Top Analytics Trends in 2018
Dashboards are likely to undergo a dramatic change with actionable insights coming in real time. More and more dashboards are likely to be accessed over mobile devices and are likely to have interactive interface
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1. Veracity rather than velocity or volume of data will take precedence
Veracity, i.e. accuracy of data, will become more important than volume or velocity. As businesses depend on analytics for important decisions, they will also focus on acquiring the right data sets, and in ensuring the data is clean. Data quality verification will become an increasingly important area.
2. Prescriptive Analysis will dominate over predictive analysis (call for action)
Analytics will become prescriptive, rather than just predictive. Analytics tools will move beyond extracting insights from business metrics - they will be able to recommend actions to improve these metrics, and in some cases may even directly initiate those actions in real-time. This will enable businesses to become highly responsive.
3. Analytics will no longer be a cost center but a revenue generator
Analytics will be viewed not as a cost-center but as a revenue generator. Businesses that are data-driven will win market-share and analytics will be viewed as a key competitive advantage. The data science function will become a core part of the business.
4. AI will not be restricted to cloud but also move to embedded/ edge
With the advent of computing power and optimized AI algorithms, AI is no longer limited to Tensor Processing Units (TPUs)/ graphics processing unit (GPUs) on the cloud. Very soon, you will see edge computing and embedded AI for specific applications like self driving cars / security etc where dependency on the network can be removed for safety and regulatory reasons.
5. Boundaries between unstructured data and structured data will merge
Traditionally, structured data analytics have dominated business applications. With the advent of AI and ML, it is now possible for unstructured data to derive business insight. Most practical solutions will use a healthy mix of both and we will see evolution of systems and tools that can work across both types of data.
6. Extreme personalization will dominate the insights trends
We will move increasingly towards extreme personalization. As businesses gather more information about their customers they will be able to customize all aspects of their business, including marketing, product packaging, pricing and support to smaller and more precise segments.
7. Dashboards will undergo a massive change
Dashboards are likely to undergo a dramatic change with actionable insights coming in real time. More and more dashboards are likely to be accessed over mobile devices and are likely to have interactive interface.
8. Data science role will evolve from a horizontal skill to a vertical skill
As analytics becomes more important to all business, analytics providers will move from being horizontal one-size-fits-all products to becoming specialized solutions for each vertical. They will differentiate on the vertical domain knowledge they bring to the table in terms of the pre-trained data-models and existing data-sets.
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