If you’re already using business analytics, then these are some of the trends you can look forward to in the New Year. If you’ve yet to implement business analytics to improve your business performance, then here’s a look at why you should consider integrating it as early as possible.
What is business analytics?
There’s traditional analytics where massive amounts of data are analysed for insightful predictions. Business analytics simply adjusts this for the business context so that you’re able to make more informed business decisions, thereby improving operations and increasing productivity.
What are the types of analytics?
For a bit more insight, here’s a look at the types of business analytics that are available.
Descriptive analytics: This examines historical performance through various data sources.
Diagnostic analytics: This investigates data to find the drivers behind events.
Predictive analytics: This uses descriptive and diagnostic discoveries to distinguish patterns and anticipate future trends.
Prescriptive analytics: This recommends favourable outcomes and proposes different courses of action.
What are some business analytic trends to expect?
Business analytics is clearly a game-changer in allowing businesses to adapt to change. It determines what works, what doesn’t, and what could impact the future of business.
1. Increased data security
According to InfoSecurity Magazine, a total of 108.9 million accounts were breached in the third quarter of 2022, which is an increase of 70% compared to the previous quarter. As businesses increasingly use analytics to improve operations, the risk of cyber breaches becomes even bigger. That’s why we’re going to see a massive shift in data security in 2023, with more defensive AI (artificial intelligence) developments to meet this security need. Using historical patterns and real-time information, business analytics will be able to forecast future threats.
With more access to data comes more accountability, which is why we’re likely to see more global regulations regarding data privacy and access going into 2023. In fact, Gartner predicts that by 2023, some 65% of the global population will be covered by such regulations. These are already being implemented worldwide, with the European GDPR, Canadian PIPEDA, and Chinese PIPL. In South Africa, we’ve been rolling out the Protection of Personal Information Act (or POPI Act) which outlines the conditions for lawfully processing personal information and data. What this means is that businesses will need to audit how data is collected, handled and stored to ensure customer protection.
3. Business Intelligence (BI) integration
The more data that can be analysed, the better the predictions and intelligence, which is why another trend will be increased BI integration for better business analytics. We’ll be seeing much more BI integration with systems like Enterprise Resource Planning (ERP) and Customer Relationship Management (CRM). Rather than being overtaken by other systems, BI will integrate or be customised to a company’s individual needs.
4. More real-time data
The fast pace of the digital age means that companies simply can’t rely on only historical data for business analytics, they need to know what’s happening right now. Even yesterday is old news! Real-time data will be a business analytics trend in 2023 as companies look to source valuable information for more sophisticated data analytics. Some examples of real-time data sources include clickstream data from websites to better customise promotions, or monitoring financial transactions for faster fraud alerts.
5. Data-as-a-Service (DaaS) and cloud expansion
If your company has access to data that is of value to others, then you could be part of the growing trend of selling data to generate revenue. This can be an extremely niche sector, you just need to find out what value your data offers. This collates with the increase in cloud technology in 2023 whereby business analytics will require cloud-native technologies to provide the support needed for data collection, storage, analysis and interpretation.Cloud technology works well with business analytics to provide the support needed for data collection, storage, analysis and interpretation.
Get on trend by integrating the best in business analytics software from Canvas Intelligence. Our team provides Business Intelligence solutions to help companies track operational efficiencies, control budgets and manage costs in real-time.
In 2023, AI-generated emerged as the trailblazer in Business Analysis. Its capacity to decode intricate datasets sparked a revolution, empowering business analysts to extract nuanced insights and predictive patterns.
2023 saw a shift from siloed and disconnected components in data and analytics platforms to integrated data and analytics ecosystems to enhance agility and reduce information silos. This shift encompasses both technical and sociological considerations, including the role and interactions of humans and AI.
Data Science, Big Data Analytics, and Artificial Intelligence are the key trends in today's accelerating market. As more organizations are adopting data-driven models to streamline their business processes, the data analytics industry is seeing humongous growth.
One of the most prominent trends is the use of advanced analytics techniques such as predictive analytics, prescriptive analytics, and machine learning. These techniques allow businesses to anticipate future scenarios, prescribe optimal actions, and learn from data patterns to improve decision-making.
According to the U.S. Bureau of Labor Statistics (BLS), business analyst's role is expected to grow by up to 25% by 2030. The future of business analyst role looks extremely bright as it is highly recognized as a crucial role in strategic management in transforming complex data into actionable insights.
“In 2023, small businesses will be even more focused on managing costs to manage an increasingly challenging economic environment. Small businesses already leveraging fintech offerings will be prone to scrutinizing whether those they have are exactly what they need to run their business.
AI-powered data analytics are now trending due to advanced and dynamic algorithms that assess data at different scales and fuel multiple cases that cannot be performed using traditional methods.
In this era ruled by big data and analytics, the challenge that most businesses face is one of how best to soak up the value from all the data that is being collected.
In the future, generative AI could be used to create new types of data that are not currently possible. For example, generative AI could be used to create new types of simulations or to generate new types of creative content.
The three primary trends are upward, downward and sideward trends. Dow theory says that the primary trend is the major, long-term trend of the market, which can last for several years. It is characterized by a series of higher highs and higher lows in an uptrend, or lower highs and lower lows in a downtrend.
We've divided them into three related categories: completeness, correctness, and clarity. To envision how all these fit together, imagine that your data is pieces of a puzzle. To get value out of your data, you need to assemble the puzzle (do data quality).
There are three types of analytics that businesses use to drive their decision making; descriptive analytics, which tell us what has already happened; predictive analytics, which show us what could happen, and finally, prescriptive analytics, which inform us what should happen in the future.
The Synergy Between Human Expertise and AI-Generated Systems. The integration of human expertise with AI-driven systems is changing the business analytics field, once dominated by data scientists only.
One of the biggest trends in data analytics is the integration of artificial intelligence (AI) and automation. The use of machine learning (ML) algorithms allows companies to uncover patterns and derive meaningful conclusions from huge troves of data far quicker than what is humanly possible.
For entrepreneurs, this creates fertile ground to establish a business with more than just profit as an incentive. The potential social benefits of starting a business in 2023 include the chance to create jobs, contribute to the local economy, promote sustainability, and help to inspire others.
Small businesses displayed resilience in 2023, and were an important driver of the overall buoyancy in the U.S. labor market. Bank of America internal data shows monthly payroll payments per small business client rose year-over-year (YoY) for most of 2023.
Recent studies reveal an escalating demand for business analysts, with the Bureau of Labor Statistics predicting a 14% growth from 2020 to 2030, faster than the average for all occupations.
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