The corona crisis will be remembered for many things. But, when it comes to business, 2020 will go down in history as the year when most companies were “forced” to go fully digital. As a result, businesses had to implement various digital technologies to ensure a smooth transition, including solutions for data analytics.
Now, new trends for data analytics are on the rise. If you don’t want the future technologies to catch you off guard, pay attention to these current trends and ensure inevitable success for your company.
1. Switch to the Cloud
Earlier, data warehouses used to be stored in physical storage serves. However, the past year saw numerous companies move their data warehouses into the cloud or choose a hybrid solution, a combination of cloud and on-premise warehouse. Gartner predicts that public cloud services will be essential for 90% of data and analytics innovation by 2022 alone.
Cloud technology is becoming more innovative, swifter, and more flexible. Most providers offer end-to-end data warehousing which allows your business to enjoy the benefits of data analytics right out of the box, making your business more agile.
2. Smarter Artificial Intelligence
Another prediction by Gartner is that by the end of 2024, 75% of businesses will move from piloting to operationalizing AI, which will result in a 5x increase in streaming data and analytics infrastructures.
It is expected that AI will become much better at learning algorithms with a shorter time to market. Businesses will achieve a lot more from AI since techniques such as reinforcement learning and distributed learning are creating more adaptable and flexible systems to handle complex business situations.
3. Composable data & analytics
Composable data and analytics are meant to ensure a flexible, user-friendly, and usable experience by allowing the user to make the most out of components from multiple data, analytics, and AI solutions. In addition, this will make it possible for leaders to connect data insights to business actions.
The development of composable data and analytics is quite likely to encourage collaboration, drastically improve the analytics capabilities within a company, and ensure better access to analytics.
4. Customer personalization
The year 2020 didn’t only result in a shift in the workplace but also in consumer trends. Due to the COVID-19 pandemic, users started using the Internet increasingly to shop for products and services, forcing numerous businesses to digitalize.
However, with digitalization came more data and better insights of the customers. It is expected that in the coming year, more and more businesses will focus on delivering a highly personalized experience to their customers. In other words, companies will have to design a data-driven “Personalized Customer Experience Plan” that will be able to provide the right offer at the right time to every customer.
5. Predictive analytics
Companies that wanted to ensure a competitive edge would always focus on utilizing big data analytics. Data analysts would prepare tremendous amounts of data to discover the causes of specific issues that appeared. However, thanks to the latest developments and predictive methods, it is possible to examine the latest data and historical events to recognize possible outcomes.
With predictive analysis, companies will be able to predict what may occur in the future. Also, this strategy would enable any organization to significantly increase its performance by identifying customers’ next move before they even do it.
Are you struggling to keep pace with the latest developments in data analytics? Team up with HICO-Group and ensure that your organization is utilizing only the latest business intelligence tools. From KPI identification and planning to your data analytics and warehousing, we implement state-of-the-art BI concepts customized for your company.
If you enjoyed reading this article, make sure to share it with others. You can follow HICO-Group on social media for the latest updates here.