The business and data analytics world continues to undergo massive transformations every year. For instance, companies should follow the latest trends and innovations in business analysis to leverage their full potential in their data, improve productivity, and accelerate growth.
Therefore, this article has everything you need to know about major trends and innovations in business analysis and how you can keep up with them. Let’s get started!
Future of business analysis
Previously, business analysts may have operated on the sidelines of many companies. However, it has been moved firmly to the forefront because of the rise of the data-driven economy. Today, they combine technologies, applications, processes, and skills that yield insights from data and statistics to develop markets, optimize revenue streams, and understand consumer behavior.
Technology will only become more ingrained in and integrated with business practices. Therefore, a conduit between a business organization’s technical and strategic implementation side will remain important.
Even as artificial intelligence dominates data analysis, organizations need business analysts to design and refine processes and translate requirements. Interpretive and descriptive skills will be essential in coordinating external and internal stakeholders.
Therefore, business analysts should advance as technology does. For instance, the future of business analysis depends on digital progression, and analysts should be keenly aware of developments, innovations, and trends.
What are the major trends and innovations in business analytics in 2023?
Here are the top business analysis trends and innovations in 2023:
Artificial intelligence has been a driving force for each business analysis type, effectively replicating complex human intelligence to allow companies to drive processes and operations seamlessly. AI helps organizations by:
- Analyzing customers and markets
- Assisting in data unlocking
- Providing virtual assistant
- Personalizing customer experience
- Automating processes
According to a PwC survey, AI business analytics has more to offer. Over 52% of companies in the United States have accelerated the adoption of artificial intelligence to implement business analytics. For instance, companies of all sizes are utilizing AI to gain a competitive edge and can build innovative analytics solutions.
Natural Language Processing (NLP)
Natural language processing is another big business analysis innovation companies should utilize to develop and optimize their business solutions
When business analytics and NLP are applied together, they allow users to analyze and interpret data in their native language. For instance, natural language processing converges analytics tools, data, and people to provide insight to companies for the best business results.
Real-time data and analytics
There is an increasing need for real-time and accurate analysis for developing solid strategies to respond to unpredictable business situations. Companies should be adept at accessing real-time data and analytics to stay on top of challenges and changes.
This can go a long way in minimizing risks and developing effective business analytics responses by immediately accessing relevant business data whenever required. Therefore, high-speed, real-time data and analytics are one of the trends and innovations companies can use to surpass their competitors.
Data literacy is the ability to write, read, understand, and communicate data in the context of business benefits. As data analysis becomes the foundation of success for business organizations of all sizes, the need to understand and use data as a collaborative analytics tool is at its all-time high.
This makes data literacy a top business analytics requisite for companies and professionals, as it is an essential tool for success. Therefore, since most business analytics work will not be done only by analysis professionals, there is a need to be adept at digital literacy.
Storytelling is becoming increasingly crucial in today’s business analysis world since it brings some context to data analytics and provides the narrative required to turn insight into action.
Many companies have noticed dashboard figures make little sense if they are not interpreted and contextualized. Consequently, these businesses have invested heavily in adopting data storytelling analytics to drive conversations about data.
It will also continue shaping many organizations’ business analytics this year. However, the data storytelling trend is projected to slowly revolutionize how business organizations leverage data to experiment with new ideas.
Augmented analytics is one of the top business analytics to watch in 2023. For instance, a report by Marketsandmarkets in 2018 predicted the augmented analytics market to grow to $18.4 by 2023, at a CAGR of 30.6% during the forecast period.
It is powered by and leverages two of the greatest business analytics innovations: AI and machine earning. This makes it easier for people to prepare, visualize, analyze, share, and interact with their business data at a contextual level.
Predictive analytics has been one of the most discussed advancements among business analysis professionals. For instance, organizations need to gather enough data and create reliable future estimates for developing effective risk management and alternative scenarios.
Besides, predictive intelligence is projected to be increasingly utilized to identify challenges and opportunities for a business. Therefore, companies are expected to recognize more compelling use cases for predictive analytics.
With the adoption of remote working over the last decade, cloud-based analytics is currently the greatest trend for business analysis. For instance, Gardner reported in 2021 that over 95% of digital workloads will be deployed on cloud-based platforms by 2025.
Almost all data and business analysis elements, including computer power, data storage, data sources, and analytics model, have already moved to the cloud to increase flexibility and reduce risks.
Cloud-based analytics make it possible to access business analysis data, insights, and applications from any device, anywhere, and anytime.
