75% of the world's population. Businesses may find this scary, but it doesn't have to be. Data governance allows you to protect yourself from risk and do what's best for your customers. 

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‍In the above example, Spread the Vote considers itself a steward of its funds because it is a non-profit. The NGO has a duty to use its funds as satisfactorily as possible. So, they use their executive dashboard to look for inconsistencies in their data. 

‍But this data will have limited access since its confidential. This way, they can always be sure that money is going to the places where it will have the most impact. 

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‍Trend 6: Data Visualization

Online tools for data visualization are quickly becoming a must-have for getting actionable insights and building a strong decision-making process. 

‍KPI dashboards are already interactive, but technologies like AI-based alarms and real-time data will make them even more so. Since people learn best by seeing, data discovery will be one of the most promising BI trends for the coming year.

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‍Trend 7: Artificial Intelligence 

AI is useful in BI solutions because it can give more detailed insights. Many no-code BI software systems thoroughly analyze your dataset without you having to do anything. You just choose the data source you want to look at and the column or variable (like revenue) the algorithm should pay attention to. Then, calculations will be done, and the results will include growth/trends/forecast, value drivers, key segment correlations, anomalies, and what-if analysis. 

That is a huge time saving since what a data scientist usually does is done by a tool. This will give business users access to high-quality insights and a better understanding of their data, even if they don't have a strong background in IT.

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‍Trend 8: Data Security

In the 2022 KPMG CEO Outlook Pulse study, 73% of CEOs, up from 61% in 2021, said that geopolitical instability made them worry more about business threats. Over the past year, the number of people who aren't ready for a cyber attack went up from 13% to 24%. These data are worrying and will lead to more focus on security products in BI.

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‍Trend 9: Cloud Solutions

About two-thirds of respondents in a study use a public cloud, and 45% use a private cloud. Only 55% still use on-premises systems that are managed traditionally. 

After all, who wouldn't want less complexity, cost, and easy setup with fewer resources? 

Grow is a cloud-based business analytics and reporting solution for small to midsize companies. The solution lets users make customizable dashboards to track business workflows and key activities. To know more, visit Capterra grow.com. 

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‍Trend 10: Integrated Solutions  

Sixty percent of businesses, says Gartner, will use elements from three or more analytics solutions by 2023 to create integrated enterprise applications that link insights to actions.

Grow, a no-code Business Intelligence platform offers a single hub for Business Intelligence, data analytics, and KPI dashboards. Access a single source of truth with us!

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Gartner Digital Markets 2022 with consumer trends in the software market globally. 

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‍Closing Words-

Embrace Data-driven Decision Making in 2023! 

Making decisions based on data is no longer a goal to strive for but a requirement. In 2023, businesses will finally be able to see through the hype and start using integrative, cloud-based, and no-code Business Intelligence tools like Grow to unlock their full potential. 

‍Enter 2023 with us!

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