Analysis has become the holy grail of modern age business. According to Peter Sondergaard of Infosys, “Information is the oil of the 21st century and analysis is the combustion oil.”
Data has reached mind-boggling amounts that have created the need for new ways to analyze it. We have effectively moved away from spreading sheets and into interactive business dashboards. Companies need “real time insights” today. That’s why we see so many large companies spend millions developing custom systems. Small businesses are also taking advantage of big data by outsourcing their data tasks to experts. The truth is that small businesses probably gain more from data than large corporations.
My point is that this year has seen several data analysis trends that have completely changed the game. Here are some of the top key analytics trends that are sure to dominate the coming year.
Key Data Analytics Trends for 2018
Analytics will Become Even More Predictable
We have certainly seen a rise in the accuracy of predictive analysis, and that doesn’t show any signs of slowing down. In fact, we can expect the accuracy of predictive analysis to rise in the coming year. This will lead to enhanced decision-making for all businesses, substantially lowering the risks involved with important decisions. Look at predictive analysis as a gateway to gaining a better understanding of your customers’ behaviors.
This knowledge makes it easier to roll out new products and services that they need. In the past, we were required to guess. Naturally, every new product or service is a much bigger risk for small businesses because they simply don’t have the resources to recover from a huge failure. Predictive analysis paves the way for small businesses to avoid those risks, therefore providing a level playing field.
Artificial Intelligence Will Gain a Foothold in the Market
Big data has started to merge with Artificial Intelligence in a way that’s completely changing business. The amount of data being produced is at an all-time high. It’s no surprise that AI has been given birth in a world where data rules all.
With such a large production of data, AI is the only way we have to fully analyze and fulfill the growing demand. It is the only way we would possibly be able to work with such gigantic sets of data. It’s estimated that large corporations will have to start using even more advanced analytical algorithms by 2018 if they are to stay ahead of the game. AI will become the powerhouse that drives those operations.
Forrester’s Research produced a report that estimates the coming year to witness a 300% increase by investors in technologies related to AI. That means that we’re going to start seeing some huge advancements in this area.
Cloud Analytics Will Become More Mainstream
We have seen the rise of the computer age. At first, no one even needed a computer in their home, but now everyone has one. In fact, we all walk around with tiny computers in our pockets! This same trend will be seen through Cloud Analytics.
When this concept was conceived, the world was not equipped to tap into its fullest potential. Now we have had time to develop technology to the point where we’re able to tap into the full potential of the cloud. The cloud analytical market is expected to triple in growth by 2020.
All companies can benefit from cloud analytics since its biggest perk is that it provides the ability to easily scale up or down, depending on the individual company’s needs. Some examples that we’re already seeing are Cloud BI Tools, Hosted Data Warehouses, and Business Information Management.