Trend 4: Data security, data governance
To deliver actionable insight, BI software must process huge volumes of business data. As BI becomes more democratized through self-service, and is activated across multiple cloud domains, the risks of unauthorized access, misuse, and lack of trust in data increase. Maintaining the security, quality and integrity of this data is therefore central to business intelligence strategies – both from the standpoint of optimizing BI outputs and for ensuring data privacy compliance with regulations such as the CCPA or GDPR. In the future this might also include laws stemming from the proposed ‘AI Bill of Rights’.
Data governance includes, for example, defining clear data ownership and usage policies, implementing encryption technologies, and deploying role-based access controls. More recently, data governance also extended to maintaining oversight and controls for AI’s use of BI data. It’s vital for businesses leveraging AI to understand the rationale driving predictive analytics and to dynamically refresh the business context that ground AI’s forecasts.
As Gartner puts it “A comprehensive AI trust, risk, security management (TRiSM) program helps you integrate much-needed governance upfront, and proactively ensure AI systems are compliant, fair, reliable and protect data privacy.”
The greater the emphasis on generating value through AI-empowered business analytics, the more important data governance and data security will become. As an indicator, the 2024 data governance market size is estimated at $3.27 billion, by 2029 this is expected to reach $8.03 billion.