Innovation and adoption of BI tools continue to grow well into 2014. Here are three more big trends to watch for this year.
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4). Predictive Analytics
Having the upper hand over competitors is of the utmost importance. In this age you have to become faster, more efficient, and more accurate in order to stay ahead. Predictive analytics, a data analytics practice rooted in mathematics and science, is a way companies are staying ahead of the curve. According to Tech Radar, “85% of organizations surveyed said that predictive analytics had a positive impact on their business, and 77% believe that it helps them gain the upper hand over competitors”
The hindrance: shortage of trained professionals. Without people, known as data scientists, with the necessary training to understand the predictive techniques, predictive analytics is currently not possible for many organizations.
The trend: By being able to predict the likelihood of certain outcomes, companies can reduce massive amounts of costs, improve sales, and create better working systems. They are also able to develop reliable forecasting. The market is constantly shifting, and by being able to take advantage of their data like never before, companies can predict the shifts and stay on top.
5). The Internet of Things
We are in an age where connectivity is at an all-time high. With our smartphones, smart TVs, cars, and watches, we find ourselves connected to the internet more often than not. And this is just the beginning. The Internet of Things, or IoT, is bringing us forth into a totally interconnected era.
The hindrance: with all of our devices interconnected, security and privacy risks abound. There is no doubt that companies are working toward securing these devices, as internet security has become a huge issue, but the reality is that these flaws still exist.
The trend: As technology gets smaller and smarter, so do our devices. And as it gets cheaper to build and connect devices, the number and types of devices connected to the internet will expand exponentially. The Internet of Things has the ability to revolutionize our systems and infrastructure through our industries, our healthcare, our businesses, our homes. IoT has applications in every industry; it goes far beyond personal use.
6). Democratization of Data
Data visualization has hit the mainstream. Data is no longer only for the eyes of the analysts or executives, but rather a tool that can be used and benefited by all members of an organization. We call this the “democratization of data” and this trend isn’t slowing down for anyone — and for good reason.
The hindrance: Adoption has been slow for various reasons, including sunk costs in existing data analytics software, organizational processes, and management preferences. Data has traditionally been for the analysts, not for staff, managers, or executives. But as awareness grows, so too will the democratization of data.
The trend: Making data accessible to all members of an organization can bring about a new sort of awareness and understanding for each individual. Putting relevant company data in front of everyone will help improve existing operations. Implementing company-wide data visualization practices is known to provide a host of benefits, including but not limited to massive savings in time and resources, better focus and efficiency, easier collaboration, and more.
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