What Trends Are in Store for Analytics in 2018?
The groundbreaking innovations in analytics had made headlines in 2017; if industry experts are to be believed, this trend is expected to continue in 2018 as well. While AI is the talk of the town, chatbots are getting smarter at an accelerated rate with various industries adopting it on a large scale to improve their […]
The groundbreaking innovations in analytics had made headlines in 2017; if industry experts are to be believed, this trend is expected to continue in 2018 as well. While AI is the talk of the town, chatbots are getting smarter at an accelerated rate with various industries adopting it on a large scale to improve their customer experience. Since most businesses have evolved into a digital business, AI, cybersecurity, cloud, automation, and fast internet connectivity have now become next-gen critical success factors. Just like the previous year, data analytics will become the center of gravity for many enterprises. Buckle up as we share the top analytics trends that are all set to take over the world in the 2018:
Birth of end-to-end cloud analytics
Cloud analytics is a service model which provides elements of the data analytics process through a public or private cloud. Cloud-based analytics platforms will aim to deliver a rich set of analytic capabilities at a lower total cost of ownership. Adopting latest analytics trends such as end-to-end cloud analytics makes consuming analytics services extremely easy for companies. The time taken to set up and implement the solution is much lower than traditional approaches.
Prescriptive and predictive analytics will flourish
Prescriptive analytics and predictive analytics were already in the limelight in 2017. More companies are expected to leverage these analytics trends to enhance the decision-making process in their business in 2018 as well. Predictive analytics extracts information from existing data sets to forecast future probabilities. On the other hand, prescriptive analytics goes a step further into the future and examines data and determines the decisions to be made and the actions to be taken to achieve a particular goal.
Doomsday for spreadsheets
Spreadsheets were one of the earliest and traditional ways of digital analytics. However, with the advent of advanced analytics trends such as AI and big data analytics, many companies are planning to eliminate spreadsheets and switch over to these modern techniques of data analysis. Additionally, with the help of a cloud-based model, operational plans of a company can be connected to their financial plans. This helps them to eliminate the inaccuracies and inefficiencies in analyzing data and decision-making process.
Outsourcing of analytics
It might not be feasible for many small and medium businesses to have an in-house department for advanced data analytics. Therefore, to make use of these data analytics trends, companies are increasingly outsourcing this function to outside agencies. This trend is expected to be widely seen in 2018. Outsourcing analytics to third-parties who specialize in data analytics is an excellent way to enhance data capabilities for companies with the necessary funds.
Enhanced contextual insights
This year, we can expect more advancements in machine learning that help businesses gain more relevant contextual insights. Analytics data such as customer churn analysis, workforce planning, sales compensation, and supply chain logistics can be accurately attained by companies with the help of advanced machine learning and data analytics capabilities.