Data Analytics has seen tremendous growth in the last 5 years. Data Analytics is now not just a luxury item that only big organizations can deploy. In the last decade, the availability of cloud, open-source frameworks, and tools made it possible for even small companies to deploy data analytics. With many small to medium businesses adopting it, the Data Analytics will continue to grow and become ubiquitous. In this post let’s see some of the trends in analytics that will shape up the future of modern business in this decade.
A new step in improving data analytics, Augmented analytics is the process of using AI and ML to automate and enhance the data analytic process. In today’s analytics, data extraction, preparation, and analysis are done by data scientists. It is a tedious task and consumes lots of man-hours that could be spent elsewhere.
By integrating ML algorithms and NLP models, these tasks could be automated and data scientists could concentrate on more valuable tasks. The integration of ML in the data extraction and preparation also reduces the error when comparing it with manual data preparation.
The NLP models are used here to interact and interpret the data and result in the data analysis. When the data is generated on a large scale, it takes valuable human hours to analyze it. Whereas, a high functioning NLP can do it in less time with fewer errors. This is how Augmented Analytics enhances the data analytics process. It is predicted to grow significantly in this decade.
The traditional analytics takes time in extracting data from other applications, analyzing it, and giving valuable insights. What if the analytic process is embedded into the user application so everything happens in real-time. It also gives insights in real-time, so decisions could be made faster.
For a long time spreadsheets have been hindering the process of visualizing the data. If the analytic tools can be integrated into the user application, it takes care of all the processing and visualizes the result that could be understood by humans rather than presenting as a number.
The embedded analytics technology has already been implemented in a lot of applications like google analytics, salesforce analytics platform, and amazon e-commerce site. These platforms are good examples of embedding analytics as they provide real-time information about the product to the customers. This trend will grow significantly and impact the process of decision making in the next 2 to 3 years.
Blockchain in Data Analytics
Whenever you are dealing with a large volume of data, you are likely to be faced with a major issue called data privacy. The privacy of user data is currently the nightmare for all tech companies right now. When you have complete control of data as an organization, people will get concerned and privacy issues will grow. This problem can be solved by using Blockchain.
A blockchain-based data storage system provides complete transparency and security for all the data stored in it. It is the reason why the cryptocurrency is becoming popular than the traditional centralized currency. But realistically, the blockchain-based data storage system hasn’t matured enough to be implemented with a data analytics system. But still, it has a very high chance to be successful in the near future.
The use of predictive and prescriptive analytics
In the current data analytics world, the use of predictive and prescriptive analytics is not popular. Most organizations are still using descriptive and diagnostic analytics to give a summary of their past performance and find any problems in it. They have not touched the full potential of the analytics which is predictive and prescriptive.
The predictive analytics is used to analyze the past to predict the future based on the scenario. The prescriptive does one more than that by presenting the organization with the best possible way to take to improve the business. This type of analytics will see a big growth in the next few years as companies start to realize the value in it.
Collaborative Business Intelligence
Today the business managers who take decisions and the analyst who create the result to take decisions are working in a different environment. There is a gap between. It is not essentially a big problem, but there is room to be improved here. Collaborative business intelligence is the integration of analytic tools and the collaborative tools to make sharing the results easier and faster.
The collaborative tools are nothing but social media tools to share the information but to the respective manager. It makes the decision making process faster and improves the performance of the business. This trend is sure to grow in this decade as companies start to see the value in collaborative business analytics.
I have listed only some of the trends in data analytics that will affect the organization in this decade. As data analytics is a vast domain, there are many trends and varieties of analytics that will become possible. Each organization is different and each organization use the data analytics differently according to their work. The analytics platform is evolving day by day. This is the reason why we will see many trends in the near future.