Data Security and Data Quality Are Top Concerns

The "Data, BI and Analytics Trend Monitor 2024" is not only a snapshot of current market developments in the field of data and analytics, but also offers in-depth insights into the trends that will shape companies and the industry in the coming years. It is an essential guide for organizations looking to align their data and analytics strategies with global developments.

Trends such as data literacy, creating a data-driven culture, and data governance were identified by respondents as particularly important. This underscores the need to strengthen technical skills as well as awareness and ethics in the use of data within organizations. This focus on the human factor shows that success in the world of data depends not only on advanced technologies, but also on people's ability to use them effectively and responsibly.

Data, BI and Analytics Trend Monitor 2024

The Trend Monitor 2024 highlights the importance of creating an environment where employees at all levels of the organization are data literate and aware in order to get the most out of BI and analytics tools. "The results of our Trend Monitor 2024 show what really counts for users: firstly, a secure and high-quality database; secondly, taking people with you and building an effective data culture and organization; and thirdly, using self-service analytics and AI on modern data platforms," emphasizes Carsten Bange, CEO of Barc.

The "Data, BI and Analytics Trend Monitor 2024" is not only a snapshot of current market developments in the field of data and analytics, but also offers in-depth insights into the trends that will shape companies and the industry in the coming years. It is an essential guide for organizations looking to align their data and analytics strategies with global developments.

For the first time, data security and privacy are among the topics surveyed and immediately ranked number one. Data security is the protection of data from theft, manipulation, or destruction. Increasingly professional cyber-attacks, coupled with general uncertainty in global markets, are driving the desire for security and protection. However, the reality in organizations does not always reflect this.

After six years at the top, data quality management is now the second most important trend. This development underscores the continued importance of data quality. After all, the right decisions can only be made based on reliable, consistent data. Even AI models can only make accurate predictions if they are trained and supplied with the right data.

The importance of data governance, in third place has also grown in recent years. In addition to its primary goals of data security and quality, it plays a key role in shaping an organization's data culture. Finding a balance between easy access to data and ensuring compliance, data ethics, and efficiency is critical.

The category advanced analytics/ML/AI has jumped from thirteenth to seventh place in the ranking. This development is driven in part by the hype surrounding Generative AI. In 2023, Gen-AI affected every company and launched the discussion on the possibilities and limits of decision-making, automation, and human-machine interaction on a societal level. Gen-AI describes new types of large, pre-trained AI models that can be used to create new content such as text, images, audio, and sound. Innovation in this area is booming, and we expect to see a number of exciting advances in the coming years. The potential use cases are many and are only now beginning to unfold in the context of data and analytics. For example, the first Gen-AI enabled SQL generation, building data models, matching data for data pipelines, and uncovering interesting correlations.

Click here for the Barc study: Data, BI and Analytics Trend Monitor 2024

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