For years, businesses have been gathering and organizing data and using it to influence decision-making. In the past, historic data was amassed and mostly applied at a later time. Analytics involves the collection and application of data to make fact-based decisions. It has become vital to move any business forward. SAS Institute explains that “big data analytics helps organizations harness their data and use it to identify new opportunities. That, in turn, leads to smarter business moves, more efficient operations, higher profits and happier customers.”
Data analytics was mostly used as a predictive tool, but today it has much wider application. Businesses that tap into the following data analytics trends in the coming decade can reduce costs, improve services, and make decisions on the spot.
- Artificial Intelligence
In Predictions 2020, Forrester analysts write, “While external market events in 2020 may tempt companies to play it safe with AI, the courageous ones will continue to invest.”
It has become established that AI will play a key role in various aspects of business, particularly data analytics. Complex algorithms enable AI to predict patterns and disruptions much more quickly and precisely than humans. As a result, important notifications come almost immediately to the user. Another positive use of artificial intelligence trend-spotting and forecasting. The result is time saved for businesses: A few clicks complete tasks that would take humans a lot longer to do.
- Human Oversight
While it’s indisputable that AI can perform some tasks a lot more efficiently than humans, the combination of the two is what is “needed to understand the context and reasoning behind the AI-performed analysis,” according to B2C’s 10 Data and Analytics Trends to Watch in 2020.
As artificial intelligence develops, so do our roles as overseers of the material it processes. Human insight over AI analytics ensures oversight of elements that neural networks might miss.
- Data-Driven Decision-Making
Decision-making based mostly on instinct can go either very well or terribly wrong. When it flops, it can cause irreversible damage to a business. Adherence to a data-driven culture will reduce the risks when making crucial decisions since collected data is factual and concrete.
By incorporating data work and analysis into every department, businesses can have a competitive advantage and access important information when it’s needed.
- Mobile BI
The coronavirus pandemic has revealed the growing importance of mobile business intelligence. Citing the Data Pine Blog, investing in mobile BI means you are “accessing your information at any time, and any place — while riding on a train or relaxing on a beach.”
Portability isn’t the only advantage to the mobile solution. By having all data at your fingertips, you are able to take action in real time. This is of interest not just to vendors, but to other companies in competitive environments, as well.
- Data Quality Management
In the age of big data, the quality of that data is of utmost importance. Building tools to gather as much information as possible is pointless if the data itself is subpar. It is then deemed worthless or prone to inappropriate use.
With DQM policies and techniques, businesses can save up to $15 million per year in losses according to Data Pine. By making use of the correct key performance indicators, companies can understand the situations surrounding their businesses a lot better.
- Embedded Analytics
When analytic content and capabilities are built into software applications, embedded analytics is the result. Key performance indicator (KPI) dashboards are an example. The main idea is straightforward access to data and ease of generating insights and reports. In traditional BI, analysis is usually silo-ed, with the requesters and providers of insights being two different departments or people.
Embedding data analytics into day-to-day applications can help staff work smarter and shorten timelines, improving productivity and responsiveness.