Member Article

Four Data Predictions for 2024

As we stand at the cusp of 2024, the rapid evolution of AI and Data Analytics promises to yet again reshape the business landscape in unprecedented ways.

Here are my predictions for the coming year:

ChatGPT and lots of new friends: 

Prediction: In 2024, there will be seismic surge in the development and hence adoption of Generative AI solutions. These solutions, driven by advanced algorithms and deep learning, will revolutionise content creation, simulation, and problem-solving.

Research & Statistics: According to a report by Gartner, the global market for Generative AI is projected to grow by 45% in 2024, reaching a valuation of $12.5 billion.

Implications for Businesses: Organisations will proactively integrate Generative AI into their business models. From automated content generation to innovative problem-solving, these solutions will become instrumental in boosting creativity and efficiency.

Data is not just for Christmas: 

Prediction: Businesses will increasingly recognise data and analytics not just as a tool but as a transformative force, leading to a surge in data integration for end-to-end business processes.

Research & Statistics: A survey of Fortune 500 companies reveals that 78% plan to increase investment in data integration for business transformation by at least 20% in 2024.

Implications for Businesses: Organisations need to foster a data culture. From supply chain optimisation to customer engagement, embedding data in every facet of operations will be the key to staying competitive.

Data as competence: 

Prediction: As data continues to be the lifeblood of businesses as per prediction #2, leadership teams will sharpen their focus on understanding and leveraging AI, algorithms, and data analytics for strategic decision-making.

Research & Statistics: Research by Forbes reveals that 85% of CEOs consider data analytics and AI as critical components of their business strategy, with 72% actively investing in upskilling initiatives for their workforce.

Implications for Businesses: Data literacy must be a priority. Employees at all levels will be expected to harness the potential of AI and analytics.

The rise of data pragmatism: 

Prediction: 2024 will witness a shift in data protection when the Data Protection and Digital Information (DPDI) Bill finally comes into force, this will provide a more ‘common sense’ approach to data management and application.

Research & Statistics: According to the UK Government the introduction of DPDI will reduce the current burden that data protection places on businesses and will boost the economy by £4.7 billion over the next decade

Implications for Businesses: Businesses will need to once again take a look at their legislative requirements and ensure compliance with DPDI. This provides an opportunity to ensure ethical, but effective, usage of emerging tech and a much more proactive and pragmatic approach to data management and protection.

As the AI and data analytics landscape continues to mature, business leaders must position their organisations as pioneers rather than spectators. Embracing the transformative power of AI, navigating the data-rich environment, and leveraging innovative solutions will be the key to success in 2024 and beyond. The future is now – lead with vision, embrace innovation, and redefine the possibilities.

Paul Alexander, CEO, Beyond: Putting Data to Work

This was posted in Bdaily's Members' News section by Beyond, Putting Data to Work Ltd .