The year 2023 marked a significant shift towards generative AI and foundation models. As organizations integrated generative AI into their workflows, they recognized the critical need to manage their data effectively.
While businesses have always valued high-quality data for success, the rise of generative AI has underscored its importance, making it a focal point for all stakeholders. As we approach 2024, which promises even more advancements in generative AI, industry experts and vendors share their predictions on how the data ecosystem will evolve.
1. Relational Databases Will Evolve Beyond SQL
“Modern enterprises will increasingly utilize generative AI, IoT applications, and edge computing, all of which depend on secure access to enterprise data. While SQL databases will hold their ground, the demand for more flexible solutions will drive developers towards document-relational databases that integrate with contemporary workflows and support complex transactions. This shift will enhance the capabilities needed for dynamic applications).”
– Bob Muglia, Executive Chairman of Fauna and Former CEO of Snowflake
2. Vector Databases Will Become Essential
“By 2024, vector databases will be a cornerstone technology for businesses seeking data-driven insights. Their ability to manage high-dimensional data and support complex queries will be crucial. As AI applications evolve, understanding and using vector databases will be vital across various industries.”
– Ratnesh Singh Parihar, Principal Architect at Talentica Software, and Avthar Sewrathan, GM for AI and Vector at Timescale
3. Unlocking Value from Enterprise Data Lakes
“Businesses often have substantial amounts of stored data, yet very little of it is utilized for insights. In 2024, companies will leverage generative AI to tap into unstructured data—like chats and videos—to create customized large language models (LLMs). This shift will enable more precise responses to inquiries and uncover new opportunities, such as detecting anomalies in health scans and identifying retail trends.”
– Charlie Boyle, Vice President of DGX Systems, Nvidia
4. The Need for Robust Data Automation
“Increasing reliance on AI will highlight the deficiencies in disorganized data infrastructures. Poor data quality can lead to erroneous decisions, especially as businesses automate processes. Those lacking proper data governance will risk serious accuracy issues in mission-critical AI applications.”
– Sean Knapp, CEO of Ascend.io
5. Cloud Financial Operations Teams Will Refine Data Pipelines
“In 2024, collaboration between finance and engineering teams will be essential to curb unnecessary cloud spending. According to Ascend's research, 48% of companies plan to optimize their data pipelines to cut costs, making it crucial to utilize platforms that identify spending inefficiencies.”
– Sean Knapp, CEO of Ascend.io
6. Intent Data Will Transform Go-to-Market Strategies
“Intent data will be crucial for sales and marketing alignment in 2024. By analyzing behavioral data, companies can better anticipate customer needs, transitioning toward proactive engagement that enhances conversions and builds loyalty.”
– Henry Schuck, CEO of ZoomInfo
7. Data and Business Teams Will Navigate AI Access Together
“With rising demand for AI tools like ChatGPT, data teams will impose strict access checks to corporate data. This dynamic could accelerate AI adoption as businesses prioritize clean datasets, which are essential for effective AI-driven analysis.”
– Arina Curtis, CEO and Co-founder of DataGPT
8. Real-time Data Analytics Will Boost Efficiency
“AI-powered real-time analytics will offer enterprises significant savings and competitive insights. For instance, insurance companies will utilize AI to process vast amounts of data efficiently, eliminating the need for extensive coding and allowing for immediate actionable insights.”
– Dhruba Borthakur, CTO and Co-founder of Rockset
9. Knowledge Graphs Will Break Down Data Silos
“As organizations migrate data to cloud environments, knowledge graphs will help facilitate navigation through multiple data silos. In 2024, we can expect the emergence of innovative knowledge graph-based AI techniques to support intelligent application development.”
– Molham Aref, CEO and Founder of RelationalAI
10. AI Will Transform Data Management Practices
“Businesses are beginning to recognize AI's role in enhancing their value propositions. Companies will need to balance the protection of sensitive data while leveraging it for decision-making, leading to the evolution of data management solutions in response to regulatory requirements.”
– Osmar Olivo, VP of Product Management, Inrupt
11. The Chief Data Officer Role Will Gain Prominence
“In 2024, aspiring CIOs will find value in the Chief Data Officer role, which has evolved into a pivotal position for organizations seeking to harness their data. As companies invest in AI and the cloud, CDOs will play a crucial role in shaping data-driven strategies.”
– Heath Thompson, President & GM, Quest Software
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