Top BI Trends of 2023
1. AI-Driven Business Analytics
Businesses have advanced from depending on static, passive reporting of things that have already happened to relying on proactive analytics, such as real-time monitoring dashboards and instantaneous warnings for when things aren't as they should be. An artificial intelligence program based on cutting-edge neural networks may learn from past trends and patterns to improve its effectiveness in anomaly detection. As a result, the system can record and notify the user of any unforeseen event.
AI also enables a BI solution to gather more comprehensive insights. It automatically thoroughly examines your dataset, saving you time and resources. Choose the data source to study and the column/variable (such as revenue) to focus on, and the algorithm will get to work. You will receive a report summarising the computed growth/trends/forecast, value driver, significant segment correlations, anomalies, and what-if analysis. Business users with little or no IT skills may now gain access to high-quality insights and a better understanding of their data owing to a tool that does what a data scientist would typically do.
Grow's BI reporting tool offers advanced reporting features that provide deeper insights into your data, enabling you to make better business decisions. For instance, you can use the tool to generate custom BI reports that comprehensively analyze your data, including trends, forecasts, and growth patterns.
2. Predictive And Prescriptive Analytics
The practice of extracting information from existing data sets to forecast future probability is known as predictive analytics. It is a subset of data mining that only considers historical data. Predictive analytics incorporates predicted future data and always involves the risk of errors in its definition.
However, such errors are rapidly decreasing as software that manages enormous volumes of data today grows more innovative and efficient. Predictive analytics predicts what will happen with a high degree of accuracy, including a few alternative scenarios and risk assessments. Predictive analytics is used in business to analyze current data and past facts to understand better customers, goods, and partners, as well as identify prospective dangers and opportunities for a company.
With prescriptive data, the future looks even better. Data analysis is the process of looking at information to figure out how to get to where you want to go. Graph analysis, simulation, CEP, neural networks, recommendation engines, heuristics, and machine learning characterize this area. Prescriptive analytics is a way to determine how decisions will turn out and change your plans accordingly.
3. Data Discovery
The most popular topic in business intelligence and analytics right now is data discovery, which includes data visualization and interactive data analysis for business users.
Data finding is getting information from various internal and external sources and combining it with the most up-to-date analytics and visualizations.
Data visualization has become a cutting-edge way to show and interact with many images on a single screen, whether the goal is to make sales charts or detailed interactive BI reports. The point is that data discovery is a process that helps decision-makers find insights like Grow's BI solution with interactive visualizations. Teams can use visualizations to see trends and significant outliers in just minutes.
In 2023, the dashboard is still an essential visual communication tool that is helping teams work together better by being the analysis center of a project. But KPI displays will be more than just a way to look at data. Technologies like AI-based alarms and real-time data will be added to make them even more interactive. The data discovery trend will continue to grow as one of the most important BI trends in 2023. This is because people handle visual information better than text.
4. Data Security
One of Gartner's cybersecurity predictions for 2021–2022 says that businesses that use a cybersecurity mesh design will have cut the cost of security events by almost 90% by the end of 2024.
Cybersecurity mesh is a security control that can be changed and grown to protect the information in applications, the cloud, the Internet of Things, and others. With a more modular method, it tries to build a clear security perimeter around a person or a place, for example, so that users can safely access data from their cellphones.
Grow takes data security seriously and has implemented various measures to protect your sensitive data. Each Grow account has its own Data Pod for improved performance and security. Grow is SOC II compliant, and all connections to the app from the browser are forced to an HTTPS session. OAuth connections are used to gain access to third-party APIs, and Grow employees will not access any user's account unless they have an immediate need for support or dev purposes. Two-factor authentication can be enabled for added security when logging in to your account. Read more here.
5. Data Governance
In recent years, stricter rules like GDPR have made it necessary for businesses to keep sensitive data safe. This has increased the need for robust governance processes. Our data security trend showed that companies of all sizes are vulnerable to cyberattacks and data breaches, which put at risk a lot of personal information about customers, suppliers, workers, and other people. So, companies can stay in line with government rules by following a well-thought-out governance plan, making it easier for them to use high-quality data effectively to reach their goals.
Grow is fully GDPR compliant as a data controller and a data processor. The company has established a comprehensive data protection compliance program that includes updating its Terms of Service and EMEA Privacy Policy, supporting international data transfers through its Privacy Shield Policy, and investing in its security infrastructure.
Grow also delivers ongoing data protection training to its employees, including the executive team, and continually assesses the latest advice and guidance around GDPR to ensure the highest privacy and security standards.
Conclusion
The top BI trends of 2023 will continue transforming the business landscape, offering new and exciting opportunities for companies to gain a competitive edge. From AI-powered analytics to data security, these trends will shape how organizations approach data analysis and decision-making in the future.
As businesses navigate these trends, choosing the right BI solution that fits their needs is crucial. Grow, a leading working BI platform, stands out with its comprehensive features, affordable cost, and excellent user feedback on Grow.com Reviews & Ratings 2022 TrustRadius. If you're looking for a powerful and user-friendly BI reporting tool, check out Grow and see how it can help your business thrive in 2023 and beyond.
