12 Feb Top 7 Business Analytics Trends in 2021
Top 7 Business Analytics Trends in 2021
To gain the maximum insights into operations, the only way out in the 21st century is by statistically analyzing the historical data of that given company. It also helps in improving the decision making capability. Business intelligence is a subset of business analytics and helps manage the data to drive a much smarter decision. Let us look at some of the biggest trends that are likely to dominate the business analytics space in 2021. So let’s get started!
1. Increased Data Security
The surge in the number of crimes in cyberspace is increasing year on year, and the company’s heavy reliance on technology is the primary reason propelling it. This threat has become the major reason for implementing the General Data Protection Regulation (GDPR) in the European Union and the California Consumer Privacy Act (CCPA) in the United States as the building blocks for securing the data and the management. So we are likely to witness businesses adopting too much more stringent data security measures.
2. Real-time Data and Analytics
With the real-time data available for the companies, it helps in responding to the crisis in a much more subtle and proactive manner. Companies and governments can use the live dashboard with all the relevant information, making a quicker decision. In order to tackle the uncertain situations like last year where companies around the world had stopped operating for a couple of months due to the outbreak of coronavirus, companies are more likely to use real-time data and the accurate updates of the business analytics in overcoming such difficult situations.
3. Augmented Analytics
Augmented analytics has become the leading business analytics trends in today’s world amongst the corporates and the government. This is basically the use of natural language processing and machine learning to enhance data analytics, data sharing, and Business Intelligence. The whole process deals with simplifying the business analytics process.
Natural Language Processing is an important aspect of business analytics whereby Artificial Intelligence trains computer software to process and model language for humans. Here, Machine Language uses the NLP data to teach itself, and it is also important to note that both of these feature prominently in business analytics.
4. Predictive Analytics
As the name indicates, predictive analytics is a form of business analytics that collects the new and the old data to forecast the trends. Predictive business models are produced, which are the best possible outcome of any given situation, and Machine Learning algorithms and statistical analytics achieve this.
5. Enhanced Data Quality
One of the biggest threats to business analytics is when the data is cluttered, incoherent, and inaccurate data; now, this can be addressed more comprehensively in 2021. Because of the low-quality data, it results in incomplete business analytics and hence impacts the outcome. For the improved quality of data, increased automation of cleansing data using Artificial Intelligence and Machine can be seen in 2021 since data scrubbing is a time-consuming process.
6. Personalized Data
Nowadays it has become important For businesses to understand what their customers need and want to provide them with a data-driven personalized experience. Especially in a digital era where customers are highly well-informed and experts at decision making. To meet this, there is a need for deeply personalized data processed with help of emerging technologies like artificial intelligence (AI) and machine learning (ML).
7. Embedded Analytics
Using embedded analytics will lower your analytics team’s workload and give a faster way to obtain useful insights required for the analytics team to focus more on the product and enhance the business in a productive way. It also gives the end-user the provision of playing around with the data like zoom in and aggregate it. If needed, look it from a different angle, all these with just a touch of a button. In the year 2021, it is expected that companies across the world will reap the maximum benefits of embedded analytics.