After basking in the glory of success the whole of 2014, digital analytics has rung in the New Year with expected fanfare. And as analytics experts are opining, in 2015 it will further consolidate its position in the data-powered corporate world. One of IDC’s 2015 CIO predictions gives us a great point to reflect on the impact of analytics. According to it, by 2018, 30% of global enterprises will be adopting a company-wide analytics strategy.
Undeniably, analytics will continue to stay and dominate. Now coming to the trends from the previous year; some of them will surely attain maturity this year while some new ones will enter the scene. All in all, here is the set of 10 trends that are soliciting undivided attention from analytics professionals:
With the emergence of the latest roles like Chief Analytics Officer (CAO) or Chief Data Officer (CDO), duties of a traditional CIO are getting transformed. Today’s big data complexities demand that CIOs must crack open their all-embracing supervisory shell and lead from the front. They need to share operational responsibilities with subordinate managers. There is a lack of consensus among firms regarding the recruitment of CAOs and CDOs. To many, CDOs are the right choice for managing data repositories, but some favor the view of inducting CAOs to take care of data as well as analytics. A faction also roots for both. Chances are that 2015 might solve these differences.
While analytics is making its way into more and more companies whether giants or minnows, sharp communication skills are becoming essential to tell actual stories around data. The presence of these skills in people hired for analytics roles will help c-suite members understand contexts of the issues better and make the right decisions. At the end of the day, it will foster an analytics-driven culture throughout the organization.
Once, it was hard for companies to get the entire workforce within the analytics fold. Though the situation has not drastically altered as validated by not-so-encouraging 30% adoption rate of business intelligence (according to Gartner), yet it’s not stagnant, it’s moving. In 2015, self-service analytics will keep the momentum alive. So, analytics will be accessible to non-technical employees in the way they just need it. Being responsive to this, organizations will introduce new data governance policies to maintain quality and ensure the security of data.
Mobile analytics is an area of analytics that is currently grabbing a good number of eyeballs. In several companies today, workers are not restricted to a sedentary office setting; they are accomplishing tasks on the go. This means that analytics solutions customized for mobiles are in demand. Here, Gartner makes an interesting prediction when it says that by 2015, more than half of mobile BI users will take to cellular devices for insights as their first choice.
It shows absolutely no imagination to say that the Internet of Things (IoT) is growing at a blinding pace. But, the crux of the matter lies elsewhere. Thus far, the device manufacturers that have created the IoT have primarily concentrated on data generation. They are stacking enormous amount of data in disparate silos across hundreds of enterprises. For analytics to analyze the patterns and peculiarities of data, these scattered data warehouses have to be connected seamlessly. Then the process will graduate to something called the “Analytics of Things.”
This year, machine learning along with cognitive computing will be a sheer force to deal with in the analytics arena. As the somewhat old hypothesis-based analytics models are failing to cope with today’s multidimensional data streams, machine learning is a viable go-to for firms.
A lot of firms are now standing at a crossroads of technology where they have to take decisions about embracing advanced big data analytics. At this transition phase, hardheaded sellers may mislead companies to buy repackaged solutions as latest analytics ones. So, in 2015 firms will be cautious than before when sorting out the sheep from the goats. As analytics gains focus, clients would be looking for companies that deliver real value and insights that help in decision-making.
In the world where analytical models are transforming in-sync with reality, the single method for each model approach seems asynchronous. Application of multiple methods is the appropriate tack. Statistical modeling prowess of companies will play an important part in 2015 to outsmart the competition.