Data analytics is crucial to business decision-making – as well as to discovering new business models and revenue. As a result, the industry is gathering steam, with a global market worth said to be more than $40.6 billion by 2023.
Here are our predictions for data analytics in 2019:
- A Meeting of Minds
Different branches of analytics - including visual, streaming and predictive - will converge to create a joined-up methodology for exploring, analyzing and taking immediate action on complex data.
- DIY – it’s Easy!
Self-service is the way forward; it will enable business users and operational managers to conduct advanced analysis on time-series and other complex data to increase efficiencies, discover trends, anomalies without needing to write or understand code.
- Auto Pilot
Artificial intelligence will continue to grow in terms of deployment, complexity and significance - showing greater and greater advances. This will lead to continued shortages of expert data scientists – making the automation of tasks such as testing and deploying predictive models increasingly commonplace.
- Dream Team
There will be a recognition that greater value can be derived from the combined efforts of the operational, technology and data scientist teams which supports the argument on the need for self-service. This, in turn, will have the secondary benefit of delivering greater improvements to efficiency of internal and external processes, as operational staff “get” their own processes better than data scientists do.
- Cloud 9
The cloud will become more prevalent as a way of analyzing data as more and more of this data comes from Internet of Things edge devices. Being able to introduce new concepts without the need to install any software, or develop new applications with extended lead times, will have the immediate benefit of dramatically speeding the testing and implementation of new ideas, increase speed of ROI and minimize the risk of projects failing.
For more information about how Software AG can help with your data and analytics transformation click below.