The global data governance market is projected to reach $13.4 billion by 2030. Data governance ensures the quality of business analysis through auditing, authentication protocols, and role-based access.
For instance, when data is correct, up-to-date, and unique, users trust the business analysis process, which helps boost reputation and revenue.
Data visualization is key in data interpretation, which is crucial in business analysis. This is why business organizations are moving towards tools that have user-friendly tools for easy operation and provide more powerful graphics.
Using spreadsheets to visualize data has become an old norm. Therefore, tools with support for web applications on mobile devices and more custom features are coming to the market.
Mobile business intelligence and analytics
Multinational corporations want customers and staff to access their platforms and business worldwide on any device. This is why most vendors strive to deliver seamless and sustainable mobile experiences.
Therefore, mobile BI and analytics are expected to register a CAGR of 21.9% during the 2021 to 2028 forecast period.
The business technologies being developed in 2023 are intended to assist non-exclusive staff in understanding the data they are working with. This is why data democratization is growing in popularity as an alternative to traditional data analysis operations.
For instance, data democratization makes business data accessible to all levels of the business organization, not just to senior management and analytics teams. By giving all the employees the tools required to comprehend and analyze data, data democratization makes it easier to uncover hidden business insights.
Cross-Functional embedded analytics
Historically, business analytics tools have been isolated from business processes and applications. For instance, analytics tools have only been provided, used, and accessed as third-party tools.
Therefore, most business users have yet to leverage analytics capabilities and have been missing essential business insights. However, Ventana’s report reveals that over two-thirds of line-of-business professionals will have analytics instantly embedded in their processes and workflow by 2024.
Keeping up with business trends
Here are the tips to keep up with the major business analysis trends and innovations.
Launch a business analyst career
The role of business analysts includes following trends and innovations and identifying solutions that could benefit the organization. Launching a business analyst career, you can understand, adopt, and leverage new analytics tools, innovations, and trends for greater efficiency.
Here is how you can launch a successful business analyst career.
- Get a bachelor’s degree in business.
An undergraduate degree in business, such as business administration, accounting, and finance, is the starting point for individuals interested in launching a successful career as a business analyst.
You will also need to learn and develop some computer programming skills.
- Gain work experience
You can gain work experience by taking advantage of summer internships or volunteering with a small company. Besides, if you are already working with an organization in a non-business analysis role, offer to work on the kind of responsibilities, projects, and duties that business analysts undertake.
- Earn a master’s degree.
Many universities offer online master’s in business analytics and graduate certificates. The online course by St Bonaventure University, for example, includes teaching of predictive analytics, database analytics, project management, operations research, business data analytics, etc.
Learn new analytical skills
Business analytics and data management skills are in high demand among companies that need a more comprehensive understanding of their business and data to make more informed decisions.
Companies with highly-skilled business analysis experts are ripping an increased return on investment. Analytical skills essential in keeping up with business analysis trends are database design, software reporting, business intelligence, data mining and visualization, programming, and database querying.
Develop decision intelligence
Companies are working progressively to improve the accuracy and speed of their business analysis through automation. So, there is an increasing demand for experts with social and managerial science skills (decision intelligence) to decide how to address insights drawn from data.
Therefore, developing decision intelligence helps businesses make more informed and better business analytics tools and services.
Improve remote facilitation and communication skills
With remote work becoming the norm in many companies, business analysts should ensure inclusivity by creating collaborations between stakeholders and colleagues. For instance, you should improve at facilitating and communicating in a virtual or contactless environment.
Business analysts can also leverage data analysis to transform company culture, streamline costs, tailor workplace strategy, and facilitate an excellent remote working experience.
Participate in industry activities
Your active participation in industry conferences, panels, and events is an excellent way to remain aware of business analysis developments.
These events serve as opportunities to interact with top players in your industry. You can also observe how industry enthusiasts and customers interact with brands at these events. This forms indicators in your customer behavior analytics and help you project and keep up with trends.
Another way to participate in industry events includes joining professional associations and online communities. For instance, interacting with professionals in your industry will give you insight into projected business changes and developments. This may include new demands they expect from clients or how they plan to improve their services and products.
Make long-term projections
You must distinguish fleeting changes from long-term trends when identifying and keeping up with business analytics trends. For instance, long-term analytics projections have greater implications for your business.
Therefore predictions and projections can help you determine how potential business analytics trends and innovations affect your business.
Innovations and digital advancements are reshaping the modern business industry at an exponential pace. While business analysts play a crucial role in assisting companies to improve their processes, they should be keen on technological evolutions and business analysis trends.