The Business Intelligence (BI) and analytics market is booming as more companies embrace data-driven decisions. However, navigating the vast array of BI capabilities can be challenging.
Here, after thorough market research, customer interactions, and industry expert discussions, we've compiled the top seven analytics trends shaping the BI landscape in 2024. Understanding these trends empowers you to unlock your business data's full potential and build an insights-driven model.
Data Pipelines and Preparation by Business Users
Data preparation used to be a time-consuming IT task. Now, self-service ETL (Extract, Transform, Load) is revolutionizing the process with AI and automation. VoltusWave's no-code platform, combined with a self-service ETL approach, empowers business users to handle complex data transformations – even without coding experience. Pre-built data preparation models further accelerate the time to insights for pro-code users and enable custom model deployment.
Unified Business Analytics
As businesses rely on more applications, the need for comprehensive 360-degree insights increases. Unified business analytics seamlessly integrates data from various sources, creating a common semantic model for analysis. This empowers users to gain a holistic view of business performance and assess the cross-functional impact of different teams.
VoltusWave drives unified analytics by enabling seamless native data connectivity with a wide range of business apps and data sources. This overcomes data silos and disparate datasets, fostering a more holistic data integration approach. Additionally, an AI-infused analytics layer with pre-built reports delivers deeper domain-specific insights.
AI-Infused BI
AI is now an integral part of the entire BI stack, encompassing data import, preparation, modeling, visual analysis, predictive analytics, and more. Seamlessly integrated AI streamlines and enhances analysis, providing both simplicity and depth. Key trending AI-powered capabilities include:
NLP-powered analytics assistants for report creation through natural language.
Automated insights and prescriptive analytics for deeper report exploration and instant decision-making recommendations.
Generative AI (GenAI) in BI
GenAI is a significant AI wave that's transforming BI and impacting all industries. It has the potential to significantly democratize analytics by:
Simplifying data interactions.
Automatically generating models and metrics.
Identifying and constructing comprehensive datasets.
GenAI is expected to bridge the gap between BI users and analytics platforms. In the coming years, we may see the integration of domain-specific Large Language Models (LLMs) in BI platforms to further enhance insight relevance and depth.
Autonomous Analytics
Autonomous analytics empowers AI-enabled business activity monitoring. BI platforms can proactively monitor key changes in business metrics, allowing for instant detection of anomalies or outliers. Users are promptly notified through preferred channels, facilitating swift action. This capability extends to providing actionable recommendations to guide decision-making. Users can even intelligently set and trigger workflows based on detected conditions, enhancing responsiveness and agility.
Data Storytelling
Data storytelling remains relevant and continues to evolve with new enhancements. Pre-built templates allow users to weave insights into business stories seamlessly. Key data storytelling mediums offered by BI platforms include:
Slide shows
Microsites
Infographics
NLG-powered narrations
Users can leverage creative elements like text, images, audio, video, and embedded code to craft persuasive data stories.
Embedded Analytics
Embedded analytics allows businesses to deliver contextual intelligence within existing workflows. Enterprises can leverage this, and independent software vendors (ISVs) can rebrand analytical capabilities and integrate them as offerings within their applications.
VoltusWave allows users to go beyond embedding the entire BI stack by integrating customizable, purpose-built analytical components. This empowers businesses to tailor the analytics interface to their specific requirements. Additionally, fine-grained access controls allow organizations to determine how users access and interact with insights.
The Future of BI with VoltusWave
These BI trends offer insights into the future of BI and can guide your BI strategy implementation. As a leading no-code platf
orm, VoltusWave stays at the forefront of these trends. We constantly monitor evolving customer needs and introduce capabilities that enhance data analysis and empower users to make data-driven decisions with confidence.
Sign up for a free VoltusWave trial today and experience the power of a user-friendly, no-code platform!