What’s Coming in Analytics (And How We’ll Get There)
From AI/ML and the composable enterprise to advances in quantum computing, there are plenty of changes ahead for analytics. Here are particular areas to watch.
- By Ariel Katz
- February 5, 2024
The fusion of embedded analytics and artificial intelligence (AI) is not just a trend but an imperative transition towards a developer-centric ecosystem, with the potential to reshape industries from healthcare to finance and beyond.
This paradigm shift aims to seamlessly weave robust, real-time analytics within the fabric of an organization, thereby redefining the contours of business intelligence (BI).The coming years will continue to see the birth of technologies that enable the analytics industry to deliver quicker insights, act on AI-driven decisions, and benefit from quantum-level processing.
Developer-First and the API Economy
Modern-day developers crave a robust, flexible framework that fosters innovation. The market is witnessing a pivot towards modular, composable solutions, with an emphasis on API-first functionalities. This transition is fueled by the need to abstract complexity, enabling developers to focus on crafting custom embedded analytics experiences.
The demand for developer-first analytics is skyrocketing in the burgeoning API economy. This upsurge underscores the necessity for robust solutions tailored to developer needs that harness modern technologies, including generative AI.
This developer focus will lead to some important innovations in the coming years.
Augmented Analytics
The amalgamation of AI and machine learning with analytics systems is poised to further democratize data access. Conversational data access, predictive maintenance, and real-time supply chain optimization are but a few examples of how AI/ML will redefine analytics, making it more accessible and actionable.
Conversational data access. By integrating natural language processing (NLP) and conversational AI into a corporate chat platform, a sales representative might ask, "What were the sales figures for Product X last quarter?" and receive an immediate, understandable response. This democratizes data access, enabling a larger portion of the workforce to make data-driven decisions and contribute to a culture of informed collaboration.
Predictive industrial maintenance. AI-driven analytics can forecast equipment failures by analyzing real-time data from sensors against historical maintenance data. This predictive maintenance allows for timely interventions, minimized downtime, and reduced maintenance costs.
Real-time supply chain optimization. By continuously analyzing data from various touchpoints along the supply chain, businesses can make on-the-fly adjustments to optimize logistics, inventory levels, and demand forecasting to ensure smoother operations and enhanced responsiveness to market changes.
These are just some examples of the ways in which the combination of AI/ML and analytics will improve business operations and economics in the coming year.
The Composable Enterprise
The notion of composability is not just a buzzword; it's the cornerstone of modern application development. The industry is gradually moving towards a more composable enterprise, where modular, agile products integrate insights, data, and operations at their core. This transition facilitates the creation of innovative experiences tailored to user needs, significantly lowering development costs, accelerating time to market and fostering a thriving generative AI ecosystem.
This more agile application development environment will also lead to a convergence of AI and BI, such that AI-powered embedded analytics may even supplant current BI tools. This will lead to a more data-driven culture where the business uses real-time analytics as an integral part of its daily work, enabling more proactive and predictive decision-making.
An Analytics Revolution
As we advance into the future, the analytics industry is poised on the edge of a monumental shift. This evolution is akin to discovering a new, uncharted continent in the realm of data processing and complex analysis. This exploration into unknown territories will reveal analytics capabilities far beyond our current understanding.
Although the full scope of this transformative journey is still over the horizon, its path will be forged by the strategic decisions made in developing the composable enterprise and embedding analytics, among other factors. This shift promises to be an expedition into a land rich with untapped potential and groundbreaking opportunities in analytics.
Structure and planning will be necessary so information is easier for everyone to access and to benefit.
Steve Lacy, jazz saxophonist and composer, once compared jazz to wine: “When it is new, it is only for the experts, but when it gets older, everybody wants it.”
That’s exactly how I see analytics developing.
About the Author
Ariel Katz is the CEO of Sisense, where he is responsible for steering strategic direction, fostering innovation, and ensuring operational excellence to drive growth and sustainable success. You can reach the author via email or LinkedIn.