What will data and analytics look like in 2024?

“2024 is an opportunity for ‘data have nots’ to cross over, become ‘data haves’ and gain competitive advantage – but only if they learn to give data the priority it deserves”- Gerry Goodwin 

Without access to clear and accurate data, you’ll never be able to generate truly accurate insights or forecasting. Imagine driving without a headlight or walking somewhere new without a map. As we move into 2024, data analysis must form a core part of your organisation, or you’ll be left behind. New developments in AI technology may help smooth over this process, but also leads to some data protection. 

However, data sovereignty and sustainability reporting are also being pushed to the forefront. In this blog, we’ll be looking at new ways to see your data in the upcoming year, as well as what you’ll be expected to do with that data. 

Data sovereignty 

Data protection legislation is developing at a pace, with many new countries now coming online or revising existing legislation. We’ve seen this happen before with companies learning how to be  GDPR compliant, but new innovations and new ways of handling and using data enter the mainstream all the time. Government and other legislative bodies will need to keep up to date with new innovations, which means new regulatory and compliance laws can appear. 

Chris Cocking, Assistant Data Protection Officer at MHR noted “In a world where the workforce and data can move relatively easily then it can become a challenge to control and remain compliant. Just think of the scope of GDPR (where it applies to the personal data of EU citizens and residents, even if it's transferred outside the EU), and then consider, potentially, this same scope for other countries' legislation. This could become challenging to navigate given that although they broadly follow the same theme, they all add their own twist.” 

Even when new arrangements come into place, that’s no guarantee they’ll be used. The new Trans-Atlantic Privacy Framework, which has been in the pipeline for some time, is likely to be challenged by Max Schrems and NOYB, his non-profit focused on digital rights. This will be one to watch closely! What do you have in place for protecting data?  

Tending your own garden

One of the big data topics in 2024 will be the requirement for sustainability reporting.  

“Up until now it’s been pretty much voluntary in the UK,” says Mark White, Lead Financial Performance Management Pre-Sales Expert, at MHR. “It was mostly enforced by customers making their suppliers submit sustainability reporting to them so they can prove the sustainability of their supply chain, and at the moment the reporting standards have been guided on what has been mandatory in the US and Europe.” 

It was announced on 2nd August that the UK would implement new Sustainability Disclosure Standards (SDS) by July 2024, so UK businesses need to prepare for this and start to get solutions in place. Previous environmental, social and corporate governance (ESG) lack standardisation, and this has led to several instances of stakeholders getting misled, unintentionally and otherwise. This intervention will prevent this from happening. 

With global pressures mounting, there have been several crisis events that have pushed less sustainable businesses to their absolute limits. While mandatory sustainability reporting might seem like a pain, it can give you the tools you need to create a business that can withstand a lot more stress. 

Final thoughts

This blog is part of a wider six part series, all about the challenges and opportunities the changing world of work will have to deal with in the coming year.  

Has this blog left you keen to find out more? Check out the other blogs in the series and download the full 2024 guide to get the complete picture about data and analytics, including more about people analytics supporting your retention rates.