Gartner’s Top Data and Analytics Trends for Business Growth

Keeping up with data and analytics (D&A) trends is vital for businesses aiming to leverage data-driven decision-making and reap the benefits of data and analytics. For instance, retailers can achieve a 60% increase in operating margins by utilizing big data, while 72% of manufacturing executives depend on advanced data analytics to enhance productivity.  Gartner’s latest report on the top trends in D&A for 2024 offers valuable insights to help organizations achieve strategic growth and innovation. Let’s explore these trends and how they can revolutionize your business.

Embracing AI for Business Growth

Artificial Intelligence (AI) is no longer a trendy term only; it’s a game-changing force reshaping industries globally. The key challenge for data and analytics leaders is to show how AI can deliver real business value. This involves aligning AI projects with company goals to ensure that AI investments lead to significant returns.

Gartner forecasts that by 2026, chief data and analytics officers (CDAOs) who work closely with CFOs will make D&A a central driver of strategic growth. Successful D&A leaders will grasp AI technologies better and also connect these technologies to the company’s financial and strategic aims.

Navigating Complex Data Systems

Modern data systems are more intricate than ever, with layers of technology and processes that can quickly become overwhelming and expensive if not managed well. Leading organizations tackle this by embracing the complexity of their data environments. They use AI-driven tools to automate tasks and boost productivity, turning potential chaos into manageable complexity.

Investing in advanced data and analytics technologies, like natural language processing (NLP), is essential. By 2025, Gartner predicts that the adoption of data fabric—a design approach for flexible and robust data management—will help organizations better handle complexity, allowing them to concentrate on high-value business priorities.

Building Trust in Data and AI

As AI becomes more widespread, ensuring trust in data is increasingly critical. In a world where data reliability is often questioned, D&A leaders must establish systems and processes that build confidence. This means implementing strong AI governance frameworks and following responsible AI practices to ensure data is secure, unbiased, and ethically managed.

Without trust, data cannot be used effectively, leading to poor decision-making. Gartner emphasizes the need for decision intelligence practices that enhance the decision-making process, ensuring that data-driven insights are both reliable and actionable.

Empowering the Workforce

A data-driven culture has the potential to make employees’ work more efficient and impactful. However, for this to happen, organizations must invest in AI literacy programs that equip employees with the skills needed to use AI tools confidently. This goes beyond training; it involves creating an environment where employees feel supported in their use of AI.

According to Gartner, by 2027 over half of CDAOs will secure funding for comprehensive data and AI literacy programs. This investment is crucial for businesses looking to fully exploit the potential of generative AI technologies.

Advantages of Adopting Data and Analytics Trends

Understanding and applying these D&A trends can bring numerous benefits to your organization:

Enhanced Strategic Decision-Making: Aligning data and analytics with business goals ensures data-driven insights support strategic objectives, leading to better decisions and increased value.

Cost Efficiency: Managing data system complexity and implementing advanced automation can reduce operational costs and improve efficiency.

Competitive Edge: Staying ahead of data and analytics trends positions your organization as an innovation leader, giving you a competitive advantage in the market.

RTCS Data and Analytics Services: Turning Insights into Action

At Rethinking Consulting Services (RTCS), we help businesses navigate the complexities of data and analytics to drive strategic growth. Our comprehensive data and analytics services align with the latest industry trends, providing the tools and insights needed to thrive in a data-driven world. Our services include:

Partner with us to transform data into actionable insights, drive strategic growth, and stay ahead of the competition in an ever-changing digital landscape. Get in touch with us to learn more.