Data analysis is one of the trends that is becoming increasingly important in different market sectors. Thanks to technological advances, companies that are dedicated to data analysis can know what is happening and analyze the data in real time to introduce improvements. But this also happens at the individual level in companies that have optimized data management.
In an increasingly digitized world, Business Intelligence (BI) and business analytics or Business Analytics (BA) have become essential for all types of businesses. In addition, thanks to the power of Data, huge amounts of data can be transformed into valuable knowledge. This data is a vehicle to grow competitively in an effective way. But… how do we do this? Where are we going on the path of data analysis? Keep reading, we'll tell you.
The year 2023 is shaping up to be an important stage for the use of data generated through millions of transactions between companies and people around the world. For this reason, we leave you 10 phrases that will summarize the trends for this year.
Data is no longer just “IT stuff”
Today, data is no longer exclusive to analysis departments, but is incorporated into their daily work by all members of the organization. This trend is directly related to the concept of a Data Driven company and to growth based on data, Data Driven Growth. Data Driven companies are based on the efficient use of data as the axis of their processes and decision-making.
Understanding the data will be key to making the right decisions
The call Data Literacy is one of the most indisputable trends in Business Intelligence. With it we refer to the capacity of interpretation of the data by all the workers of the company to unify the analysis with the decision making. This training and awareness work will greatly favor corporations to streamline procedures and response times based on specific information.
Business Intelligence will have more AI (Artificial Intelligence) than ever
One of the most promising Business Intelligence trends is offering integrated BI solutions with machine learning capabilities. With AI, it is already possible to create reports capable of warning us about errors and unforeseen events or establishing correlations between data.
Data trading will continue to increase
Estimates indicate that the market for data as a service, Daas, it will reach 11.000 billion in revenue by 2023. This sector has reached a point where even the smallest players can easily enter the sector and generate income. Even the most extreme niches can derive value from data. The data generated by some companies can offer value to others.
You will combine the best of two worlds: Data Lakehouse
Data warehouses have problems supporting advanced data engineering, data science, and machine learning. On the other hand, DataLakes typically struggle with data quality, transactional support, data governance, and query performance issues. Therefore, a Dating Lakehouse integrates and unifies a Data Warehouse and a Data Lake to combine the best of both worlds and flexibly and elastically build an ecosystem that seamlessly supports business intelligence and reporting, data science and data engineering, learning automatic and AI.
Proximity is a value of the data that is yet to arrive
The need to make decisions in real time has made many applications hypersensitive to latency. Edge computing is a new paradigm, where the processing and storage of data produced by applications occurs as close as possible to the user.
The rise of analytics and predictive reporting
Business Intelligence trends for the coming years are focused on solutions capable of predicting future data based on big data. It's easy to see the potential this has for accurately assessing risks and resolving incidents.
BI will be collaborative to improve teamwork
Collaborative BI trends will make it possible for various departments to connect in real time to share their ideas and discuss them, fostering interdepartmental interactivity that is key to making better decisions.
Your data should arouse emotions
Decisions also take emotion into account. So, when you work with your data and wrap it in a story that can arouse emotions, you achieve not only that your audience remembers you, but, in addition, you will surely manage to persuade them and generate greater engagement.
Climate change will play a relevant role
Big data offers a bias-free source of information about what is really happening on the planet and, in combination with technologies such as AI and analytics, will help determine the most effective actions to coordinate efforts between governments and companies.
The present and the future are digital or at least that is the vision from Teralco Group. Organizations will need to manage and exploit their volumes of data, and data can benefit any industry or market.
Having said this, there is still a long way to go, but we encourage you to evolve digitally to join the technological news, and the now of companies and people.