Data analytics

Every business today is based on data. We are witnessing a digital transformation that is driven by data and AI. Data is known as the digital currency considering its escalating importance and value in today’s world. Well, we cannot get much from raw data unless it is processed and analyzed. This is where data analytics steps in. It enables us to gain insights based on the dataset fed into the systems. The ability to gather, manage, analyze and utilize abundant amounts of data has been powering most businesses’ applications these days. Let us explore some of the data analytics trends that are going to surface in the coming years. 

AI and Cloud as the New Horizons

With the accelerated cloud migration and smarter cloud technology, enterprises are actively shifting their data warehouses to the cloud or storing it in both cloud and on-premise settings, known as a hybrid system. This has made data and analytics more accessible and scalable. Data security is also said to have improved with the introduction of cloud computing, homomorphic encryption, and other security systems. Another addition is AI technologies and tools leveraged to streamline the process of data analysis and identify better and targeted insights. AI-based digital assistants are being widely used to get personalized and quality data about the customer base. AI-led data analytics innovations and solutions will see increased use in the coming years.

Democratized Data Science and Analytics

The new business scenario is based on breaking siloes and embracing maximum collaboration in an organization. Data and data science is no more the private asset of any single departments. Instead, enterprises are trying to ensure data democratization that will widen the accessibility of data analytics to all the employees in a company. Seamlessly integrating data platforms and making an organization data-empowered is a priority today. Deploying self-service business intelligence models by enterprises can be considered a potential step towards data democratization.

Seeing it Instead of Reading 

Data visualization has been a significant development in the field of data and analytics. This innovation ensures that the data insights derived from intelligent analytics are easily comprehensible and user-friendly. Filtering the complex data analytics dashboard into engaging and actionable visual structures will improve the outcome. Data visualization and 3D visualization tools can also aid businesses dealing with geospatial information or location monitoring.

Plain Data Dashboards are No Fun Anymore

Automated data stories and dynamic story dashboards replacing plain dashboards are a rather recent innovation. This has been possible with the accelerated adoption and developments of AI, machine learning, and intelligent data analytics. Data stories will become the most common way of providing data insights in the coming years. Data stories will connect the insights contextualize them and provide the information directly. The manual process of analyzing insights and producing conclusions will be eliminated by this emerging trend.

Data Consumption in Real-time

With the emergence of connected devices, AI, and IoT, it is easier today to get hold of real-time data. Thus, the data consumption of businesses is increasingly becoming real-time, since it is more valuable than analyzing the old data. Analytics based on real-time data will offer better actionable insights. To get real-time data, it is important to widen the horizons for gathering data. Customers will act as the main source of data for businesses, especially to provide personalized solutions.