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December 18, 2023


WHAT WILL 2024 BRING TO ADVANCE ANALYTICS?

Alex Woodie

(Khakimullin Aleksandr/Shutterstock)

As the amount of data continues to grow, so does the potential for advanced
analytics to make sense of it all. In 2024, tremendous progress will be made in
analytics, according to our merry band of prognosticators.

It’s hard to avoid the siren call of generative AI. But as the calendar flips
over in two weeks, know that a successful GenAI strategy depends on data and
analytics setting up the show, according to Forrester analysts.

“If generative AI is the star actor in ‘Business Technology: The Musical, 2024,’
data and analytics leaders are the stage managers,” the tech analysts write.
“According to Forrester’s July 2023 Artificial Intelligence Pulse Survey, 89% of
AI decision-makers say their organizations are expanding, experimenting, or
exploring the use of GenAI. But before the star technology can deliver value for
its audience of stakeholders and customers, data and analytics leaders must
enable the people, processes, and platforms to set the stage for success.”

In 2024, English will replace SQL as the lingua-franca of business analysts,
asserts Nima Negahban, the CEO and co-founder of Kinetica.

“We can anticipate a significant mainstream adoption of language-to-SQL
technology, following successful efforts to address its accuracy, performance,
and security concerns,” Negahban says. “Moreover, LLMs for language-to-SQL will
move in-database to protect sensitive data when utilizing these LLMs, addressing
one of the primary concerns surrounding data privacy and security. The
maturation of language-to-SQL technology will open doors to a broader audience,
democratizing access to data and database management tools, and furthering the
integration of natural language processing into everyday data-related tasks.”

Not so fast, says Dave Stokes, a technology evangelist at database provider
Percona, who says SQL is here to stay.

“SQL is proclaimed too old-fashioned every few years, and in 2024 proposals to
use LLM AI tools to generate database queries will get a lot of attention,”
Stokes says. “But one of the reasons SQL is the only programming language from
the 1970s that still gets used so widely today is its power in querying data.
You may not like the syntax. You may find its rules somewhat arbitrary. You may
have gripes about learning such an old language. But for decades, SQL has proven
itself again and again as the premier tool to manipulate data. It won’t be going
out of fashion any time soon.”

Will 2024 be the year of the lakehouse? (FlorentinCatargiu/Shutterstock)

Open data formats will deal a death blow to traditional data warehouses, says
Justin Borgman, the co-founder and CEO of Starburst.

“While many anticipate the data lakehouse model supplanting warehouses, the true
disruptors are open formats and data stacks,” Borgman writes. “They free
companies from vendor lock-in, a constraint that affects both lakehouse and
warehouse architectures.”

Seconding that motion is Kelly Kohlleffel, a senior global director of partner
sales engineering at Fivetran.

“With the proliferation of LLMs and GenAI apps requiring structured,
semi-structured, and now unstructured data, data lake workloads will become the
‘must have,’ do it right workload, over cloud data warehouses in 2024,” he
writes.

The usual BI and data analytics workflow will be uprooted in 2024, thanks to AI
and natural language processing, says Jeff Hollan, director of product
management for Snowflake.

“Today, business intelligence analysts generally create and present canned
reports,” Hollan says. “In the coming year, executives will expect to interact
directly with data summarized in that overview report using natural language.
This self-service will free up analysts to work on deeper questions, bringing
their own expertise to what the organization really should be analyzing, and
ultimately upleveling their role to solve some of the challenges AI can’t.”

In addition to executives, NLP-powered analytics will also power the next wave
of customer self-service, says Vasu Sattenapalli, CEO of RightData.

“Analytics have been stuck in dashboards, which will no longer be the only way
to consume business insights,” Sattenapalli says. “Voice and Generative AI will
enter the analytics space where you can ask questions of your data verbally and
get a response back in minutes, if not seconds. Imagine even pulling out your
phone with an app specific to your organization’s data and being able to access
a world of insights. It’s coming!”

(simbos_croatia/Shutterstock)

Forrester analyst Michael Gualtieri has a theory that everybody wants to be
treated like an A-list celebrity online. That dream will become reality in 2024
thanks to tech that makes hyper-personalized ecommerce experiences possible,
says Naren Narendran, chief scientist at Aerospike.

“Rather than platforms serving content based on aggregate statistics or the
behavior from a buyer’s journey in the past six months, for example, they’ll
react based on a search from three hours ago–or even a click from two minutes
ago,” Narendran says. “As ML systems are fed more and more data to boost
application performance, we’ll see generalized statistical predictions funnel
into hyper-personalized ones at the individual level for a more tailored user
experience in retail and ecommerce.”

In the past, data was called the new oil. But in 2024, data you can actually
trust will become the most critical asset in the world, according to Satyen
Sangani, CEO and co-founder of Alation

“The critical role of trusted data in AI systems is becoming a cornerstone for
the future of technology,” Sangani says. “Ensuring the information and data that
come out of the AI system are trustworthy is just as critical. In a world that’s
inching closer and closer to artificial general intelligence (AGI), knowing what
to trust and who to trust will be critical to everything we learn and everything
we think we know.”

This trusted data will be critical for AI systems to power the one in 10
operational tasks that Forrester predicts will occur, Sangani continues. That
magnifies the importance of trust in data.

“The result is that AI governance is going to gain importance quickly,” he says.
“It involves more than just managing data; it’s about understanding the entire
lifecycle of information and models. The analogy of data as the new oil now
seems insufficient in the era of generative AI and the challenges hallucinations
bring. Merely amassing and analyzing large data sets is no longer adequate in
today’s business environment.”

(USACE/ERDC)

Another big believer in big data governance driving analytics success is Chetna
Mahajan, the chief digital and information officer at Amplitude.

“In 2024, organizations will place a paramount focus on allocating resources
towards enhancing data management and governance,” Mahajan writes. “This
strategic emphasis aims to construct robust data repositories that serve as the
fundamental basis for empowering data science, AI, and ML engines to furnish
actionable insights. The absence of effective governance will lead to a lack of
confidence within teams regarding their data, consequently impacting their
decision-making capabilities.”

If the developing El Nino is as strong as some have suggested and results in
adverse weather events, then 2024 could become a big year for geospatial
analytics, according to Sean Donegan, the president and CEO of Satelytics.

“In 2024, extreme weather conditions, including hurricanes, floods, and drought
due to El Niño and other climate/weather phenomena, will continue to threaten
the infrastructure of utility companies, including power lines, poles, and
more,” Donegan writes. “Geospatial analytics, utilizing high-resolution
satellite imagery and AI algorithms, can pinpoint exactly where there are
issues, such as trees encroaching on power lines, wildfire impacts,  and any
other damage to infrastructure. This capability allows a utility company to find
the problem promptly and fix it before it worsens.”

Related Items:

Fourteen Big Data Predictions for 2024

Unleash the 2023 Big Data Predictions!

Big Things Ahead for AI in 2023: Predictions


Applications: Enterprise Analytics, Predictive Analytics
Technologies: Cloud, Frameworks, Middleware
Sectors: Financial Services, Government, Healthcare, Manufacturing, Retail
Vendors: Aerospike, Alation, Amplitude, Forrester, Kinetica, Percona, RightData,
Satelytics, Snowflake, Starburst Data
Tags: 2024 predictions, advanced analytics, analytics predictions, big data,
dashboard, governance, NLP

Comments are closed.


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CONTRIBUTORS

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Managing Editor



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Contributing Editor



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