Data analytics has become an integral part of every business, regardless of its size or industry. Furthermore, various factors, such as emerging trends and market forces, have revolutionized data analytics in the recent past. Traditionally, data analytics is conducted by business analytics that delivers their findings and reports insights to marketers, business leaders, sales executives, and product managers. However, this method seems to be a bit slower in today’s business analytics cases, especially where real-time data streaming is involved.
Moreover, data analytics is slowly being incorporated into various business processes like customer support systems, online commerce, operationalizing analytical content, accelerating decision making, and more. That said, here are some trends that are significantly shaping the data analytics landscape.
- Data Visualization/Discovery
Data visualization has significantly increased its impact in the recent past. A survey performed by the Business Application Research Center ranked data to discover the top three business intelligence emerging trends. Business experts also suggest that the empowerment of business users is a consistent and robust trend. Most importantly, business users should remember that data visualization tools usually depend on a particular business process to generate valuable reports and insights.
Additionally, it’s important to understand relevant data regarding visual analysis, preparation, and advanced analytics. While using these tools has become an invaluable resource, business users need software that is easy to use, agile, and flexible. The right software should also allow for easy handling of a variety and high volume of data.
- Artificial Intelligence (AI)
Artificial Intelligence is one of the most popular business emerging trends. It’s increasingly replacing the conventional BI reporting. AI has been around for decades and enhanced real-time insights as well as updates on developments or changes within a specific business area. Primarily, AI is a technology aiming at making machines perform tasks executed by human beings. AI and machine learning are transforming the way businesses interact with their analytics and data management. Moreover, these trends help businesses evolve from passive, static reports of past events to real-time, proactive analytics.
- Data-Driven Culture
Data-driven decisions are crucial to any business success. Furthermore, developing a data-driven culture in every department within a company will be among the top priorities for business managers and BI professionals. Notably, making important decisions without considering available data could result in damages and affect business performance. On the other hand, adopting data culture throughout the company sections will not only change employee mentality but can also make data more accessible via the cloud and significantly lower operating costs. Similarly, data-driven culture provides companies with immeasurable agility that can help them respond to market changes quickly. Today, there is so much data available to companies that they could utilize to find solutions to create their competitive advantage.
- Data Quality Management (DQM)
Data Quality Management is one of the emerging trends improving the quality of data across many industries. The creation of business intelligence to examine and find value from several data sources gathered on a high scale usually generated countless errors and potential low-quality reports. For that reason, DQM aims at helping companies improve the quality of their data so they can make informed and diversified decisions. While gathering a multitude of data is crucial to impact company decisions, it is also essential to ensure that the data collected is helpful and communicated effectively.
NetbaseQuid is the next-generation market and consumer intelligence platform. The company focuses on delivering contextual insights that identify business trends from various sources, including structured and unstructured data. Furthermore, NetbaseQuid will provide an unprecedented solution that is accurate, actionable, and faster, allowing businesses to access many indexed resources, including social media posts, consumer reviews, news articles, and product reviews.