Accelerating

Development
through
Uncovering
The Emerging
Data Analytics
Trends
for 2024
!

!
TABLE OF
Contents
Introduction

Chapter 1:
Why is data analytics imperative for businesses?

Chapter 2:
Top five data analytics trends for 2024

Chapter 3:
Challenges and pitfalls

Chapter 4:
The Lumenore Advantage.

Chapter 5:
How does Lumenore align with these upcoming trends?

Conclusion
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Introduction
Quantum computing, artificial intelligence, decision-making in just about every single
augmented reality, and machine industry.
learning—what’s the one common thread that
As 2024 marks the onset of the defining
binds all these trendsetting technologies of
decade of data analytics, the gap between
tomorrow? It’s the increasing prominence of
analytics leaders and laggards has widened
data.
like never before. Behind all the glitter and
Data they generate, and data they feed upon. glamour is the perpetual looming threat of
making uninformed organizational decisions
But without expert interpretation, that data in
and prioritizing the wrong use cases.
its raw form has little value.
In this sense, mastering the skill of resource
A study by McKinsey & Company suggests
optimization is crucial, particularly when it
that businesses utilizing data-driven insights
comes to deploying technologies like machine
have a 23X higher likelihood of acquiring
learning (ML) and artificial intelligence (AI).
customers, are 6X more likely to retain them,
and 19X more likely to achieve profitability. So, as you craft your 2024 plans and budgets
for data analytics, this eBook gleans through
That explains why data analytics has gone from
some of the top trends, predictions, pitfalls,
being mere numbers in Excel sheets to
and resolutions to keep you ahead of your
becoming the driving force behind
competitors.
 Chapter

1
Why is data analytics imperative
2
for businesses?
On a rudimentary level, data analytics traces its roots to the 1950s,
when individual companies collected offline data and manually
analyzed it to find ways for operational improvements. Top three data
analytics trends that
But it was in the 2000s when big data initiatives started to find its
footing—alongside computers and connectivity. dominated 2023
The global business analytics
Fast forward to 2023—fueled by the data explosion and the dire
need for data literacy, visionary tech giants like Amazon, Google, and big data market size was
and Microsoft are investing billions into developing advanced worth $198.08 billion in 2020
analytics platforms—cementing their position as business leaders in and is poised to reach $684.12
this space.
billion by 2030. So, what are
As we look to the future, one prediction stands out: the abundance the top trends that contributed
of data will persist, and we will continue grappling with the
to these numbers? Let’s take a
fundamental question of what are we using it for?
look.
Data analytics and expertise are no longer just 'good to have’ but
are of existential importance.

Gartner now forecasts two trajectories for the generative AI

Generative AI movement:

• Innovations that will fuel advances in GenAI.

Generative AI (GenAI)
• Innovations that GenAI will fuel.
took the crown for the
But how can businesses benefit from Generative AI? Here
most dominant
are some prime examples:
analytics trend in 2023.
Faster R&D Cycles: In the Biopharma sector, GenAI can
While there are plenty
generate data on millions of candidate molecules for a
of theories about how specific disease, test their application and
generative AI can more—significantly speeding up the analytics process.
revolutionize Finance: Personalized investment recommendations, test
analytics—very few market data, and analyze different cases to propose new
tools have made it to trading strategies.

the market. Marketing Campaigns: GenAI can deliver personalized

experiences, product recommendations and processes.

While the GenAI trend has just caught up—it’s moving fast.
 Chapter

1
2
Artificial intelligence and Similarly, the integration of AI and ML can be leveraged in:

machine learning integration

Healthcare Finance
2023 also witnessed businesses integrating AI Sector Sector
and ML capabilities into their data analytics
operations to add a layer of automation to sift
through vast volumes of data, detect Diagnosis and Therapy: AI Detecting Fraud: By
patterns, and predict outcomes. assists with medical imaging identifying abnormal
analysis, diagnosis, and patterns, AI algorithms can
Take Amazon’s “regionalization” efforts as a tailored treatment plans for enable early detection of
use case, where they ship products to improved results. fraudulent activities.
consumers from their closest warehouse
instead of one on the other side of the Drug Discovery: ML Assessing Risk: ML
country. To achieve this, they leverage ML to expedites drug discovery by evaluates credit risks and
analyze order data and patterns to predict assessing biological data and offers insights for more
specific product demands and demand forecasting potential drug informed investment and
locations. Then, using AI capabilities, they candidates. lending decisions.
decide the product delivery timelines.

