Future of BI: Top 5 BI Trends to follow in 2023

Copyright © 2022 VC ERP Consulting (P) Ltd. All rights reserved.
Future of BI: Top 5 BI Trends to follow in 2023
Copyright © 2022 VC ERP Consulting (P) Ltd. All rights reserved.
Table of Contents
Table of Contents
Future of BI: Top 5 BI Trends to follow in 2023
What is Business Intelligence?
The VC ERP Action Plan for Power BI
Transform Data into Business Insights with VC ERP Consulting Today!
Copyright © 2022 VC ERP Consulting (P) Ltd. All rights reserved.
Data never stops and neither does business. All businesses need analytics to support critical decision making. Whether you’re doing it based on Excel sheets or deriving insights quarterly from your business management solution, you still need data for critical decision making. Deriving intelligent insights from data has become imperative for businesses to stay competitive. In the coming years, business intelligence is expected to grow towards automation, artificial intelligence and machine learning. Business intelligence solutions like Power BI lead to faster, more accurate, more comprehensive insights from data. It puts greater emphasis on real-time data analysis as well as making BI accessible to non-technical users through intuitive user interfaces and visualizations. Rise of cloud computing and Internet of Things (IoT) is driving demand for BI Solutions that can easily handle large amounts of data generated by connected devices. While trends in business intelligence continue to disrupt the data industry, what’s in store next year and beyond? In this article, BI experts at VC ERP Consulting, talk about the key business intelligence trends for this year and the near future. Firstly, let us briefly understand the basics of business intelligence.
Copyright © 2022 VC ERP Consulting (P) Ltd. All rights reserved.
What is Business Intelligence?
Business Intelligence (BI) is a combination of methods and technologies utilized by businesses
to turn critical business information into useful insights. This helps business leaders to make
informed strategic and tactical business decisions.
BI Solutions analyze data sets and present the results in a variety of formats, such as reports,
summaries, dashboards, graphs, charts and maps. These visual representations offer a
comprehensive view of the as-is situation of the business.
Make informed business decisions by getting the required information with BI Solutions. But
the benefits of BI go above and beyond business decision making that includes:
Data-driven decision making with accurate data and reporting capabilities
Improve reporting efficiency with faster analysis and intuitive dashboards
Get holistic view of business operations and increase operational efficiency
Offer better customer experiences with ready to access to data
Combine internal databases with external data sources into a single data warehouse
Monitor changing market and forecast customer needs
Supposedly, a company wants to manage its manufacturing needs with BI. In this case, BI
capabilities help you determine raw material levels, where variabilities exist on the shop floor.
Use BI capabilities to discover which raw material is commonly delayed and which machine
requires maintenance.
Now let us take a look at the top BI trends of 2023.
Copyright © 2022 VC ERP Consulting (P) Ltd. All rights reserved.
Top BI Trends to follow in 2023
In today’s data-driven world, organizations are harnessing the power of data to stay
competitive and make informed decisions. Effective utilization of data leads to improved
operational efficiency, better customer experiences and increased profitability.
Here are some key business intelligence trends that will be in focus in 2023:
Cloud Based BI Solutions will be in demand
COVID-19 Pandemic has changed the way businesses work. It became imperative for businesses
to take a look at their existing BI strategies. On-premise BI Solutions were not able to
accommodate the changing needs of a largely remote workforce and companies had to realign
their business strategy to make room for migration to Microsoft Power BI.
Microsoft Power BI Is a cloud-based, self-service BI solution that is available as a SaaS solution.
Among upcoming BI trends, we foresee a greater demand for industry-specific solutions that
offer department-wise dashboards with ready-to-go automation and customizations.
With Microsoft Power BI, you get readymade workflows and customization enables greater
control over user experience.
Drive data literacy with Self-service BI
Access, analyze and visualize business data on your own with self-service Power BI that enables
employees to make informed decisions and improve business outcomes. Business leaders see
self-service BI as a way to offer timely insights and make data-driven decisions more efficiently.
