Bhavik Desai
Head, Client Solutioning, India
The world of data analytics is constantly evolving, and 2024 promises to be no different. In fact, it could be a pivotal one, as a new generation of tech-savvy decision-makers at the helm of businesses feel the need to adapt their strategies to leverage the power of data effectively. Over the next twelve to eighteen months, here are some key trends that could shape the data analytics landscape:
- Data Culture Takes Center Stage: While terms like AI and machine learning are no longer novelties, many organizations struggle to translate data into actionable insights. The key to unlocking this potential lies in fostering a data-driven culture from the top down. This means building cross-functional teams with data expertise and empowering leaders to make decisions based on data, not gut instinct.
- Small Data Analytics Gains Traction: Big data has dominated the conversation for years, but 2024 will see a rise in small data analytics. This approach focuses on analyzing smaller, targeted datasets to answer specific questions and solve localized problems. Small Data Models are also relatively easier and cheaper to develop as opposed to Large Language Models (LLMs), which makes them more cost-efficient and sustainable for small and/or niche businesses. E.g., small data can be used to understand customer behavior patterns at a particular store or in a small area to provide hyper-localized services. Instances of big FMCG players taking up such analytics to enhance the quality of the supply chain management are well recorded.
- Generative AI Moves from POC to Production: Generative AI (GenAI) has captured our collective imagination with its ability to create realistic data and content. After a year of successful proof-of-concepts (POCs), 2024 could be the year GenAI goes mainstream. Businesses will focus on operationalizing GenAI by ensuring data quality, selecting the right use cases, educating stakeholders, and properly planning for and measuring ROI.
- Data Fabric: The Foundation for Future Analytics: Data Fabric has silently made its presence felt by creating data architecture that streamlines access to bytes across multiple sources and locations. This provides a unified environment for data consumers, regardless of where the data resides. Data Fabric will play a crucial role in supporting the scalability and agility needed for advanced analytics initiatives, especially those involving AI and machine learning.
- Cybersecurity Gets Smarter with Analytics: The ever-growing threat landscape demands a proactive approach to cybersecurity. In 2024, we’ll see a shift towards cybersecurity analytics, leveraging AI and machine learning to identify anomalies and potential threats before they cause damage. This will enable businesses to move from reactive security measures to a more preventative approach.
Final Words
The data analytics landscape in 2024 is brimming with exciting possibilities. By embracing these trends and fostering a data-driven culture, businesses can unlock valuable insights, make smarter decisions, and gain a competitive edge. The future belongs to those who can harness the power of data to navigate the ever-changing business landscape.