For IT companies, understanding the latest data analytics trends and devising strategies to deal with them is becoming critical. As a result, the use of a wide range of techniques and technologies like machine learning, big data, and data science is rising rapidly. A data analytics strategy that offers deep insights into system performance, customer behavior, and upcoming revenue opportunities, needs to be modified accordingly to fetch maximum benefit from the latest data analytics trends. To use a summarized version of data is one thing and having the knowledge to collect, compose, and propagate in best ways is another. This is where is the impact of new data analytics trends comes to the fore since it helps businesses and organizations to bring about changes in their strategy to optimize their performance and fetch maximum profits. But before exploring more of it any further, let’s pause for a bit to understand data analytics in simple terms.
To gain a leading edge in today’s complex business scenario, business leaders must actively monitor, experiment with, or deploy emerging data analytics platforms. Contact us to know how we can help you identify and capitalize on new data analytics trends.
What is Data Analytics?
The process of evaluating data sets with the help of specialized systems and software to arrive at conclusions about the information they contain is termed as data analytics. Data analytics techniques and technologies are used extensively in commercial industries to keep themselves updated with ongoing data analytics trends and facilitate organizations to make more-informed business decisions.
Everyone, from business analysts to data scientists, who work with data aim at understanding the upcoming data analytics trends. If your organization is also looking to get data analytics assistance for actionable intelligence, the following index of data analytics trends is a must go through:
Top Data Analytics Trends
Expansion of Metadata Management
To extract meaningful insights and increase efficiency in operations, it is crucial to use flexible and integrated tools. It facilitates users to consume, analyze and manage data. Metadata management will be among the essential data analytics trends that will support governance of data and compliance of regulation. To locate specific asset of data, management of metadata is an important requisite. It will help organizations in attaining consistency and maintaining information across various verticals of the organization. This will help in faster production and delivery.
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Proliferation of Predictive Analytics to Improve Data Quality
Today, the quality of data is of paramount importance. This is particularly true because IoT paves the floodgate ahead. Organizations are going to turn to machine learning to improve the quality of their data. Predictive analytics, therefore, is one of the obvious data analytics trends which will help in predicting the quality of future data outcomes by using historical patterns that otherwise would take longer time through manual intervention.
Monetization of Data Analytics Through Blockchain Technology
With the increasing popularity of blockchain technology, organizations in 2018 have started leaning towards adopting this technology completely. 2018 is going to witness an increase in the involvement of blockchain technology, which has already stepped into sectors like healthcare and retail. This technology has immense potential to bring democracy in monetizing data and analytics by ruling out the middleman from the process. Such new data analytics trends are definitely going to accelerate the data analysis process by minimizing frauds and helping in making informed decisions.
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Dominance of Hadoop
In 2018, the enterprise edition of Hadoop will gain rapid popularity among businesses in the areas of data exploration. Big data technologies like Cloudera, AtScale, Actian Vector and Jethro Data will also make their entry into the enterprise. Organizations that have been dealing with Hadoop will try to evolve their processes and renew their Hadoop deployments in areas like data security, data integration, data reliability, and data governance. Thus, the dominance of Hadoop is one of the materializing data analytics trends that will reign in 2018.
Data Privacy – A Major Concern
With the increase in the amount of data, there is also an increasing concern about data security, especially in countries that have strict data privacy and security regulations. Compliance with laws of data regulation will become an important requisite for many companies and, therefore, is one of the important data analytics trends that is going to impact organizations.