Trends in Business Intelligence 2024
What you can expect in the new year
Data is increasingly becoming the driving force behind business success. In 2024, five major trends are emerging that will revolutionise the way we understand, use, and protect data. From the ongoing integration of artificial intelligence to an increased focus on data privacy and the promotion of a data-driven culture, these trends promise to shape the business intelligence landscape and help organisations take data-driven decision-making to the next level. Let’s dive into the future of business intelligence in 2024!
Trend 1: Artificial intelligence
Developments in the field of artificial intelligence have already kept us very busy in 2023. Especially in connection with business intelligence, the use of artificial intelligence promises numerous new opportunities. Companies are increasingly recognising the inestimable value of AI in analysing large amounts of data to create precise forecasts and enable data-based decision-making processes.
The most frequently discussed topics in this context are predictive analytics and automation. Predictive analytics refers to the ability to predict future trends or events based on historical data patterns. This enables companies to act proactively instead of simply reacting to changes in the market. Automation is about automating routine tasks that previously required hours of manual labour to save time.
However, this progress faces a challenge: the rules of the game for the use of artificial intelligence have largely not yet been defined. Be it legal regulations that are currently being drafted or the fundamental concern of how AI can be used without violating data privacy or revealing information that should not fall into the wrong hands, the boundaries between efficient data use and data privacy need to be defined to realise the full potential of AI without neglecting ethical concerns. The industry therefore finds itself caught between ground-breaking advances and the urgent need for regulatory guidance to ensure the responsible use of AI. In this dilemma, 2024 will show how companies can capitalise on the opportunities of AI while taking the necessary protective measures to shape an ethical and legally compliant future of business intelligence.
Trend 2: Data Protection, Data Governance and Data Quality Management
The increasing importance of data for business decisions goes hand in hand with a growing awareness of data protection and the need for effective data management. Companies are faced with a major challenge: on the one hand, they should collect high-quality data whose potential they can fully utilise to be successful. On the other hand, they must comply with strict data protection regulations and at the same time ensure that they protect their data from unauthorised access and misuse.
The trend towards strict data protection regulations and the demand for transparent data governance therefore requires companies to carefully monitor and control their data flows. Data quality management is also becoming a priority, as incorrect or outdated data can not only lead to inaccurate analyses but also to legal risks.
In the endeavour to build a trustworthy data infrastructure, data governance will stand out as a key concept in 2024. Organisations will need to establish clear guidelines for handling data, define responsibilities, and ensure that their data quality meets the highest standards. By integrating data protection, data governance, and data quality management, organisations in 2024 will be better positioned to not only maintain the integrity of their data, but also strengthen the trust of their customers and stakeholders. In a world where data crises and data breaches are on the rise, the careful management of data quality and data protection will become an indispensable cornerstone for success in business intelligence.
Trend 3: Real time analyses, Cloud and mobile BI
Traditionally, data analysis is a retrospective process based on historical data. However, our world is changing rapidly, making it increasingly important in 2024 to make decisions quickly and based on real-time data. The ability to capture, process and analyse information in real time enables organisations to respond more quickly to change and make informed decisions in a dynamic business environment. This allows organisations to act with agility, seize emerging opportunities and avoid risks before they materialise.
Real-time analyses therefore not only provide up-to-date insight into operational processes, but also offer the opportunity to recognise trends and patterns immediately. This is particularly crucial in markets where speed and agility make the difference between success and failure.
The progressive integration of real-time analyses is made possible by technological advances in data processing and transmission. Cloud platforms play a key role here by providing the necessary infrastructure for the seamless implementation of real-time analyses and ensuring that employees can access data analyses from any location. In this context, it is also important that the business intelligence software is optimised for mobile views so employees can analyse the data from any device.
However, using real-time analyses requires not only the right technology, but also adapted corporate processes and a new corporate culture that focuses on fast and data-driven action. Companies that follow this trend can not only improve their response times, but also unlock new opportunities for personalised customer targeting, precise inventory management or efficient resource allocation. The focus on real-time analyses therefore promises to help companies become more agile, data-driven and competitive.
Trend 4: Self-Service-BI, Data Literacy and Data Culture
In 2024, the trend of self-service BI, data literacy and the promotion of a data-driven culture in business intelligence will continue. Companies are increasingly recognising that access to data and the ability to understand it should not be limited to specialised IT departments. Instead, they are striving for a broader integration of data expertise at all levels of the organisation. The idea of self-service BI enables employees without deep technical knowledge to access data, perform analyses and gain insights intuitively. This not only promotes efficiency, but also helps to ensure that decisions can be made on a broader basis.
However, not every employee has the necessary knowledge of how data should be handled. Data literacy is therefore becoming increasingly important. Employees must not only be able to interpret data, but also can place data-based findings in the context of their respective areas of work. Companies are therefore increasingly investing in training and programs to increase data literacy.
A data-driven corporate culture is also important to encourage employees to utilise their data skills. A data-driven culture goes beyond the use of BI software and creates an environment in which data-based decisions are not only accepted, but actively encouraged. Leaders play a critical role in this by supporting a culture where the value of data operations and informed decision-making is recognised. This creates an environment in which all employees can utilise data and at the same time handle it responsibly.
This trend shows the future of business intelligence is not only dependent on advanced technologies, but people are also at the centre of developments and thus the empowerment of the entire workforce to actively participate in the use of data and thus contribute to a data-competent company.
Trend 5: Data visualisation and storytelling
Huge amounts of data are collected every day, which can hardly be visualised in a traditional table. An easy-to-understand presentation of this information has therefore become indispensable, which is why data visualisation will continue to gain in importance in 2024. Only when data is skillfully transformed into visually appealing diagrams or graphics can it be easily communicated to people. This allows decision-makers to recognise patterns, trends or correlations at a glance. However, data visualisation not only offers an aesthetically pleasing presentation of data, but also makes it easier to understand complex relationships. Interactive dashboards and appealing graphics enable decision-makers to gain deep insights into the company’s performance at a glance.
At the same time, companies are increasingly realising that it is not enough to simply present data – data storytelling is much more about shaping a meaningful story from the data. By embedding the data in a narrative structure, companies can communicate their findings to their target group more effectively and ensure that they not only understand the message, but that this message also appeals to them emotionally.
The clever combination of data visualisation and data storytelling not only makes it possible to convey complex information understandably and convincingly, but also brings the data to life with a story.
The focus on data visualisation and storytelling reflects the fact that the success of business intelligence depends not only on the raw data, but also on how effectively that data is communicated. Companies that can turn their data into compelling stories are not only able to persuade more easily, but also ensure that their insights are heard throughout the organisation. This trend illustrates how, in an era of information overload, the art of effective communication plays a crucial role in business intelligence.
In our opinion, business intelligence in 2024 will be characterised by five major trends revolutionising data management and analysis processes. From the ongoing integration of artificial intelligence to the emphasis on data privacy, data governance and real-time analytics, these developments promise to take the way organisations use data to a new level. The focus on self-service BI, data literacy and the promotion of a data-driven culture emphasises the importance of the human factor in business intelligence. In addition, the clever combination of data visualisation and storytelling will help transform complex information into compelling stories that are easy to understand and emotionally engaging.
To make the most of these trends and ensure seamless integration into your business processes, we recommend using myPARM BIact, our business intelligence software. It not only offers powerful functions for data analysis, but also extensive options for data visualisation and self-service BI. It can also be hosted in the cloud and is optimised to use on mobile devices. With myPARM BIact, you receive an all-round carefree package that supports you in steering your company into the future with data-based decisions.
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