The Analytics Evolution
Similar to fashion, analytics can be trendy or classic. Some analytic trends are hot, and a few months later – not. However, some analytics continuously evolve to expand our understanding of our businesses. Deloitte’s annual report identifies analytics trends that are most likely to drive the business world in future years. This year, Deloitte found six major analytics trends to watch for in the coming months and years, the top topics are listed below:
The Smart Technology Takeover
Smart technologies are growing rapidly in popularity as the benefits of automation are quickly being realized. Between 2014 and 2015, over $1 billion dollars were invested into smart technologies, and by 2025, this number is projected to exceed $60 billion. Although smart technologies are advantageous as an added tool, they cannot render the human thought process and therefore, are best to be utilized in conjunction with humans. This collaboration of man and machine can elevate your business to new heights. Deloitte has found that the primary departments driving this change are HR, IT, and Marketing.
Enterprise Level Analytics
Businesses are no longer looking for analytics that can only be utilized by one department. Instead, the C-suite is looking for analytics that can be paired across departments to showcase a more holistic picture of the business. Building these enterprise level analytics creates the IDO, or insight-driven organization. The IDO has the ability to scale quickly and solve major business problems with their innovative insights.
Analyzing the Talent Shortage
Forty percent of the responses to a study done by MIT in 2015 stated that organizations have difficulty hiring analytical talent. In addition to this, 181,000 people with strong skills in analytics, and five times that number will be needed for positions in data management and interpretation in 2016, according to the International Data Corporation (IDC). This shortage is driving the need for HR and IT departments to develop creative strategies for hiring and training new recruits as well as retaining their current employees.
Science is the New Cool in Business
Business analytics has been maturing in recent years, with the resurgence of process tracking and the ability to do so with new technology. Businesses have been able to harness the technological advances in science (DNA is one example) to solve their own problems with big data. By tweaking already available tools in the science community, businesses are able to extract important information and build meaningful insights to solve problems and grow.
Some analytics, take big data for example, are like your black dress or sport coat – they will always be in style and important to have on hand. Other analytics, like the ones listed above, are more similar to wearable technology. They have grown in popularity more recently, and are evolving rapidly to help your business expand, save money, and become more efficient.