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Think about the number of apps you use in your business every day. To make any sense out of all of that data, you need data analytics and visualizations. With the way tech has been advancing recently, data analytics is about to be turned upside down.
Read on for our predictions on data analytics in 2024 and why you should be there to enjoy the ride.
Up until recently, most businesses had to rely on complex tooling or data scientists to get insights from their data. Although business intelligence and data integration tools have already become much easier to use, it’s still a challenge for business users to go from raw data to smart decisions.
Software products today sit on a ton of data. Just imagine how much you can learn about your customers and revenue potential from your CRM system with 1000s of contacts. But the problem is that users need to connect their software tools to apps such as PowerBI or Tableau to analyze all that information.
Although many SaaS companies have started opening up that data inside their software, it’s a lengthy process to develop analytics features from scratch. And that means it often gets pushed back for other priorities, leaving their customers reliant on a basic - or poor - reporting experience, or plain data exports.
The biggest trend we predict for data analytics in 2024 and beyond is that analytics and insights will become directly accessible in SaaS apps. Instead of forcing customers to use third-party apps or data exports, SaaS vendors will be able to add embedded dashboards to their roadmaps faster, and implement this functionality as easily as creating a new email account.
Instead of traditional business intelligence, there will be a rise in embedded BI, for multiple reasons. Embedded BI makes template reports readily available in your app, so your customers don’t have to create their own dashboards or visualizations.
Moreover, embedded BI tools are cheaper than hiring a dedicated developer. The analytics market is blooming with tools such as Luzmo that allow you to add data analytics dashboards in your product in hours - not weeks or months.
In short, the future holds a democratization of data analytics.
Making sense of your data used to be reserved only for tech-savvy businesses with data analysts and scientists on deck. Getting usable insights was tough. You first need to extract your data, transform it, and only then you could get it into a data visualization tool for analysis.
Your average Joe could not possibly do all of this as they didn’t have the necessary IT skills and knowledge.
Although this has already started to change, this will change drastically in 2024. BI vendors, including us at Luzmo, are looking to add AI capabilities or integrations to their apps to help anyone get insights from their data quicker. Thanks to AI tools and language learning models, anyone can connect a database to a BI tool and ask their favorite language model to give them actionable insights.
Not only that, but you could also generate dashboards and visualizations with the click of a button. You can go from an Excel file with thousands of lines to beautiful graphs that tell a story in just one click.
Instead of being a data scientist, all you will need is access to an AI-powered analytics app - or one that integrates with ChatGPT - and a basic knowledge of how to write a good prompt. You won’t need to know anything about data processing, edge computing, complex algorithms, or big data analytics.
For example, let’s say you run 10+ marketing campaigns across paid social and Google Ads. You also get inbound leads from organic traffic. You need to determine which of these sources produces the best leads at the best cost. Traditionally, this would require complex data analytics.
Now, you can connect your data sources to a tool such as Luzmo and ask it to generate a chart. Or even better, use AI models for predictive analytics, so it can give you an accurate prediction of your data based on the readily available values.
In short, data analytics and visualizations will become widely available to the public who don’t necessarily have a background in data analysis.
Customers demand data. And if you have a SaaS product, you’ll want to help your customers become more data-driven, before they start looking for these features in competitor products.
Let’s say you have an email marketing tool and your customers are interested in their metrics. You could give them a few rows of numbers and leave it at that, but why would you?
The future of data analytics lies in real-time access to data in a way that enables quick and easy decision-making. Businesses will have to create beautiful dashboards and data visualizations that make it effortless for customers to see the value of data and business intelligence.
For that same email marketing software, you could have a dashboard with visualizations, but not just any type. With an embedded dashboard, your business users could explore the data themselves in a self-service model.
Instead of unstructured data, customers get valuable insights that they can explore and understand and ultimately, make more informed decisions.
The best analytics solutions don’t show the same data sets to every user who sees them. Instead, they adapt to different use cases.
If two different users open up the reporting section of your software app, ideally they will see different real-time data. Based on their use of your app, the volume of data they’re processing, their business outcomes, and more, they’ll see a different visualization.
Analytics tools for data visualization such as Luzmo allow users to explore and personalize their dashboards. Your product will no longer be a one-size-fits-all solution. Instead, your customers get to see a dashboard or visualization that provides the most business value to them.
This will allow for improved data quality and proper data-driven decision-making when it comes to building products, landing page optimization and strategic planning.
The future of data analytics looks more than promising. Thanks to machine learning, artificial intelligence, and natural language processing (NLP), it’s becoming easier than ever to understand and leverage data, without a data science degree. The future of data management and visualization is closely related to automation, AI, amazing user experience, and personalization.
And if that sounds like something you’re interested in, make sure to check out Luzmo. With our embedded analytics dashboards, your SaaS product will go from being just another app to a data-driven powerhouse your users will love.
Experience the power of Luzmo. Talk to our product experts for a guided demo or get your hands dirty with a free 10-day trial.
