4 Data Analytics Trends We Predict for 2024

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.

Here is what we think will happen with data analytics in 2024 and why you should be there to enjoy the ride.

Insights become increasingly accessible

Up until recently, you had to explore third-party options to get data analytics as a functionality. In order to get more insights from your product’s data, customers had to connect it to apps such as PowerBI or Tableau. And if you didn’t want to be part of this ecosystem, you had to build your own data analytics solution in your own app.

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, SaaS vendors will be able to add embedded dashboards to their roadmaps 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 is available directly in your app and customers won’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.

Artificial intelligence will revolutionize the way we analyze data

Up until recently, making sense of your data was reserved only for the 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 then get it to a data visualization tool.

Your average Joe could not possibly do all of this as they didn’t have the necessary IT skills and knowledge.

In the future, this will change drastically. Thanks to AI tools and language learning models, anyone can upload a database 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.

And instead of being a data scientist, all you will need is access to a tool such as 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.

With AI, 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.

Intuitive exploration and good user experience become key

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.

Data analytics will be personalized

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 your tool and their dashboards, 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.

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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.

Wrapping up

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.

Sign up for your free trial today!