Business Analytics Trends To Follow in 2017
We are living in an age of information overload. In the perennial needle in a haystack analogy, the haystack is growing at a much larger rate than the needle. So how we are able to successfully look for the needles and glean out actionable insights has become extremely important. With that in mind, here are the trends I’m following, the predictions I am making, or if not a prediction, the inflection points I am paying attention to.
According to Gartner CIO Survey Business Analytics and Business Intelligence is the top priority for 2017. Recent technological advances in Analytics area are driving the innovation in the Companies and Analytics is no longer treated as a separate entity from transactional systems. In-memory analytics is closing the gap between transactional and analytical systems. Because of Big data, predictive modeling is not just done using sample data but on huge volumes of data.
Real time Analytics is the need of the hour with cost optimization
Real time Analytics provides the analysis of data as it enters transactional systems. This requires tight coupling between transactional data and analytical data. Because of cloud architecture adaptability of analytical systems, one can increase the resources required only when needed and release them when not needed, thus decreasing the cost of Analytics.
All the industry verticals are adapting Business Analytics to solve their critical problems. The output of Analytics is provided in all varieties of devices and various visual patterns. Thus business users can use their mobile devices to visualize the data in real time.
The data generated from the social media applications are both structured and unstructured. Thus the need to analyze not just structured data but unstructured data also. So not just volume but variety of data needs to be processed as fast as possible and provide the visual outputs to variety of devices.
Lastly the data which is processed through a predictive model is fed back to transactional systems to further analyze the data thus creating closed loop Analytics. So the in-memory Analytics, Cloud, Collaboration, Big data processing, Real time analytics, Predictive analytics and closed loop analytics are the current trends in Business Analytics.
Analytics are being used in many ways like knowing your customers, managing your financial performance, optimizing your operations and mitigating your risks.
Also, implementing an analytics system in an organization and trusting the system for all your business decisions needs great courage. Analytics systems helps an organization in great way to provide insights and cost optimization. So, I would like to say real time analytics could be the next trend in 2017.
For more information about how business analytics can help you in your business decisions, feel free to inbox me or log on to www.thinklayer.com.