Predictions for Data Analytics in 2018
Companies have begun to drown in a sea of data and the trend will be on the upward curve in 2018. However, this will no longer be a scary scenario like in the past. Better and enhanced data analytics software will be at the disposal of companies and business managers. Once they figure out how to utilize these software, work would be a breeze.
As per a
Forrester Research report, AI will have to be taken more seriously than a mere plug-in in 2018. The application and scalability of AI is immense but it requires a lot of hard work. For AI becoming more sophisticated, the data sets and use of data analytics will increase like never before. Collaboration between man and machine will see new frontiers with enhanced data analytics tools and better AI interfaces. According to this report and some more research, the following predictions can be made for data analytics in 2018.
- Cloud first technology will see greater adoption: More companies will be likely to invest in cloud-based technology as a strategic move for their businesses. This will be because of the increase in collection of big data and requirement of advanced analytics to run user interfaces more seamlessly. As per reports more than 50% companies are likely to invest in cloud-first technology to supplement their big data requirements and initiatives.
- Implementation of conversational interfaces: It is predicted that about 25% companies are likely to support their point-and-click analytics with conversational interfaces. The role data analytics will be an increased one with real-time results needed for NLP based interfaces requiring solutions at conversational speed.
- AI deployment in organizations: About 20% enterprises are predicted to deploy AI. AI will be used to guide customers in their decision making processes. By using AI companies will know what to offer specific customers, the terms to provide to suppliers as well as instruct employees. All this will require real-time solutions and thus, the analytics software that support AI will become even more sophisticated in 2018.
- Blurring the boundaries of structured and unstructured insight collection: Traditionally, insights have been collected in structured formats through market research. However, the rise of AI and real-time data analytics tools and software has meant a change in the way and amount of data collected. Moreover, the sophisticated tools provide real-time consumer insights and solutions.
- Data pools will become self-sustaining: Until now companies have been funding their data pools through their noses. 2018 will be the time when about 33% companies are likely to stop this funding to see whether their data pools can make a living on their own. Data is a precious commodity and can be utilized to produce any number of items; hence, for data to self-sustain might not be difficult but managers will have to find ways to monetize these data pools.
- More insight centers to populate the business scene: About 66% of enterprises are likely to create their own insight centers of excellence in 2018. With more data available, enterprises are likely to use this data to smoothen their internal functions as well as use the data analytics insights to provide better products and services to their customers. More business decisions are now likely to be guided by customer insight from these insight centers.
- Major disruption to be brought about by Chief Data Officers: The number of CDOs reporting directly to the CEO of organizations is likely to increase to more than 50% in 2018 as compared to 40% in 2017. Chief Data Officers are likely to embed data analytics in internal processes in order to bring innovative solutions to the enterprise. They may also use external data based products and services to do the same, depending on the budget allocations.
- Data engineers and data scientists will be sought after: Whatever said and done, it is impossible for executives and managers to become data czars in a matter of a few months or even a year. With the amount of data and the sophisticated software to analyze this data, employers will scout for data engineers and data scientists in 2018, making it a hot job opportunity in this year.
- Insights-as-a-market (IAAS): Companies with data pools or insight centers will want to leverage the opportunity that data and insights provide. All companies are looking for latest customer insights to enhance their products and services. Hence, companies who have this data and insights will explore insights-as-a-market in 2018. More businesses will want insight subscriptions in 2018.
- Academia will get involved in business: Academia and research labs will partner with businesses for providing new insights. They will also be solution providers for businesses which request help with regard to AI and data based problems.
2018 will be a year bustling with data analytics and its application across business segments. It will become a major business management focus area in this year.
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