As we embark on the journey that 2024 has in store, last year’s mainstream launch of generative AI has given data and technology leaders a lot to think about. So, where to begin?
The team at DATAcated asked tech executives to share their thoughts and ideas about data trends and what they predict will be key to success in the coming year. The responses were published in the DATAcated Trends & Predictions report and highlighted several key considerations and factors for awareness.
Our key takeaways from the report fall into three broader categories:
- Rather than standalone tools, AI will emerge as an enhancement to a variety of technologies and processes
- Generative AI was the topic of conversation last year, but 2024 will see more practical applications
- Companies will focus on modernizing legacy systems and democratizing data across their organizations
While most of the respondents agree that AI is here to stay and will be critical for staying competitive in business, they also noted additional considerations for the ethical use of AI, managing the regulatory landscape, employee training, and data protection. We’ve highlighted a few standout excerpts quoted from the report below.
AI will become a ubiquitous enhancement
“The mainstreaming of AI in 2024 will take several forms. Products and tools will blur lines between AI and non-AI functionality, re-distributing power formerly reserved for early adopters to the broader workforce…AI is more accessible than ever, so companies that don’t take action now risk being left behind.”
Patrick Vinton, Chief Technology Officer at Analytics8
“Embedding AI in the fabric to boost productivity, reduce cost, and shorten time for data teams to extract value will provide the context for AI initiatives, leveraging semantic automation to bring a business frame of reference.”
Ryan Yackel, CMO at IBM Databand
SnapLogic AI’s suite of tools harnesses the strength of advanced AI to predict, map, and normalize your data. Then, leveraging Generative AI technology, large language models (LLMs), and natural language processing, we enable users to securely construct integrations 100X faster. Meet the SnapLogic AI Suite.
GenAI will go from conceptual to practical
“The emphasis would be on how AI can be harnessed to optimize operations, enhance customer experiences, and foster innovation, all leading to a better bottom line. The shift from speculation to application signifies a maturing market where businesses are moving beyond the allure of AI to practical implementations. This transition is not only crucial for businesses to stay competitive but also indicative of a broader acceptance and understanding of AI’s real-world value.”
Sadie St Lawrence, Chief Scientist at SSL Innovations
In 2023 we observed three key trends:
- A shift to focusing on value optimization with teams focused on increasingly data-driven operations with clear value outputs in terms of cost optimization, improved decision-making, and improved products from data investments
- Governing and managing data at scale while preserving data accessibility.
- Experimentation with AI/ML technologies.
I predict that these trends will continue in 2024 and that we will see generative artificial intelligence use cases rapidly move from exploratory experimentation to production implementations.
Jeremiah Stone, Chief Technology Officer, SnapLogic
Companies will focus on data modernization and democratization
“Working with executives across every industry, I see continued investment in data modernization. Organizations doing this well realize that data infrastructure investments must lead to measurable business impact by ensuring wide access to data. With widespread analytics capabilities through no code/low code technologies, analytic governance is also gaining momentum alongside data governance.”
Heather Harris, Field Chief Data & Analytics Officer at Alteryx
“I expect to see companies using more low-code tools and democratizing data more among non-technical stakeholders so that they can solve simple data problems on their own and free up data teams.”
Jess Ramos, Senior Data Analyst at Crunchbase
“In 2024, we anticipate increased cost pressures, pushing for data tech stack simplification (e.g., consolidating from 3 BI tools and 6 data stores).”
Shashank Garg, Co-Founder & CEO at Infocepts
See what else technology leaders have to say about data trends and their predictions for the new year in the 2024 DATAcated Trends & Predictions report.