2023 was a year of significant developments in the fields of business intelligence (BI) and analytics. With a 50% rise in overall adoption of self-service BI solutions, continued focus on data governance and data security, and deeper integration of automation and artificial intelligence (AI), businesses have transformed their use of data considerably.
The data landscape is, of course, ever-evolving. Businesses need to stay abreast of the latest technology, and continuously adapt to stay competitive and gain value.
In 2024, three key trends will shape the future of data analytics and BI: democratization of data, AI-powered insights via augmented analytics, and a continued shift towards embedded analytics. These trends will make data accessible to everyone, unlock deeper insights, and drive more informed decision-making across organizations.
Missed this year’s biggest trends? Catch up on the top 3 data and analytics trends in 2023.
Trend #1 - Democratization of Data: Empowering Business Users with Self-Service Analytics
Self-service analytics, and the “democratization of data”, the capability to make data more accessible to more people in the business, remains the number one priority in 2024.
For those unfamiliar, self-service analytics, also known as self-service business-intelligence or self-service BI, is a type of BI that is centered around enabling experts and non-technical users alike to read, analyze and share data insights, regardless of existing data knowledge or skills.
Traditionally, data analysis has been the domain of specialists, owing to the complex nature of legacy BI tools, leaving line-of-business people to forgo insights or rely on IT to decipher data for them. However, this outdated process is changing with the continued rise of self-service BI, and the empowerment of the regular business person - a related trend frequently labeled as the augmented consumer. Because self-service BI platforms provide intuitive interfaces and drag-and-drop functionalities with the help of automation and AI-powered streamlining technologies such as automated business monitoring and natural language query (NLQ), users can ask their own data questions, analyze data relevant to their roles, and make data-driven decisions faster and more independently - hence the label of the augmented consumer.
Gartner predicts by 2024, 75% of organizations will adopt self-service analytics as companies continue to recognize the benefits of empowering business users with data insights. This follows an equally significant expected adoption rate (35% to 50%) of self-service analytics in 2023, which was driven by vertical-and-domain-specific self-service solutions using the automated processes made possible by augmented analytics.
If you have not already assessed the importance of self-service analytics for your use cases, now is a good time to get familiarized with our many free guides on self-service analytics.
Yellowfin self-service analytics content resources
Check the Essentials: 5 Steps to Prepare for Enterprise Self-Service Analytics
Download Free Whitepaper: The Ultimate Guide to Modern Self-Service Analytics
Learn the Benefits: Self-Service Analytics - 5 Key Benefits & Improvements
Trend #2 - AI-Powered Insights: Automating Analysis and Unlocking Hidden Patterns
Artificial intelligence (AI) is revolutionizing the way we work, and data analysis is no exception. Machine learning (ML) algorithms help analyze vast amounts of data, automate repetitive tasks, and uncover hidden patterns that would be difficult or impossible for humans to detect.
AI and ML are being leveraged in many modern analytics solutions today to offer new and powerful tools to users, such as Yellowfin’s own Assisted Insights, Guided NLQ and Signals products. These tools help streamline data processes and reduce complexity of analysis significantly for basic analytics users, but also advanced users (analysts or developers) who can use such tools as a convenient springboard for deeper analysis. The use of such technologies to transform how data is prepared, consumed and shared is called augmented analytics.
The integration of AI into data analytics and the offering of augmented analytics tools offers several advantages:
- Enhanced accuracy and efficiency: AI algorithms can process data faster and with greater accuracy than humans, reducing the risk of errors and biases.
- Predictive capabilities: AI can analyze data to identify patterns and predict future trends, enabling organizations to proactively address challenges and capitalize on opportunities.
- Unveiling hidden insights: ML algorithms can uncover hidden patterns and relationships in data that would be invisible to human analysis, leading to deeper insights and more informed decision-making.
Gartner predicts by 2024, AI-powered augmented analytics solutions will be used in 75% of organizations, continuing the increase in adoption rate in 2023 (9 in ten processes expected to be enhanced by A and ML tech for data processes (via Ventana Research).
If you are still at the beginning of your analytics journey, now is the best time to get familiar with how augmented analytics tools are transforming the way everyone can gain value from their data.
Yellowfin augmented analytics content resources
Check the Essentials: What is Augmented Analytics?
Download Free Whitepaper: Embedding AI-Powered Analytics Into Your App
Learn the Benefits: The Practical Benefits of Augmented Analytics
Trend #3 - Embedded Analytics: Integrating Insights into Workflows and Applications
Businesses are moving beyond traditional BI dashboards and reports and embedding data analytics directly into their workflows and applications. This allows users to access and analyze data without leaving their familiar work environment.
Forrester Research predicts that the embedded analytics market will reach $16 billion by 2024. In addition, more than two-thirds of line-of-business personnel will have instant access to a cross-functional analytics platform embedded in their workflow activities and processes by 2024, according to Ventana Research.
Embedded analytics provides several benefits. First, it improves decision-making by providing real-time insights at the point of action. Second, it increases user adoption by making data more accessible and relevant to their daily tasks. Finally, it reduces the need for separate BI platforms, simplifying the overall data infrastructure.
Yellowfin embedded analytics content resources
Check the Essentials: What is Embedded Analytics?
Download Free Whitepaper: The Ultimate Guide to Embedded Analytics
Learn the Benefits: 5 Benefits of Modernizing Your App with Embedded Analytics
Yellowfin BI: A Leading Analytics Solution for 2024
The data analytics and business intelligence landscape is undergoing significant transformation. By embracing the latest trends of self-service analytics, AI-powered insights, and embedded analytics, your business can make data more accessible to everyone, unlock deeper insights, and drive more informed decision-making throughout the organization.
Yellowfin BI is a leading platform for embedded analytics, enabling businesses to easily integrate data insights into existing workflows and applications. Yellowfin offers a range of features, including:
- Intuitive interface: Easy-to-use drag-and-drop functionality allows users to create custom dashboards and reports without needing technical expertise.
- Pre-built integrations: Seamless integration with popular business applications such as Salesforce, SAP, and Microsoft Dynamics.
- White-labeling: Businesses can customize the look and feel of Yellowfin to match their brand identity.
- Scalability: Yellowfin can handle large volumes of data and can be scaled to meet the needs of growing businesses.
By leveraging Yellowfin BI, businesses can democratize data (self-service analytics), unlock AI-powered insights (augmented analytics), and embed data analytics into their workflows (embedded analytics, to make more informed decisions, improve operational efficiency, and gain a competitive advantage.
Discover More on Yellowfin Embedded BI
Learn how effective the Yellowfin embedded analytics suite is, and how it can future-proof your application with its self-service capabilities, augmented insights and embedded BI integrations.