By 2025, IDC estimates that we will have created more than 175 zettabytes of data globally. While there are numerous forces driving this massive opportunity, below are five key data analytics trends worth noting:
Given the scale and complexity of modern data, the only way to truly harness its value is through automation. By automating the process of data discovery, preparation, and blending of disparate data, companies can free up analysts’ time to focus on more strategic activities that are aligned with corporate goals. In addition, automation drives efficiency improvements which also deliver a positive impact on the bottom line.
Analytic automation solutions, increased cloud computing power, and open-source tools that enable widespread access to machine learning (ML) capabilities have democratized analytics. This means that those non-technical roles can now arrive at their own analytical insights without involving IT. When viewed at the macro level, it’s easy to see the dramatic benefits democratization can bring in the form of reduced administrative time, speed of insights, and improved decision-making.
3. User Experience
A seamless user experience has been a key focus in the consumer realm, and its importance is beginning to grow within B2B organizations. As such, data visualization and other tools that help create a cohesive narrative and intuitive experience for users are becoming more mainstream, particularly among organizations that have already taken steps to democratize data access.
4. Automation Platform vs. Fragmented Tools
For data analytics initiatives to reach their potential, it’s essential that companies consolidate their various tools into a unified platform that provides a frictionless experience, reduces the total cost of ownership, and provides consistent answers to questions as they arise across the value chain.
5. Analytics as a Core Business Function
In our data-driven world, analytics is no longer a discipline managed solely by IT but rather a strategic business function. As such, it’s important that both the board and the C-suite demonstrate support and commitment to analytics programs and include data leaders in all relevant planning discussions.
For more buzzworthy analytic trends, you can read our previous APEX of Innovation post on the subject.