ExcelR Solutions. Business analytics has made rapid progress in the past decade. As we enter into this new decade the future of business analytics looks even more promising. 2020 will be the year of data discovery and management of data quality. In this article, we will talk about the top 10 trends in business analytics.
1. Data Quality Management
Data analytics has to handle an enormous amount of data from various data sources. This has lead to low quality data and a bunch of errors. These negatives make data analysis even more complicated. To tackle this problem we saw the rise of a new niche called data quality management.
2. Data Visualization
Data visualization is the process of extracting meaningful information from raw data and represent it in the form of charts and graphs. Data visualization has seen a rapid advancement in the past decade and it shows no sign of stopping.
3. Artificial Intelligence
Artificial intelligence is not stopping in this decade or the next decade nor anywhere in the future. This is the field that will continue to bloom till we reach Artificial General Intelligence.
4. Predictive Analytics Tools
Predictive analytics is the process of analyzing available data and using it to predict the future. This can help businesses understand customer behavior. Two most famous predictive analysis methods are Artificial Neural Network and Autoregressive Integrated Moving Average.
5. Collaborative Business Intelligence
As more and more businesses are adopting business analytics, it becomes important to walk that extra mile. This is where collaborative business intelligence comes into the picture. Business intelligence tools focus on information enhancement, collaborative information and decision-making.
6. Data-driven Culture
We have already talked about data-driven decision making, but this decade is more about data-driven culture. Data is the new oil in this decade. Making decisions without analyzing the data can severely impact your business. It is data that will connect all of us in this decade.
7. Augmented Analysis
These augmented practices are very new in this analytics world. The main mission of augmented analysis is to make machines capable to do all the tasks that humans can perform. It tries to make machines contextually aware.
8. Mobile Business Intelligence
ExcelR Solutions Courses In Business Analytics. More the penetration of smartphones in the market better it is for mobile BI. Companies are rapidly moving toward mobile solutions to attract more customers. Mobile BI gives companies access to data in real-time. This trend is not going to vanish anytime soon.
9. Data Automation
The process of collecting, storing, analyzing and processing the data is very long and time-consuming. Companies are actively looking for better data automation technique. Various researches are conducted in this field.
10. Embedded Analytics
Embedding various data analytics solutions into one is the process of embedded analytics. This can make decision making more effective and faster. This can even make the organization more productive.
The Bottom Line
The future of business analytics is very promising. None of these 10 trends is going to stop anytime sooner. This new decade will see more rapid advancement in the field of business analytics.
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