10 Business Intelligence Trends in 2024

Business intelligence trends have revolutionized over the past decade. Data has suddenly exploded, and become colossal. 

Then, we all managed to gain access to the cloud. Now, spreadsheets have finally been replaced by interactive business dashboards and insightful data visualizations. The demand for business intelligence is growing, considering the indispensable amount of data generated daily through multiple sources. It helps to collect, analyze and visualize data, empowering business insights.  

BI landscape has been evolving and there will be some emerging trends to watch.  

• Data Quality Management (DQM) 
• Data Discovery 
• Artificial Intelligence  
• Predictive And Prescriptive Analytics 
• Connected Clouds  
• Data Governance And Trust  
• Security – Digital Ethics And Privacy 
• Growing Importance of The CDO & CAO  
• Mobile BI 2.0 
• Consumer Experience 

2024 will witness the customization of BI strategies. Businesses are not asking if they need access to business intelligence analytics but rather finding the best BI solution for their business. 

2024 will prominently be the year business intelligence trends like data discovery and data quality management secure and clean data combined with a simple yet powerful presentation. 

Let’s Discuss 10 Business Intelligence Trends 

Data Quality Management (DQM) 

Maintaining top-quality data is more crucial than ever. It stands as one of the most significant business intelligence trends in 2024. DMQ isn’t only rising in the BI trends, but also flourishing into a crucial drill, being adopted by a number of companies. Data Quality Management ensures data is accurate, complete and consistent to drive business insights.  

Data Discovery 

The impact of data discovery has increased many folds during the last year. Data discovery was listed as one of the top 3 BI trends, by the importance hierarchy, by the Business Application Research Center. 

Since visual data is processed better by us humans, it won’t be long when data discovery trend will be promoted as one of the most important BI trends in 2024 and the future.  

Artificial Intelligence 

Gartner, in their 2024 Strategic Technology Trends report, has chosen Artificial Intelligence as one of the major trends.  

AI is the technology which aims at making machines do what is commonly done by human intelligence. AI and machine learning are revolutionizing the way this generation interacts with analytics. 

The fact is that AI is going to affect our lives, whether we want it or not. 

The future will see some groundbreaking innovations when AI is combined with autonomous devices like IoT and engineering, which will fulfill the demand for real-time data analysis. 

Predictive and Prescriptive Analytics 

By far, predictive and prescriptive analytics are the most discussed topics especially since the main focus of analytics processes is on big data that is being leveraged by big, small, and medium-sized enterprises alike. 

Basically, predictive analytics is the process of extraction of information from existing data for forecasting future probabilities. 

Predictive analytics implies the probabilities of the future with an adequate level of reliability along with a few alternative scenarios and risk assessment. 

Different industries deploy predictive analytics differently. Hotels estimate the number of guests expected on any given night so that prices can be adjusted to maximize occupancy and increase revenue. 

Airlines use it for deciding the number of tickets that need to be sold at a particular price for a flight. Marketers discover customer purchases or responses and set up cross-selling opportunities. 

Connected Clouds 

People interested in technology know that the cloud is not a new concept anymore, rather is ubiquitous. 

In 2019, cloud computing will also continue to thrive, with more and more companies moving to it, resulting in the proliferation of cloud technology and its tools. 

According to Gartner, by 2028, around 50% of businesses will shift to cloud platforms.  

Data Governance and Trust 

Data governance is the process of decision-making and authority for data-related matters. 

Basically, it is the control that makes sure data entries made are in accordance with a particular standard. It is one of the pinnacle trends in 2024 that will increase the focus on data governance and data quality. 

Security – Digital Ethics And Privacy 

Without a doubt, security has been one of the most heated BI trends in recent years. Newsfeeds have been filled with reports on security issues, data breaches, and some huge data losses. 

Big companies conflicting with these issues only open vulnerability for smaller sized companies. This will only accelerate in 2019. It’ll be interesting to see what the future has in store for security. 

Growing Importance of The CDO & CAO 

Every company had a Chief Information Officer who used to supervise all the security issues and information management assets. 

But nowadays, both volume and role of data analytics are growing so immensely that a new position has emerged, CDO, or Chief Data Officer, and CAO or Chief Analytics Officer. 

Presently, their role has increased many folds and they have one of the most tenacious seats in the executive table. 

Mobile BI 2.0 

A few years ago, mobile BI used to be the next big thing. But, later on, companies just ended up replicating desktop experience to mobile. 

But, this time it will be different with so much advancement in technologies. Domo and Oracle are already trying to find better ways to deliver analytics on mobile. 

They have been able to deliver different experiences on desktop and mobile platforms. Now, it is high time for the rest of the industry to buckle up. 

Consumer Experience 

Consumer expectations are rising. Therefore, a large amount of data will be required to support their requirements. 

Predicting and analyzing consumers’ behavior patterns will go hand in hand with data management, RPA (Robotic Process Automation), and AI. 

So, the most effective way of the decision making will be, being more data-driven and usage of analytical tools which in-turn will become an essential requirement for the sustainability of a company. 

Here are a few popular BI Tools 

• SAP 
• MicroStrategy 
• Sisense 
• SAS 
• Dundas BI 

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