Data governance & security

Any conversation around data analytics trends seems
incomplete without mentions of the need for data privacy,
governance, and security. Just like climate change, the
discussions around these topics continue to soar.

It’s becoming increasingly imperative for businesses to

implement all the data security measures, and adopt
ethical measures for data collection, along with robust
data governance and security procedures.
 Chapter

2
Top five data analytics trends for 2024
Let’s unravel the data analytics trends for 2024 and understand how by staying up to date with these
trends can help your business harness the power and potential of data analytics.

1 Evolving role of AI and ML

With the likes of Google ($30.7 billion),
2 Gen AI-powered
analytics
Google's recent $2 billion investment
Facebook ($22.1 billion), and Amazon into the OpenAI rival is a strong
($10 billion) pouring in massive funding indicator of how GenAI will continue to
be all the rage amongst the big data
to build their AI and ML muscle, the
powerhouses.
momentum is only expected to gain
Some of the biggest GenAI vendors are
more momentum in 2024. These techs
already integrating their models with
will become more scalable as existing data analytics solutions, while
organizations will expect more from many GenAI start-ups are working on
their AI-based systems. unique, standalone solutions for data
management and analytics.
According to research by Goldman
Sachs, breakthroughs in generative Currently, the financial sector is
leveraging GenAI to combat fraud and
artificial intelligence are expected to
error by utilizing machine learning
drive a 7% increase in global GDP and models trained on historical data points
push productivity growth by 1.5% over from prior transactions. Similarly, the
the next ten years. insurance sector uses GenAI to
automate simpler operations like claims
processing.
AI and ML will continue to empower IT
With enhanced natural language
knowledge management systems to
understanding and improved data
optimize and automate content synthesis, GenAI-powered analytics will
creation and curation. Additionally, they continue to help businesses improve
will also improve search capabilities and their operational efficiency and
minimise the need for human analysts
provide advanced analytics for
to assess and interpret large amounts of
knowledge workers. data manually.
 Chapter

2
3 Predictive
Modelling
Predictive modelling is also emerging as one
4 Natural Language
Processing (NLP)

of the most significant contributions of AI and Natural language processing will continue to play
ML to data analytics. It enables ML models to a vital role in the interaction between human
learn from historical data to make future languages and computers. In the realm of data
assessments, such as sales forecasting, analytics, NLP aids in finding, assessing, and
identifying irregularities in financial processing vast amounts of data orienting from
transactions, or anticipating malfunctions in natural language.
manufacturing.

There are multiple other avenues where Advancements in fields like speech recognition,
predictive modelling will be leveraged. automated machine translation, sentiment
analysis, chatbots, and the burning need for
• Finance: Credit Scoring understanding and processing unstructured data
• Sales: Churn prediction and customer received by humans will lead to greater demand
retention for NLP in the global data analytics market.

• Healthcare: Disease Outbreak Prediction In addition to surging demand, NLP is also

• Retail: Demand forecasting witnessing significant investments from startups
and established corporations alike. Microsoft, for
• Sports: Player Performance Analysis example, made a 1 billion USD investment in
• Supply chain optimization OpenAI, a renowned AI research organization
focusing on advanced NLP and language-based
And much more. activities, in 2020.

5 Ethical AI
As the use cases for AI grow, so does the concern around
purposefully or unintentionally utilising AI unethically. A concern
that will be listed alongside the upcoming data analytics trends
in the coming years.

At the forefront of this discussion around ethical AI are questions

about accountability, transparency, and how is AI expected to
interact with human societal norms. This is important to avoid
pitfalls that befell other inventions and a clear understanding of
the limits of AI.

For instance, if AI fails to gather data that precisely reflects the

diversity of the population—it could be prone to biased decisions.
Consider the instance in 2018, when Amazon’s AI recruiting tool
devalued resumes containing terms associated with "women,".
 Chapter

3
Challenges and pitfalls
According to Statista, the global data volume
hit 90 zettabytes in 2022 and is expected to
double by 2025. Such a hefty influx of data is
often coupled with complications and poses
multiple risks. Let’s look at the top five
challenges and pitfalls that the data analytics
industry will face in the upcoming years:

Poor data integration 1 2 Sub-par user adoption

Stitching together heterogeneous, incomplete or According to IDC, almost 28% of all AI and ML
incompatible data from different sources, formats, and initiatives fail, and poor stakeholders’ buy-in is
systems is difficult and time-consuming for even the among the top reasons for this. Widespread
most experienced data analytics teams. adoption is the backbone of any data initiative,
lacking which the program will always
This can be overcome by using data integration
struggle to achieve its full potential.
techniques and tools such as data mapping, data lineage,
ETL (extract, transform, load), and data warehousing. The focus must not be limited to finding the
right data strategy but also the right
Additionally, data protocols, standards, and governance
technologies to deliver it.
should be established to ensure quality and consistency.

