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Trends In Analytics - 2020
Data has evolved to become the lifeblood of every organization and analytics has grown and expanded enough that almost every organization today, recognizes the business value that analytics offers
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Data has evolved to become the lifeblood of every organization and analytics has grown and expanded enough that almost every organization today, recognizes the business value that analytics offers.Significantly improvedcomputational power, combined with low-cost storage and increasingly sophisticated algorithms mean that the next two-three years could possibly usher in the most exciting phase for analytics. Let’s take a look at some of the trends that could dominate the near future.
1. AI - Separating Reality from the Hype
For the last couple of years, the trendwas to label everything that does something remotely clever or unexpected as Artificial Intelligence. While AI is certainly worthy of attention,2018 promises to be the year that separates the reality from the hype.Analytically mature organizations have already embarked on small scale experiments to embed greater smartness in their systems in areas of Chat Bots, Fraud detection, and so on. Those who have applied AI in a practical and clearly defined manner will see success. As investments increase, early successes are likely to be followed up with operationalization and mainstream adoption in the time to come.
2. Adoption of ML as part of the larger analytics strategy
Whether it is Google’s self-driving car or online recommendations we see on Amazon, we have already seen examples of machine learning in our daily lives. Recent advances in machine learning (ML) and deep learning techniques will only accelerate the change in the dynamics of industries.Increased computing power enable computers to ingest more data and run bigger models with better algorithms. This in turn means machines can learn from patterns and anomalies they find in data on their own to deliver more accurate results - even on a large scale.
The applications of ML are numerous and while organizations are toying with it right now, forward looking enterpriseswill adoptit as a key element of their analytics strategy by marrying algorithms with the right processesto uncover hidden connections and eventually make better decisions without human intervention.
3. IoT –Rise of the Connected:
WhileIoT has been talked about a lot, with a special emphasis on the Manufacturing sector, Indian manufacturers still lag their global peers from an analytics adoption standpoint. However, the interest in IoT has spiked with the rise of connected machines. To benefit from the promise of Industrial IoT (IIoT) mature manufacturers are now selectively outlining processes which can be targeted to shifting from batch analyses in traditional data centers to real-time analytics embedded in the stream of data itself.
Similarly, Smart Cars & Connected Vehicles are gaining traction. The future will see a fusion of analytics with sensor data, allowing manufacturers to bring new services & conveniences to consumers, while enabling unprecedented levels of vehicle quality and reliability.
The Government has also woken up to the potential of IoT and have stated its intent of developing 100 smart cities as satellite towns of larger cities by modernizing the existing mid-sized cities and ₹45,000 crore already been allocated to the Smart Cities mission. This should give IoT the much-needed impetusto become more pervasive.
4. Hyper personalization and Data Monetization:
Equipped with troves of customer, organizations are rapidly moving towards mass customization and marketing to markets of one. Telecom providers such as Idea Cellular are already using analytics for micro-segmenting millions of customers and providing targeted, customized offers, thereby, increasing the likelihood of the customer uptake to the offer. Real-time, contextual marketing will continue to see high interest asorganizations look to orchestrate individualized, relevant interactions. Adding behavioral analytics into the mix will only further enable them to out-think and out-do the competition.
Disclaimer: The views expressed in the article above are those of the authors' and do not necessarily represent or reflect the views of this publishing house. Unless otherwise noted, the author is writing in his/her personal capacity. They are not intended and should not be thought to represent official ideas, attitudes, or policies of any agency or institution.