Give your employees greater control over their BI tasks with Microsoft Power BI.
Microsoft Power BI offers out-of-box data connectors, intuitive interfaces and pre-designed
workflows that lets you do more and less help. It increases enterprise push for data literacy
with augmented analytics that support tasks like on-the-fly querying and ad hoc reporting.
Augmented Analytics will improve delivery pipelines
Automation and augmented analytics are disrupting the market by providing faster and more
efficient delivery pipelines, enabling data discovery for non-technical users and allowing
seamless integrations between systems.
Microsoft Power BI offers faster, automated responses to searches and triggers event-driven
workflows. Everyone can perform data discovery and analytics with basic software skills.
Copyright © 2022 VC ERP Consulting (P) Ltd. All rights reserved.
Tell the story of your data with embeddable data stories
Communicate valuable insights and findings from data analysis to stakeholders with data
storytelling capabilities. This approach allows companies to present complex data in a more
accessible and engaging way, helping to improve communication and decision-making.
Power BI uses visual analytics and other interactive elements, such as animations and natural
data processing thereby enhancing user experience and making the data easy to decode. You
can easily streamline reporting processes and offer real-time insights to stakeholders by
embedding data stories into your systems and applications.
Copyright © 2022 VC ERP Consulting (P) Ltd. All rights reserved.
Sophisticated Mobile BI
There has been an increased emphasis on real-time, mobile-first BI Solutions. As mobile usage
is rapidly increasing, companies are demanding more robust mobile data collection and analysis
capabilities. Power BI lays greater emphasis on AI and machine learning, to enable faster, more
accurate insights and data-driven decision making.
Businesses are moving towards simplified and more user-friendly BI interfaces, making it easier
for non-technical employees to access and use data.
Now that we are aware about the benefits of Power BI, let us see how VC ERP Consulting helps
as a Power BI Implementation partner.
Copyright © 2022 VC ERP Consulting (P) Ltd. All rights reserved.
The VC ERP Action Plan for Power BI
Power BI desktop application is used to create reports and Power BI mobile application is used
to view the reports and dashboards. It takes experience, expertise and skill to seamlessly
integrate Power BI with your existing SAP ERP System. That is why it is highly recommended to
go through an implementation partner like VC ERP Consulting at the time of Power BI
implementation.
–
Phase 1: Setup and Evaluate Power BI Establish the initial architecture. This phase is all about planning governance & preliminary
deployment along with a careful cost vs benefit analysis.
Phase 2: Creating Dashboards and Reports Evaluating Power BI by the End-User from the organization so needs and functionality can
be carefully assessed hand-in-hand with the migration.
Phase 3: Migrate BI Assets from Legacy Organization structure, existing data management & maintenance, data management
maturity & enterprise goals need to be understood
Phase 4: Adopt, Govern & Monitor Power BI Nurture data culture, communication & training. Policy level changes and change
management is done to address resistance-to-change within employees.
Copyright © 2022 VC ERP Consulting (P) Ltd. All rights reserved.
Transform Data into Business Insights with VC ERP Consulting Today! Microsoft Power BI caters to the latest trends of cloud computing, pre-designed dashboards
with customizations, self-service BI, in-built data science expertise, automation & Machine
Learning capabilities and increasing significance of mobile insights.
At VC ERP Consulting, our team of expert Power BI Consultants will help you to integrate
Microsoft Power BI into your existing ERP Systems whether it’s SAP ECC, SAP S4/HANA or SAP
Business One.
Exploit maximum value from cost-effective seamless Power BI Integration with instant access
to
Our in-house industry experts provide Microsoft Power BI services, 360-degree support and
hosting solutions for all your data needs. Are you ready to make well-informed business
decisions with Microsoft Power BI? Get in touch with award winning SAP Gold Partner,
Certified Expert Power BI Consultants and Advisors at VC ERP Consulting for free consultation.
Call +91 7948998911 (India), Whatsapp +254 111229970 (Kenya), Call +1 469 9156026
(North America), +974 31239246 (MENA) or drop an E-mail at [email protected].