Substandard data 3 4 High cost 5 Data Governance

Data quality — or the lack thereof A custom enterprise-grade data People are more aware and
— can cause issues like inaccurate analytics solution costs somewhere conscious of how their confidential
decisions and predictions, wasted in the ballpark of $150,000-200,000 data is being collected and used
resources, biases, and oftentimes to build and implement. than they have ever been before, so
even legal consequences. Businesses that opt for SaaS-based businesses leveraging
Substandard data means that the data analytics products pay almost customer-facing AI must hold
data is inconsistent, inaccurate, $10,000-25,000/ year in vendor and themselves accountable when
irrelevant, incomplete, or outdated maintenance fees. deploying applications.
for the AI model.
The high cost of data analytics can Organizations have to ensure that
Some common data-quality somewhat be controlled by they possess enough visibility and
issues include missing data points, defining clear data objectives, control over how their AI algorithms
incomplete data mappings or developing a data management use data at all stages. While
dictionaries, insufficient strategy, selecting primary use segmentation minimizes the impact
understanding of existing sources, cases, and gradually scaling your of a breach, visibility into data
incompatible systems, and analytics efforts while gathering collection policies can also help
architectural limitations. stakeholder feedback. alleviate concerns related to AI.
 Chapter

4
The Lumenore Advantage
Lumenore is a powerful BI and data analytics platform that
helps businesses turn data into actionable and reliable
%
%

insights. With a pool of machine learning algorithms blended %

with Visualization, Lumenore creates easy-to-consume and

compelling actionable insight discovery for end users.

With GenAI and Natural Language Querying (NLQ),

Lumenore crafts automated insights for simplified data 60

understanding. The fusion of interactive visualizations with

20

0
-10

coherent narratives transforms complex data into actionable

wisdom for decision-makers.

So, how does Lumenore align with

these upcoming trends?
Lumenore packs multiple arrows in its quiver. Its AI capabilities
enable businesses to identify trends, outliers, and correlations
within datasets, enhancing predictive intelligence. Some of the
top capabilities include:

AI-Automated GenAI-powered Performance

Auto Dashboard creation Narrative Insights optimization
Automated dashboard creation using Provides clear and concise with integrated AI
Lumenore smart engine powered by explanations of data Lumenore uses AI to
GenAI. It assists users by visualizations, enabling users to optimize query performance
auto-generating KPIs, and dashboard quickly understand and interpret and parallel processing.
layout based on their data. key metrics and trends.

Data analysis assistance with AI AI-powered NLQ based

capabilities and interactive UI search module
Lumenore AI capabilities help guide users Lumenore AI-powered search feature allows users to
through the data analysis process and ask questions about their data in natural language.
recommend the best charts and visualizations The platform uses NLP algorithms to understand the
based on the data and the user's context. context and intent and retrieves relevant insights
from the underlying data sources.
Conclusion
Unlocking the power of data is no easy feat. More so when the tech

landscape advancing faster than a speeding bullet. Gone are the days

when simply collecting and organizing data was enough. Data analysts

today are responsible for creating captivating data-driven visualizations

and roadmaps.

It is important to ensure that you can scale up your data initiatives. But

it’s hard to do so without the right tools and expertise by your side.

With the ability to connect with 50+ data sources, Lumenore helps you

build a single, reliable source of truth that delivers actionable business

intelligence anyone in the organization can use.

But don’t just take our word

Try Lumenore for free
for it - decide for yourself.

Want to learn more about Explore it here

our platform?

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expert?
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Lumenore is an AI-enabled business intelligence and analytics platform that helps businesses turn their data into actionable insights. With a fusion of generative AI-driven
automated analytics, natural language querying, data storytelling through narrative insights and robust BI, it intelligently deciphers data sets and crafts automated insights.
Industry-specific solutions seamlessly woven into a cohesive data ecosystem facilitate advanced insight discovery, modern business storytelling, and effective
decision-making across all business functions.