Getting more out of your business data is quickly becoming an industry all its own, and there are some exciting things on the horizon to help you do more, learn more, and grow more.
Data has long been your business’ most valuable and essential asset, and Business Intelligence (BI) solutions are changing the way you use that data. A modern BI approach is a sure-fire way to lift your business from your competitors, using savvy analytics to make better data-driven decisions. There are a ton of fantastic and innovative BI technologies and strategies available to today’s businesses, and these 10 trends are projected to lead the pack heading into 2018.
1) Artificial Intelligence and Machine Learning
Science Fiction paints a pretty terrifying picture of what advancements in AI will mean for humankind, but in reality, this technology is already proving to be a huge asset to analysts. As machine learning technology continues to improve, it’s becoming easier to automate tasks that would otherwise be labor-intensive time sucks for your staff. With the tedious work done for them, analysts can instead focus on thinking strategically about the implications of their results, and start planning next steps for your business. Unlike some other technological advancements, machine learning isn’t meant to replace human employees. Rather, its goal is to enhance the work your staff is already doing.
2) Natural Language Processing (NLP)
It’s estimated that half of all analytical queries will be generated using voice, search, or NLP by 2020. The power of NLP will allow staff to pose more nuanced questions of your data, and get more accurate and helpful responses as a result. While this is exciting enough on its own, the real gains where analytics are concerned will come from what developers and engineers alike are able to learn from looking closer at how people are using NLP. That way, we can make sure NLP is being applied to the types of workflows where it can have maximum impact.
3) Crowdsourced Data Governance
Self-service analytics are gaining popularity, granting users access to new perspectives and new information that is inspiring more innovative ways to implement governance. More than just using the wisdom of the crowd to get your hand on the right data, governance is about making sure the wrong data stays out of your system. BI solutions and analytics will be making use of this modern governance model in 2018, giving IT departments and data engineers the ability to cultivate trusted data sources.
4) Multi-Cloud Strategies
There has been an ongoing debate about multi-cloud solutions as more and more businesses sour on the idea of being tied to a single cloud solution. Multi-cloud strategies allow for business to work with multiple providers, finding the right vendor for a specific project or need. This increased flexibility comes with a higher overhead cost and requires your IT personnel to become familiar with multiple platforms. However, with 70 % of businesses expected to have a multi-cloud strategy in place by 2019, it’s a good idea to start looking seriously at how best to make this strategy work for your business.
5) The Chief Data Officer
Chief Information Officers (CIO) are nothing new, but as data and analytics become more critical to your operations, the need to strike a better balance between security and innovation has lead to a new C-level position – the Chief Data Officer (CDO). Adding a CDO or even a CAO (Chief Analytics Officer) to spearhead business process changes allows your business have a firm grasp on analytic strategy, making sure it’s part of the conversation from the get-go.
6) A Rise In Data Insurance
Several recent high-profile data breaches serve as a reminder of the risks and costs associated with these types of security incidents. Data is now a commodity, which means it’s only going to continue to become a bigger target for theft in the future. Quite often, there is no real consequence to the perpetrator when data theft happens, so there’s not much to deter a cybercriminal from setting their sights on your data. For that reason, more companies are expected to invest in cybersecurity insurance to protect their valuable data assets in the coming year.
7) The Location of Things
A subcategory of the increasingly popular Internet of Things (IoT), the “location of things” refers to devices that are able to sense and share their geographic location. The ability to capture this data can help users to add the context of location to data when assessing usage patterns. This technology can be used to track both assets and people, and can even interact with devices like smartwatches for a more personalized experience. This extra layer of typical usage data can help better inform your business strategies moving forward.
8) Increased Role For Data Engineers
The movement to use data to make better business decisions necessitates a larger role for data engineers in today’s businesses. With over 3500 open positions currently listed on LinkedIn, the demand for this specialty is obvious. As the need to leverage data in new and innovative ways becomes more essential, having someone on staff with a deep technical knowledge of your systems and architecture, and the ability to understand your business’ wants and needs becomes crucial.
9) Universities Offering More Data Science and Analytics Programs
By 2021, its estimated that 69 % of businesses will be favoring job candidates with data science and analytics skills, with jobs like Data Insights Miners and Bionic Interface Designers emerging by 2030 thanks to advancements in AI and analytics. A number of universities, including the University of Sydney and Victoria University, began adding data science courses to their offerings back in 2015, with more and more institutions adding these types of courses now and in the near future.
10) Liberal Arts in the Analytics Industry
The need for technology specialties is decreasing as technology platforms become easier to use. As a result, businesses are looking to other specialties such as the liberal arts to bring new perspectives into the mix. Not only can these individuals fill vacant positions within your data analytics team, but they can help you better use your data to create a vision for the future of your business that goes beyond just technical or scientific insights.
Want to learn more about the value Business Intelligence solutions can offer your business? Contact Outsourced CIO, LLC at email@example.com or 843.291.8320. We’re the vCIO’s businesses in Charleston trust.