According to the research firm Gartner Inc, constructing a digital culture is quite essential for organizations that are marching towards digital transformation. In its report 'Hype Cycle for Analytics and Business Intelligence 2019', the research firm has listed the five most critical trends relevant to analytics and business intelligence market.
The proactive IT and business leaders are considering analytics and BI their top innovation investment priority as intelligence is quintessential for all digital businesses.
Jim Hare, Research Vice-President at Gartner said, "This Hype Cycle helps data and analytics leaders make the transition to augmented analytics, to build a digital culture and operationalizing and scaling analytics initiatives."
The Gartner report has marked five key trends that will have an impact on the analytics and BI market.
According to the report, augmented analytics employs ML technology to automate data preparation, insight discovery, data science, and ML-model development. It also shares insights for a wide range of business users, operational workers, and citizen data scientists.
With its maturity, augmented analytics will deliver analysis to every individual in any organization in less time possible with less requirement of skilled users and less interpretative bias than manual approaches prevailing currently.
The report says "As the technology develops, there will be more citizen data scientists." It also predicts that citizen data scientists will outdo data scientists by 2020, in terms of advanced analysis production due to the automation of data science tasks.
The report quotes that data literacy, digital ethics, privacy, enterprise, and vendor data-for-good initiatives encompass digital culture. The leaders across the industry should encourage discussions regarding digital ethics to ensure information and technology are utilized ethically to win the trust of employees, customers, and partners.
Gartner's report also revealed that by 2023, nearly 60 percent of companies employing over 20 data scientists will require a professional code of conduct to encompass ethical usage of data and analytics.
With the emergence of relationship analytics, there has been a growing use of graphs, locations and social analytical techniques to understand how different entities of interest (people, places and things) are connected. The Gartner report says that "Analysing unstructured, constantly changing data can provide users information and context about associations in a network and deeper insights that improve the accuracy of predictions and decision-making."
Additionally, through the analysis of formal and informal networks of people, legal agencies can identify money laundering and other criminal activities. They can easily spot the difference between malignant and benign behavior within systems.
The leaders belonging to the data and analytics industry draw on the quantity of data from ecosystems that are in constant motion which requires them to employ a multitude of techniques to effectively manage data.
According to the research firm's report, "The unpredictability of the outcomes of today's decision models often stems from an inability properly to capture and account for the uncertainty factors linked to 'behavior' of these models in a business context. Decision intelligence provides a framework that brings together traditional and advanced techniques to design, model, align, execute, monitor and tune decision models."
The wealth of use cases either at the core of a business, on its edges or beyond is at the peak. Due to this, more and more people want to adopt with data and more interactions and processes that require analytics to automate and scale.
The Gartner report states, "Whether to justify the next big strategic move or to optimize millions of transactions and interactions gradually, analytics tools and the data that powers them are showing up in places where they rarely existed before. This is adding a whole new dimension to the concept of Analytics Everywhere."
