Our Predictions for Data Analytics & AI in 2024
A Year of Enhanced Data Analytics is Unfolding
Data analytics is a quickly evolving landscape that will only increase in velocity in 2024. This year, we can expect continued fusion of artificial intelligence (AI) and data analytics. Tableau GPT will continue to be a main player in this space. The industry will continue to be reshaped and how analysts will work and extract data insights. Here are some of our key predictions.
Improvements to Predictive Data Analytics
Typically, data analysts relied on stakeholders’ business information to guide feature selection of algorithms for machine learning. The proliferation of AI has allowed feature engineering to happen within seconds. Data analytics no longer requires long stakeholder interviews. Algorithms can test and determine the most important factors mathematically.
Example: When predicting churn of high-risk customers, AI can help analysts to consider many factors, ranking them in order of importance.
Automating Data Processing
Before even beginning to analyze, data analytics can spend hours or days cleaning and formatting data. Tools like pre-built Python scripts, ChatGPT and ETL tools make this process much more simple. Data analysts can command data processing tools as to how they want the data to be formatted and cleaned. This allows them to complete the task within minutes. The data preparation phase is accellerating and allows for more time to focus on procuring meaningful insights from the processed data.
Enhancing Natural Language Processing (NLP)
The impact of AI on NLP is nothing short of transformative, especially with summarizing huge volumes of text from several different sources like reviews, survey results, social media comments and books. Tools like BERT and ChatGPT remove the time intensive task of cleaning and aggregating text and replace it with quick AI processing. Data analysts now gain fast insights and can identify themes without spending huge amounts of time on details. Enhancing NLP capabilities results in faster decision making and gives actionable insights from textual data in minutes.
Visualize Data in One Click
This year, tools like Power BI and Tableau will elevate data visualization by using reasoning in their recommendations. Data analysts no longer have to choose between visualization types. These tools offer one-click solutions and then explain them. Improved recommendation algorithms save time and support data analysts to know the rationale behind each visualization, making it easier to interpret the data.
Centering on Explainability of AI
As AI plays a larger role in data analytics, making AI algorithms more transparent is of growing importance. In 2024, companies must prioritize documentation detailing to understand AI reasoning behind recommendations and results. Stakeholders like business owners and analysts will be demanding more visibility into the “why” of results, supporting explanation of findings to their clients. Data analytics leaders will elevate transparency as a priority.
The Need for Expertise
2024 is going to be transformative for data analytics. This is going to be supported by seamless integration of AI technologies such as Tableau GPT. Data analysts can anticipate automated data processing, better predictive analytics, enhanced NLP, quick visualizations and a renewed focus on the explainability of AI. Organizations that embrace these changes can position themselves as more than adopters, but as leaders in data analytics as they relate to artificial intelligence. The combination between empowering technology and elevated expertise will reshape the way that businesses approach data analytics. Schedule a consultation today to learn more about our services and how we can help your organization thrive in a new era.
