Anybody who’s tracked the analytics market would know how new technologies keep on pushing the bar, and changing the analytics ecosystem in unimaginable ways. These tech revolutions are disrupting markets, making old analytics tools absolutely obsolete, marking the influx of enhanced analytics technologies, and making the benefits accessible as well as affordable for SMBs and enterprises. Whether you’re a data scientist, a tech strategist or consultant, or a CIO – you need to remain well aware of technologies that are reshaping the analytics market, and will continue to do so throughout 2018. Here’s a helpful guide.
Analytics Technologies Driving The Impact of Visualization
Sight is a prominent sense in humans; we remember things that we see much better than those we hear about. Visualization, hence is already a focus area for tech giants operating in the big data analytics and business intelligence space. When the data in question is huge, it’s through visualizations that data scientists and busy executives can identify trends and patterns, pose pointed questions, and take data backed decisions. In an environment where enterprise users have to deal with multi-dimensional data, analytics tools that can offer the benefit of intuitive visualizations can help end users extract meticulous insights from the mountains of data. Tableau and QilkView, for instance, are leaders in the space, and are ramping up their products’ visualization capabilities.
Analytics and Machine Learning – A Match Made in Heaven
Like everything else, machine learning is changing big data analytics for the better. Use of data analytics for applications such as product recommendations, custom segmentation, churn prevention, and fraud detection can be supercharged by bringing together analytics and machine learning. Enterprises can, for instance, use a content audience intelligence tool to leverage the power of your analytics platform, enhance it with machine learning to filter out the most valuable leads, and follow up with them to drive sales.
SAP Brand Impact helps you understand the impact of your advertising and promotions. SAP Leonardo helps developers integrate with Google TensorFlow for creating advanced analytics algorithms. SAP Predictive Service helps internal stakeholders quickly find accurate answers to their questions, using analytics and machine learning.
Data Monetization initiatives
Whereas the role of Chief Data Officers in enterprises was largely seen as a defensive role, with max focus on ensuring data privacy, and regulatory compliances, things are now changing. The availability of inexpensive cloud storage as well as the plummeting cost of physical storage mean that organizations are confidently creating and archiving more data. IDC, in fact, predicts that by 2025, there will be 180 zettabytes of global data (it was 10 zettabytes in 2015). Data officers, hence, will need to step up and think of innovative methods of monetizing data. Raw data as well as value added components will bought and sold in online marketplaces sooner than you think. Naturally, analytics platforms and technologies are aware of this, and hence will bring in functionalities that help enterprises achieve data monetization goals quicker.
Predictive Analytics – A Potential Disrupter
Enterprise application service innovators are working on advanced predictive analytics technologies. Now’s the opportunity for businesses to reimagine their business processes by using predictive data analytics to optimize resource allocation and utilization across processes. The collective improvements in margins that predictive analytics powered process improvements can bring about for an enterprise are exciting. Whether it’s uncovering trends from your big data, harnessing the data from Internet of Things, and connecting with existing ERP endpoints – tools like SAP’s Predictive Analytics can get it done for your business. SAP HANA integrated predictive analytics brings the perfect blend of deep data analytics capabilities with futuristic speed of data processing.
The world of data analytics continues to evolve; 2018 is all set to be a landmark year, as multiple technology trends seek to converge upon analytics to change it for the better.