Top 5 Data Trends In Business You Need To Know
The past couple of years have seen a boom in business intelligence. One standout factor is data. In the words of former executive at Google, Eric Schmidt, "there were 5 exabytes of information created between the dawn of civilization through 2003, but that much information is now created every two days." From waiting on spreadsheets to process data to actionable data insights and real-time dashboards. Time indeed has changed. You would have argued a few years ago that data analysts were strictly for professional data analysts and data purveyors. But all of that has changed now.
Today, right on your mobile phone screen, you can input your data, and in a blink of an eye, you get an analysis of that data. Easy, no stress!
It will be interesting in a not so good way if a company in 2022 still thinks data visualizations can improve analyses. We want to believe they aren't an offshoot of Internet Explorer (get the reference?). The truth is, businesses should look at what business intelligence will tell their stories correctly rather than ogling if data analytics is the way forward.
Do you know what's interesting? These business intelligence tools can be customized as the company desires. But, again, the year is 2022. Companies are using business intelligence tools to predict and also to assess risk management. The year 2022 has seen the rise of some not-too-spoken data tools, proving to be the latest trends businesses will have to jump on.
Below are some of the latest data trends that will take another level in the coming years.
Machine Learning is fast becoming incorporated into businesses. Contrary to popular opinions from reputable scientists that machines will take the jobs of humans and that machines are a threat to humans, this is not true. It is a poor assessment of what machines can do for us. Machine learning will help to automate processes and help to detect what the human eyes cannot see, fathom or even predict.
The future of work is Artificial Intelligence (AI) and its extensions like Machine Learning (ML) and Natural Language Processing (NLP). According to Gartner, the business value of AI will reach $5.1 billion by 2025. As long you have data, you would have solved half of the problem. Gartner predicts that in the coming years, ML will have a say in the scalability of the business.
With machine learning models, you get access to factors that sustain business growth. It will be nice to have a proactive approach to fraud detection, churn rate and gain insights into how to wiggle your way out of the problems these can cause your company instead of waiting on reports from passive data. With Lumiere, a product of Periculum, you have a product that analyses data in real-time, and identifies patterns that will help to detect fraud, churn rate, credit score for lending services.
With organizations' rising dependence on data, it is crucial to have data secure. Data security is not just a buzzword in 2022, but it has become imperative that data be secured. Understanding the importance, bodies have been set to regulate data, including the General Data Protection Regulation (GDPR) in Europe and the USA. In Nigeria, there is a regulatory body Nigerian Data Protection Regulation (NDPR), helping to manage users' data and data security.
Predictive Analytics Tools
Predictive analytics is such an essential tool in the business intelligence arsenal. With predictions, your data is analyzed, and you can see what you need to do in the future from the analysis. Say, for instance, your churn rate is high, and the analytics show that a particular business model is faulty and isn't generating enough inbounds as you thought it would.
It could be as little as the manner of approach in your content that needs a change or a revamp; the predictive show what it would look like if you apply a certain measure and tell you that a slight tweak can change everything. Insights offer these features. For a credit facility, you can make use of insights to determine the creditworthiness of a customer.
Insights make use of the customers' bank statements and extract all the information you need as a lender, like affordability, income, gambling rate, credit score, behavior analysis of the customer, and many more.
It is incredible how Many industries use predictive analytics in several ways. For example, in the tourism and hospitality industry, you can use the tool to predict the number of guests expected in a night and adjust prices accordingly to increase revenue. Airlines also make use of predictive analytics in the sale of tickets.
Prescriptive Analytics Tools
While predictive analytics essentially deals with past data to give a data-driven opinion, prescriptive analytics tools examine data and tell you what you should do with the data provided. Prescriptive analytics prescribes actions from heuristics, data visualizations, and neural networks to complex event processing. As a result, you as an organization have the foresight to relate better with your customers and make better decisions.
Data's future progression cannot be complete without data automation. With the volumes of data in this decade, there will be a need for data to be automated. According to KD Nuggets, data automation will be rampant in the coming years, and we must keep our eyes open as we do not know exactly when the boom will start. Of course, there will be innovation around data automation, so it is essential to key into this idea early. Automation makes it easy for large volumes of data to be analyzed.
As innovation keeps increasing, business intelligence will undoubtedly bring many automation tools. We already have seen many spring up, and in the coming years, we will yet see many more!