By Stephanie Meloni
immixGroup, an Arrow company
The business intelligence and analytics market is quickly growing as companies realize that data is a valuable asset. Many are still not using their data to their full advantage, but that is changing.
Overall the demand for analytics and data management remains strong, with about a 12 percent CAGR through 2020. The growth is driven largely by monetization of data and changes to e-commerce. We’re living in a data-driven economy, where businesses need to use their data as a decision-making tool. As analytics tools become more advanced and mainstream, self-service capabilities and ease of use are going to be front of mind for customers.
Here are some of the top business intelligence and analytics trends to watch in 2018. All of these trends support the idea of augmented analytics, that is, self-service advanced analytics capabilities for the average user.
- Smart data discovery
Data scientists are in high demand and short supply, so that’s where the idea of smart data discovery comes into play. Tools that fall into the category of smart data discovery make it easier for the average user to gain insight from their data. Users want to easily be able to get meaning from their data. With smart data discovery, they can take embedded data science tools that eliminate a lot of the legwork you’d see with traditional BI platforms, and allow them to make data-driven decisions faster. Analytics is moving away from being solely an IT function, and smart analytics tools help get end users, regardless of what department they’re sitting in, the capability to make their data meaningful in a business context.
- Location intelligence
Any tools that can help put your customers’ data into better context (again, building on capabilities that a traditional BI platform would have) is what’s going to be hot. It’s basically adding another layer of meaning to a customer’s preexisting data, giving them access to broader insights to take new action on the information. This is where we’d categorize specific applications to enable customers with their data- things like supply chain, CRM and workforce analytics applications. Location intelligence also falls under this category, and what that does is adds geographic data to business data. Right now, only 9 percent of businesses have some form of location intelligence, but this should be quadrupling in the next 4 years. A big benefit to using location intelligence will be personalizing customer interactions, which is one of the big drivers of making money from data analytics.
- Prescriptive analytics
Finally, prescriptive analytics is another technology that should be gaining a lot of traction and has a CAGR of 21 percent through 2020. This is a more advanced option for customers with mature capabilities, but this helps analysts know what action to take based on their data—it closes the feedback loop by providing decision support or automatically taking that action. This is a good solution for customers that are already using predictive analytics tools, and just want that extra piece to make it easier for their analysts or business users.
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Last modified: September 26, 2019