The 5 latest trends in Data Analytics
With tech and software advances always pushing the possibilities of Data Analytics, it’s an exciting time to be involved in the industry. Here are five Data Analytics trends to keep an eye out for 2022 and beyond.
AI analytics
AI analytics is a subset of business intelligence that relies on machine learning techniques to uncover patterns and reveal insights in data. In practice, AI analytics involves automating much of the work that a data analyst would normally conduct manually.
It should be noted that the aim of AI analytics is not to replace analysts. Instead, it can enhance the scale and granularity of data that a Data Analyst can analyse, while also making their work more time-efficient.
Composable data analytics
Composable data analytics is a process by which businesses combine analytics capabilities from various data sources. Composable data analytics means companies are able to easily pool all their information, leading to effective decision-making that takes more data into account.
Additionally, with composable analytics, businesses can drastically reduce data centre costs. Gartner analysts have predicted that by 2023, 60% of businesses will have built applications composed of components from at least three analytics solutions.
Democratisation
If you still think of Data Analytics as a relm reserved only for professional Data Analysts, your conception is probably a little outdated. These days, people working in every kind of role in every kind of industry have access to data and are using it to enhance their professional performance.
Gone are the days when professionals were entirely reliant on data teams to perform analytics on request. The democratisation of data will see more and more people analysing data on their own, aided by simple, user-friendly software and tools that are designed to make the processes of Data Analytics accessible to everyone.
Data visualisation
The ability to quickly and easily grasp crucial information has long been a core focus of the Data Analytics process. Going way beyond simple pie charts and graphs, modern Data Analysts build interactive data visualisations that not only keep viewers informed, but also encourage them to actively engage with data insights.
Recent years have seen the emergence of immersive videographics, data illustrations and real-time infographics (which constantly update with the latest data).
Real-time analytics decisions
Sticking with the real-time theme, Data Analytics is now all about the speed with which decisions are made in response to data insights. The ability to make quick, accurate decisions has always been crucial in data science, but the onset of the pandemic made speed an even more essential trait of the analytics process.
Now, more and more businesses want their data to be as current as possible and their decision-making processes to be ultra nimble. As a result, expect to see an agile, real-time approach brought to business analytics in the coming years.