TOP DATA ANALYTICS TRENDS 2020
BUSINESS INTELLIGENCE AND ANALYTICS TREND
Data and analytics have continuously been realized as key players in companies for enhancing business efficiency over the years. According to Gartner Analyst and VP Rita Sallam, data and analytics are highly regarded in customer service, recruitment, optimization of supply chains, finance optimization, and other functions in different organizations.
In particular, she stated: “Data and Analytics leaders should actively monitor, experiment with or deploy emerging technologies”.
It goes without saying that refraining from trends that became mainstream is a wise decision. Instead, it is a smart move to pick up on evolving trends that would assist in modernizing and growing your business.
Technologies of artificial intelligence and machine learning have continuously played an essential role in the growth of different businesses across various industries. In 2020, AI and ML are expected to become more commercial.
According to Gartner, the increased usage of commercial AI and ML will help in the accelerated deployment of models in production driving more value to business and investments.
Though open source has dominated AI and ML technology, having it in commercial will surely open doors to more scalable solutions for project management, model management, data reuse, transparency, and lineage.
In 2022, 75% of new end-user solutions incorporating AI and ML techniques are expected to be built commercially rather than presented in the open-source platform.
Conversational Analytics and Natural Language Processing
According to Gartner, it was predicted that by 2020, about 50% of analytical queries will be generated through search, voice and natural language processing incorporated into different tools for easy use and access. Voice-enabled devices have become popular in different companies and businesses due to ease of use in interaction of clients and businesses.
This technology will continue to rise as a trend in the business data analytics industry as it provides integrated voice tools, and companies realize that conversational analytics brings considerable benefits:
- sentiment analysis
- enhanced social listening
Obviously, it helps meet any user’s standards.
These factors are a huge assistance in the usage of chatbots and other conversational-based interfaces. Aside from that, insights are better delivered through conversational analytics simply by conversing with data through AI-driven combinations of NLP and NLG.
Data Analysis Automation
Over the years, data being produced, stored and ready to process continuously grow, which prompted business organizations and different companies to incorporate automation to handle massive data information. According to the prediction of Gartner, in 2020, 40% of data science tasks will be automated.
Business Intelligence has always provided solutions for the consolidation of all the data and providing different methods to discover, analyze, measure, monitor, and evaluate data. In 2020, BI will continue to bring automation possibilities for easier data collection, analysis, monitoring, and reporting.
With automation around, businesses responsible for the development of data and analytics software will be able to focus on simplifying data science products while allowing easier use for citizen data scientists. It is supposed to improve speed in developing advanced analytics.
Combination of IoT and Analytics
Many IT companies recognize the Internet of Things (IoT) as one of the most impactful in a lot of areas and industries, and in data analytics in particular. IoT and Data Analytics bring business value while exploring implications and providing possible solutions.
Data gathered from the internet of things can easily be analyzed regardless of volume and structure when partnered up with data analytics software. It serves as a powerful tool for business owners to acquire customer insight resulting in improved advancements positively reflecting on revenue.
However, it is important to note that 75% of organizations may face inhibitions in achieving the full potential of IoT given the fact that IoT has gained popularity and different organizations need data analytics, resulting in a greater demand for data scientists. Hence, it is important to find alternatives for human involvement when it comes to data analysis.
Data Security and Privacy
Data breaches, poor authentication practices, and sensitive data being compromised is something businesses and clients do not want after the cases of identity thefts. In 2015, 10% of global market players have been using backups and snapshots. Now, it is expected that in 2020, 30% of corporations will make use of data backups, and snapshots for safety, privacy, and reliability.
Research suggests that securing all data from external threats will be one of the major concerns for 70% of organizations in 2020 making it a smart move to upgrade and allocate budget for Data Security and Privacy.
In 2020, data and analytics will be a part of the rapid growth and development in business intelligence. Big corporations and various industries have observed data analytics as an important source for making more informed decisions in recruitment, marketing, and branding. It can also be expected in 2020 that inventory, supply chains, fraud, and risk detection will utilize the complex data for a more sophisticated and accurate prediction.
With fast-paced technological advancement, it’s a smart choice to stake at top data analytics trends 2020 to keep your business ahead of the game towards a more competitive future.
If you are thinking of incorporating these trends in your app development, you will need expert opinions and consultations by specialists from a reliable software development company with a strong project background and portfolio.
The experts in our company will be happy to assist in requests you may have and is readily available for consultations regarding the details of your project, pricing options and time of the project implementation.
Author Serhii Kuzba, Marketing Manager – Code IT