Top business analytics’ trends for 2021
The statistical analysis of historical data has provided businesses with more insight into operations, as well as the opportunity to improve strategic decision-making. As a subset of business intelligence (BI), business analytics is a really effective data management solution that is driving much smarter business decisions. Here’s a look at the biggest trends likely to dominate the business analytics space in 2021.
5 business analytics’ trends 2021
1. Increased data security
With the sudden surge in technological reliance this past year, the threats in cyber security were made even more evident as criminals targetted a number of organisations the world over. The increased threat has prompted the implementation of the GDPR (General Data Protection Regulation) in the European Union and the CCPA (California Consumer Privacy Act) in the United States as building blocks for data security and management. Following in these footsteps, we’re likely to see businesses adopting much more stringent data security measures.
2. Real-time data and analytics
This year has proven the critical value of real-time data and accurate updates for business analytics, providing the necessary development of strategies to respond to a situation as it arises. Going into 2021, we’ll be seeing more real-time data used by business and government with live dashboards allowing for quicker reactions.
3. Augmented analytics
One of the leading business analytics trends is the arrival of augmented analytics. This is the use of both natural language processing (NLP) – or conversational analytics – and machine learning (ML) to enhance data analytics, data sharing and BI. This is basically a process of simplifying the business analytics’ process whereby raw data can be entered and usable information supplied that is much more accessible for businesses.
NLP, in itself, is also crucial to business analytics, whereby AI trains computer software to process and model languages for humans. Some examples of NLP include:
- Speech recognition – Converting spoken words into computerised data as used by Siri, Cortana and other digital assistants.
- Natural language generation – The output of human language from digital sources such as Siri or Cortana.
- Machine translation – When text is translated between languages in apps such as Google Translate.
- Semantic search – This allows you to ask natural questions when addressing a digital assistant.
ML actually uses the data from NLP to ‘teach’ itself, thereby adapting to future actions and requests. Both of these will feature prominently in business analytics.
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4. Predictive analytics’ tools
Predictive analytics is a form of business analytics that collates new and old data as a way to forecast trends. This will use ML algorithms and statistical analysis to create predictive business models that seek the best outcome in any given situation.
5. Enhanced data quality
Cluttered, incoherent and inaccurate data is one of the biggest threats to business analytics and 2021 will see this being addressed in a more comprehensive manner. Poor quality data results in slow data retrieval process and incomplete business analytics that impact the outcome. Data scrubbing is a time-consuming activity so there’s certainly set to be increased automation of cleansing data using AI and ML for improved data quality.
6. Accessible data
Business analytics will soon be making data that much more accessible for those outside the fields of science and technology. Critical data will be stored in systems that are easily accessible through a variety of tools. This gives businesses more opportunity to base decisions and operations on the existing data.
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Business analysis is incredibly effective in harnessing data for ongoing business growth, picking up on trends that either benefit or impact operations. Take advantage of the emerging trends by partnering with a leading BI software supplier that provides a customised business solution.