Emerging Trends and Economic Impact of AI in Analytics Revealed by New Research

The analytics industry is undergoing a significant transformation with artificial intelligence (AI) emerging as a high-priority area. According to recent research shared by insightsoftware, a leader in solutions for the CFO's office, alongside Hanover Research, AI's ascendance is evident in the development community. However, persistent challenges in managing analytics are proving costly for organizations, averaging as much as $115,000 per developer annually.

The Expensive Toll on Developers

In Raleigh, NC, the report named 'Embedded Analytics Insights for 2024' uncovered the struggles that developers face when navigating through modern analytics projects. The study shows that teams spend upwards of 30 hours each week tackling issues such as custom content development, performance optimization, and data consistency. Financially, this equates to a hefty yearly expenditure of $115,856 per developer—money which could be invested elsewhere.

Rising Demand for Customizable and Interactive Analytics

Development teams often deliberate on whether to build analytics tools internally or purchase them. The decision hinges on their capability to create and maintain advanced analytics that live up to the growing expectations of users. The research indicates a strong preference for features like customizable dashboards, refined data preparation tools, and interactive analytics capabilities.

Generative AI as a Future Analytics Leader

With resources freed up by employing effective analytics tools, organizations can direct their focus towards more advanced capabilities such as predictive analytics and generative AI (GenAI). A staggering 84% of the developers surveyed believe GenAI will become the most critical feature in analytics within the next five years. This anticipation is based on AI's ability to democratize sophisticated analytics for all business users, fostering smarter decision-making processes that can give companies a competitive edge.

The Current and Future Impact on Business Strategies

Insightsoftware's Logi Symphony, a potent embedded business intelligence and analytics software suite, exemplifies the merger of customization and powerful features with the simplicity that users expect from a third-party solution. It underscores the pivotal role of such tools in altering the dynamics of an organization’s strategy and resource allocation, allowing development teams to hone in on competitive differentiation rather than getting bogged down with analytics challenges.

Security concerns, however, stand as a primary consideration influencing future investment decisions in technology. It highlights that whether choosing to build or buy analytical tools, features such as robust security protocols are integral in modern-day analytics solutions.

About the Research

The 'Embedded Analytics Insights for 2024' report was crafted in collaboration with Hanover Research by surveying 356 U.S.-based developers and IT professionals who have a say in their companies' analytics solutions choices. This survey took into account a balanced perspective of individuals who either build or buy analytics solutions, promoting a comprehensive view of the industry trends.

AI, analytics, research