With the increasing amount of data being generated every day, more companies are recognizing the need for business intelligence (BI) solutions to help make informed decisions. According to independent industry experts, the BI cloud market is set to see significant growth throughout and beyond the year 2023. This growth is expected to be fueled by advancements in machine learning and artificial intelligence, with automation becoming a key component of BI cloud solutions.
Every company will need to stay on top of these trends to ensure they are utilising the best possible solutions to make data-driven decisions. The team at TouchstoneBI understands the importance of staying ahead of the curve, which is why we are committed to investigating the upcoming BI Cloud trends in 2023.
Leveraging AI Predictive Analysis
So you’ve heard about business intelligence (BI) cloud, but have you considered the benefits of integrating AI predictive analysis into your strategy? AI predictive analysis is so much more than a trend – it’s a game-changer.
Here’s the definition: AI predictive analysis is the use of machine learning algorithms and models to analyse data and make future predictions. When you integrate this technology into your BI cloud strategy, you’ll be able to predict customer behaviour, market trends and even potential security threats.
But why is it so important? Simply put, AI allows businesses to make better and more informed decisions. By predicting trends, you can stay one step ahead of your competition. You can also identify potential issues before they arise, ultimately saving you time, money and energy.
The benefits of AI predictive analysis are clear. It takes the guesswork out of decision-making and gives you a competitive advantage. By combining it with BI cloud systems, businesses can harness their data like never before.
Thankfully, a TimeXtender data lake is AI-ready. The low code solution built on Microsoft Azure Cloud already manages the metadata and data preparation – meaning that with a touch of additional support from the implementation services team at TouchstoneBI, you can start leveraging AI technology today.
Automatic Report Generation
Automatic report generation is an essential tool for businesses operating with BI cloud technologies. It involves the automatic generation, aggregation, and visualisation of data in reports and – a great benefit to businesses.
Firstly, it enables businesses to save time by automating the report generation process, hence giving employees more time to analyse data and create more meaningful insights. These insights can then be used to make informed decisions that positively impact the organisation.
Automatic report generation also improves the accuracy of reports as it eliminates the risk of human error. This increases the reliability of data, which is critical for informed decision-making.
Businesses can also leverage automatic report generation to present complex data in an easy-to-understand manner. This is because a well-designed report can relay information in a concise and visually appealing way, hence simplifying the decision-making process for stakeholders.
Incorporating automatic report generation in BI cloud platforms can offer numerous benefits to organisations, including saving time, improving accuracy, and presenting complex data in a simplified way. You can read more about how TouchstoneBI supports business intelligence teams here.
Big Data Strategies
Big data strategies play a crucial role in modern BI cloud implementation. The massive amount of data now available and generated can lead to valuable insights that businesses need to stay ahead of the game. However, big data needs to be analysed and interpreted before it can be useful.
Effective big data strategies for BI cloud require a comprehensive understanding of the needs and goals of a business. The first step is to ensure all relevant data is collected and stored in a structured way. This data includes both internal, such as sales and inventory, and external, like social media and customer reviews.
The next step is to analyse the data using the right tools, such as data mining, machine learning, and natural language processing, to uncover patterns, trends, and insights that can aid decision-making. Further, incorporating predictive analytics in BI cloud processes can help businesses anticipate possible outcomes and help make better data-driven decisions.
By incorporating big data strategies in the implementation of BI cloud platform solutions, businesses can witness many benefits, such as better customer insights, improved operational efficiencies, enhanced decision-making, and accelerated innovation. If you’re interested in the applications of a big data approach for your business, you can read more about how TouchstoneBI tackles big data strategy with TimeXtender.
Impact of BI Cloud Trends in 2023
The BI cloud is the future of business intelligence. Keeping up with BI cloud trends in 2023 is a must for companies wanting to stay competitive and relevant. The anticipated benefits of leveraging AI predictive analysis, automatic report generation, and big data strategies are massive. Companies that implement these trends stand to reap significant benefits, from faster and more accurate data analysis to better decision-making and cost savings. To stay ahead, companies must keep pace with BI cloud trends and embrace technological change. The future is bright for BI cloud solutions, and the possibilities are endless.
As we look towards the future and the ever-evolving world of technology, it’s evident that BI cloud trends will continue to shape and influence the business landscape. From AI predictive analysis to automatic report generation, and big data strategies, companies must stay up-to-date with these trends to remain competitive in the marketplace. The incorporation of these trends will allow for more efficient and effective decision-making, leading to increased profitability and growth. It’s time for businesses to embrace the power of the BI cloud and take advantage of the numerous benefits it has to offer.
If you’re concerned about your BI solution falling behind the curve, contact TouchstoneBI and learn about how to get started implementing TimeXtender today.