Organisations and MSMEs have increasingly turned to business intelligence (BI) in recent years to gain deeper insights into their data and make informed decisions that drive business growth. We can expect significant advances in BI capabilities in 2024 as well, particularly in the retail, manufacturing, and insurance sectors.
Anurag Sanghai, Principal Solution Architect at Intellicus Technologies, outlines key BI trends for 2024. 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.