Emerging BI & Data Analytics Trends for 2024 and Beyond

These are the trends and concepts you need to know about this year

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In an age where technology is in a constant state of flux, keeping your finger on the data pulse is vital when it comes to running a successful business.

For continual growth and evolution as a modern business (regardless of your niche or industry), staying on top of emerging BI and data analytics trends will help you get ahead of the pack.

Across industries, businesses are looking to invest in cutting-edge dashboard software and BI tools to improve their overall strategies while improving their decision-making processes.

Armed with the right tools, knowledge, and mindset, you can accelerate the growth of your business, driving greater efficiency than you ever thought possible.

Sounds intriguing? To help you on your journey towards BI and data analytics enlightenment, here, we explore the emerging trends that will help keep you ahead of the game, one intelligence initiative at a time.

Data compliance and consumer privacy regulations to become more stringent

In recent years, the General Data Protection Regulation (GDPR) and California Consumer Privacy Act (CCPA) have made consumer data privacy more stringent.

Now, consumers are empowered to take charge of their data destiny, with more choice on how, when, and where they share their personal information.

As we move into an increasingly hyper-connected digital age, data compliance and consumer privacy regulations will become increasingly complex. This will make it more challenging for businesses across industries to interact with consumer information while staying on the right side of the red tape.

Here's what you can expect from general consumer data regulations:

  • You won't be able to sell consumer data without official customer consent
  • Users must be given clear-cut options to opt out of the sale of their personal information
  • Sharing a report or visible content on how you store, share, and manage consumer data will become mandatory across the board
  • Handling all consumer data in accordance with general and local regulations will become vital

In many ways, these regulations are developments of existing rules, but the point here is: to remain compliant in handling customer data the right way across every touchpoint, and to leverage the insights that you can use effectively, having the right system is a must.

Working with BI tools and dashboard software will keep your data clean, safe, and compliant without sapping considerable chunks of your time or resources. These innovations will also help you utilize your most valuable customer data for effective campaigns and communications without breaking any golden rules.

Learn the advantages of InetSoft's small footprint BI platform.

The rise of the metaverse will prompt a greater reliance on smart data analytics

Another key BI and data analytics trend to watch out for in the not-so-distant future is the valiant rise of the metaverse.

A phrase that often pops up in science fiction films or literature, the metaverse is a digital realm where people can experience the internet in a highly immersive way. In this bold new world, you can enjoy gamification, apps, and content in a fully four-dimensional sense (like you're really there in the moment). Consumers will be able to interact with brands and institutions in ways they never before thought possible.

This might sound like a far-flung concept, but the wheels are already in motion-the metaverse is on the horizon. So, what does this mean for BI and data analytics?

The metaverse is set to broaden the World Wide Web experience while ensuring a fairer digital playing field for all. Consumers will have more autonomy over the content they consume and how they experience it (as well as the data they share).

That being said, to thrive in the metaverse, businesses across industries must ensure the data they work with is as accurate and trustworthy as possible while investing in BI practices or technologies that will help them visualize valuable insights across an even greater range of touchpoints. Putting systems in place now will cement your success in the near future.

AI and ML will continue to advance BI tools, but human input will remain important

Artificial intelligence (AI) and machine learning (ML) are driving forces in the evolution of BI tools, dashboard software, and data analytics.

These smart autonomous technologies make the data collection, curation, and analysis process far more intuitive while reducing the need for laborious manual processes. By improving and refining data analysis initiatives with every interaction, machine learning-powered BI tools also help to uncover insights that are often missed by even the most proficient of data scientists.

AI and ML technologies will become even more prevalent in the coming years. But while these autonomous technologies will indeed improve BI and data analytics processes, this doesn't mean that humans will become redundant.

The continued evolution of autonomous innovations will deliver human staff or talent the insights they need to perform to their best abilities at all times while freeing them to focus on more creative or nuanced tasks that will drive innovation and growth across the organization.

Read the Style Intelligence datasheet for a detailed explanation of the platform's capabilities and features.

Data storytelling will become the standard across sectors and industries

Storytelling with data is the process of turning data-driven analyses into a fully accessible visual format that influences various choices, initiatives, and strategies.

The advancement of BI and data analytics technologies has made creating strong narratives and telling persuasive stories with data accessible to all-not just technical staff and developers.

Dynamic dashboard software curates and optimizes data from various sources. And through interactive key performance indicators (KPIs), its possible to present a range of invaluable insights in a digestible visual format.

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View a 2-minute demonstration of InetSoft's easy, agile, and robust BI software.

This eye-catching map-based dashboard software example is a prime example of BI dashboard facilitated data storytelling.

Here, you can gauge racial tolerances as well as economic freedom across many of the world's major regions, according to different timelines. This highly visual and interactive narrative makes finding correlations and drawing powerful conclusions swift and intuitive.

This data storytelling-centric format also makes your insights easy for everyone to understand, empowering both internal and external stakeholders with information that will inspire, enlighten, and prompt organizational progress.

This year and long into the future, an increasing number of organizations across every sector imaginable will invest in data storytelling to place the power of intelligent data analysis into the hands of everyone in the business.

Working with tools and methodologies geared towards telling stories with your data will no longer be an optional add-on—it will be an essential component of business development.

Data dashboard software adoption will continue to increase

As technology continues to move at a head-spinning rate, even the most reluctant of businesses will be forced to face the prospect of digital transformation to survive in the long term.

Part of this seismic shift towards digital transformation will be a spike in the adoption of BI tools and data dashboard software. Investing in ML-powered BI tools and dashboards will become the order of the day, and the earliest adopters will reap the biggest rewards.

Coming to grips with modern dashboard software and creating a data-driven company culture will ensure you can squeeze every last drop of value from your analytical strategies and insights. Doing so will:

  • Increase productivity
  • Improve decision-making
  • Enhance responsivity
  • Inspire collaboration and communication
  • Uncover powerful information, trends, patterns, and insights
  • Boost efficiency and your bottom line

While every forward-thinking organization stands to gain these key benefits from working with BI tools, it's the businesses that act quickest that will already have the platforms, systems, and processes in place to evolve their data analytics activities.

"Big data is at the foundation of all of the megatrends that are happening today, from social to mobile to the cloud to gaming." - Chris Lynch

BI and data analytics are a core component of any successful, responsive, and adaptable business strategy. In a time where innovation and insight reign supreme, there are no rewards for those reluctant to keep their finger firmly on the pulse.

The industry around you will continue to evolve, and having an adaptable data-driven strategy in place is the way forward. We hope this rundown of emerging BI and data analytics trends has given you the insight you need to move forward with confidence. And if you're ready to take your strategy to the next level, we can help.

We have the tools, talent, and innovations to power up your BI and data analytics operations, giving your business access to powerful insights that will accelerate your commercial growth in a competitive digital age. Contact us, and we will get your BI journey started.

Read what InetSoft customers and partners have said about their selection of Style Scope for their solution for dashboard reporting.