Anushruti Singh
In recent years, organisations and Micro, Small, and Medium Enterprises (MSMEs) have increasingly turned to Business Intelligence (BI) to unearth deeper insights into their data, facilitating informed decisions and driving business growth. Anticipating continued momentum, 2024 is expected to usher in significant advances in BI capabilities, particularly within the retail, manufacturing, and insurance sectors.
Anurag Sanghai, Principal Solution Architect at Intellicus Technologies, sheds light on the current BI landscape and outlines key trends expected to shape the industry in 2024.
MSMEs expectations from Business Intelligence
Data-Driven Decision Making: Organisations are leaning heavily on data to steer strategic decisions. The expectation from BI solutions is clear—provide actionable insights, predictive analytics, and prescriptive recommendations. Transforming raw data into meaningful business context is now paramount.
Self-Service BI: Ease of use and accessibility take center stage. Organisations are seeking self-service BI tools empowering business users to explore data, create reports, and visualise information independently, reducing reliance on IT. User-friendly interfaces and intuitive dashboards are highly sought after.
Real-Time Analytics: The demand for real-time insights is on the rise. Businesses expect BI platforms to process and analyse data in near real-time, enabling agile responses to market shifts, customer behaviour, and operational challenges.
Data Governance and Security: With growing data volumes come increased concerns about data privacy, compliance, and security. Robust data governance frameworks within BI systems are sought after by MSMEs to ensure data accuracy, lineage, and protection.
Integration Capabilities: Seamless integration is crucial. BI tools must effortlessly integrate with existing systems, databases, and cloud platforms. MSMEs look for interoperability to avoid data silos and enable cross-functional analysis.
Let’s look at the key trends that are emerging in these industries.
1 Generative AI and Advanced Analytics
· Generative AI: AI models that can create new data, simulate scenarios, and generate insights will gain prominence. These models will enhance predictive capabilities and automate decision-making processes.
· Advanced Analytics: Machine learning, natural language processing (NLP), and graph analytics will empower BI platforms. Data discovery will become simpler, allowing companies to uncover hidden trends and patterns.
2 Customer-Centricity and Personalisation
· Hyper-Personalisation: BI will enable personalised customer experiences by analysing individual preferences, behaviour, and context. Retailers, manufacturers, and insurers will tailor products, services, and marketing campaigns accordingly.
3 Sustainability and Purpose-Driven Decisions
· Industry as a Sustainability Ambassador: Organisations will pivot toward purpose-driven strategies. Insurers, in particular, will influence clients’ decisions to create a better workplace, marketplace, and society. Sustainability reporting and ESG (Environmental, Social, and Governance) metrics will be integral.
4 Automation and Robotic Process Automation (RPA)
· RPA in Insurance: Bots will automate policy servicing, claims management, and underwriting processes. AI algorithms will enhance fraud detection and risk assessment.
5 Sustainability, Re-commerce and Circular Economy (Retail)
· Re-commerce Revolution: Retailers will embrace buying used, re-usable, and thrifting. Sustainability-conscious consumers will drive this trend.
6 Data Monetisation and the Data Economy
· Unlocking Data Value: Organisations will explore ways to monetise data assets. Data marketplaces and partnerships will emerge.
In conclusion, the convergence of technology, purpose, and agility will shape the BI landscape in 2024. We encourage MSME organisations to embrace these trends, foster data literacy, and leverage BI as a catalyst for positive change.
