Andreas Bartsch, Head of Innovation and Services at PBT Group

Last year marked a significant one for data and analytics. As can be expected, these two elements will remain critical in 2024, with many analysts expecting them to be integral to business success in the months and years to come.

Below, I explore several of the key trends that I believe will likely influence business and technology leaders as they search for more innovative ways of incorporating data and analytics into their organisational strategies.

Building a data-savvy workforce

Data literacy can no longer be considered a specialised skill. Given today’s data-centric landscape, employees who are proficient in reading, interpreting, and leveraging data will be a significant competitive advantage going forward.

However, this requires a shift in mindset where data-driven decision-making becomes integrated into the broader culture of the business. As roles like Chief Information Officer (CIO) and Chief Data Officer (CDO) continue to evolve, they will contribute to an increased maturity in data literacy in a business to help guide decision-making processes.

A data governance foundation

Of course, nothing can be done without ensuring compliance with data governance. If anything, it has become a vital part of any business strategy. Effective data governance is not a box-ticking exercise. Rather, it sees data being managed as effectively as possible to help the company support its objectives. Those organisations that integrate data governance into their core practices will become masters of data stewardship and ensure the complex regulatory and data security landscape can be navigated as a business advantage.

The rise of DataOps

DataOps has been gaining significant traction given how it unlocks a different approach to how data is managed. Drawing parallels with DevOps, DataOps leverages aspects such as collaborative work, automation, and continuous integration to streamline every aspect of data management. This methodology can enhance the operational efficiency of a business and help foster a more adaptive and responsive data culture.

Edge computing to redefine real-time data processing

As more businesses embrace edge computing, they invariably start moving away from traditional, centralised data processing methods. By bringing data processing closer to the source, edge computing enables businesses to access real-time insights. In turn, this provides them with the ability to engage with customers in more personalised ways while making their business strategy more agile. This trend will become even more pervasive as companies increase their reliance on IoT devices.

AI becomes a catalyst for business transformation

Artificial intelligence (AI) is starting to become an integral part of virtually every business function. With applications ranging from helping to enhance customer service to refining data analysis at scale for more accurate insights, AI has become a vital business enabler. But contrary to widespread belief, the true value of AI lies in enhancing human intelligence and not replacing jobs. The role of humans in guiding, training, and overseeing AI systems is critical. This will help ensure that AI serves to complement human skills and creativity.

The road ahead

These emerging trends represent fundamental shifts in how data is perceived and used. The year ahead will be characterised by a universal emphasis on data literacy, stringent data governance, the operational agility afforded by DataOps, the immediacy of edge computing, and the transformative potential of AI. Of course, the ‘secret sauce’ to all these trends remains having access to quality data, adhering to best practices when it comes to data engineering, and embracing a unique way of thinking about how best to incorporate data and analysis into existing operations.