Analytics trends forecast to a forward-looking future which business will not want to miss!
Forward-looking trends point to the strengthening of business faith in disruptive technologies as data takes a centre stage. The massive digitalization of businesses continues to transform the business world. C-Suite agrees to the fact that big data and analytics have and would continue to alter how resiliency would be redefined and operational success will depend on the combined efforts of the entire enterprise.
Digitally disruptive innovations succeed to improve analytics, with the backdrop of new challenges that arise to complicate things. Thus, looking deeper into the top 10 analytics trends and forecasts becomes more imperative in 2020 and beyond-
1. Rise of Data-as-a-Service
The new generation trade wars will be fought over data and business which achieves data supremacy will be the ultimate winner. IDC estimates that 2020 would witness almost 90% of large enterprises generating their revenue from data-as-a-service (DaaS). Expect more data expert vendors churning out third party data and offering them to businesses on demand, regardless of their geographic location over a premium price.
2. Continuous Intelligence Adoption
Gartner’s predictions estimate that by 2022, more than half of major new business systems will adopt continuous intelligence. The deployment of real-time context data to improve decisions will write a new chapter for businesses to gain enhanced value from data.
3. The need for Data Literacy
C-Suites across the world realize that data is important but how to channelize this data to valuable insights, leaves them in quandary. This is why data literacy will continue to be a front runner trend in years to come. Gartner predicts that by 2023, data literacy will become an explicit and necessary driver of business value, demonstrated by its formal inclusion in over 80% of data and analytics strategies and change management programs.
4. An upsurge in Data Accountability
As data adaptability and data integration see an increase, critical data governance issues cannot be side-lined. This means greater adherence to data ethics ad highlighted by Gartner research that by 2023, 60% of organizations with more than 20 data scientists will require a professional code of conduct incorporating ethical use of data and artificial intelligence.
5. Big Data Automation
Enterprises are increasingly looking to automate the massive data flows that are sometimes too voluminous to comprehend. The role of data pipelines or business-ready data stored in a user-friendly OLAP data warehouse will continue to surge. Businesses will look forward to storing the multidimensional data obtained from different and unrelated sources under a common storage platform, in other words, would walk closer to make data automation a reality to support decision making.
6. Exponential Data Explosion
Data is growing and will grow at an explosive rate. This data will be coming from business operations, 3rd party sources, customer intelligence and so on. Everything that mankind does on the earth will be converted into data, as IDC predicts by 2025, the total amount of digital data created worldwide will rise to 175 zettabytes (from approximately 40 zettabytes in 2019), ballooned by the growing number of interconnected devices and IoT sensors.
7. Data Intelligence Drive
While 86% of organizations responded that the ability to extract new value and insights from existing data/analytics applications is very important, only 30% admit that they are adept in doing so. This leaves a lacuna towards gaining intelligence from their existing data sources.
8. Connected IoT Interaction
Connected devices will not only disrupt business, but they will be common adoption for average connected person’s as well. As IoT sensors become imperative for surveillance and predictive maintenance, IDC estimates by 2025, the average connected person anywhere in the world will interact with their connected devices more than 4,900 times per day.
9. Massive Cloud Dependence
Covid-19 has taught businesses to be agile. The need for business continuity has pushed a massive cloud dependency over public, private and hybrid cloud deployments. IDC estimates that by 2025 49% of the world’s stored data will reside in public cloud environments.
10. Automated Decision Making
At present, only one in ten organizations agree they have embedded data and analytics for their critical process and vital decision making. This will be witnessing a complete change as businesses would seek to adopt to advanced predictive analytics or automated decision making.