Business analytics has become a huge topic of conversation in today’s business world. At the front of that conversation is business intelligence because it’s a game-changer. It allows for more precise and efficient reporting and is the highest demand market research service. The increasing number of businesses that are finding huge success with business intelligence (BI) has not gone unnoticed. Thus, we’re starting to see a lot of trends taking the world by storm.
BI practices are branching out into multiple facets of the landscape and crossing multiple industries. There’s not one niche that has not been impacted by big data, so brands must wrap their heads around it.
Top 7 Data Trends to Watch in 2020
Data is being driven by several specific technological breakthroughs that are going to shape in 2020.
#1: Automation
It’s believed that 40% of data science tasks are going to be automated as we move into 2020. Right now, we’re seeing brands automate specific parts of the process but leaving other areas alone. As a result, they are struggling to keep up. Business intelligence systems solve the demand problem for data scientists. There are not enough data scientists to go around, so businesses need to develop ways around them.
#2: Building Actionable Insights
The business will shift away from all manual data processes and turn to artificial intelligence systems to create actionable insights. Right now, the demand for data scientists is higher than the supply. But business analytics systems will level that out, and businesses of all sizes will be able to use automated systems to build actionable insight. In 2020, we also expect artificial intelligence systems to improve pattern recognition and become easier to use. In the end, we’ll see systems where the process of transforming raw data into actionable insights is completely automated with no manual steps in between.
#3: Data Governance
Data sources are becoming increasingly more complex, so the demand for improved data management systems is at an all-time high. BI frameworks are highly dependent on proper data governance. The fact is that poor quality data will cause leaders to make awful decisions about the growth of their business. Data governance ensures that only the right people have access to data, so the information in these systems is much more reliable.
#4: Greater Adoption of AI
Artificial intelligence has turned from optional technology into a disruptive technology that businesses cannot live without. By 2020, even small businesses will need to utilize some form of AI to improve their decision-making productivity. Business intelligence systems are used to look at past performance and find patterns that might lead to better future returns. So we will start to see more businesses adopt AI to stay competitive.
#5: New Roles for Digital Assistants
Most employers are going to outfit their company with digital assistants. Instead of hiring full-time employees to do this work, they will be bringing in assistants to deal with visual work processes, benchmarking, and data visualization. However, as AI technology becomes even more advanced, we’ll see automated assistants like Alexa and Siri start to translate and convert spoken words into structured data.
#6: Data as a Valuable Commodity
Leading brands have already seen the value of data and have started monetizing it. Facebook and Google are making a fortune from data by essentially selling it to businesses. With that said, regulations might be put in place to prevent this in the future, but for right now, data is tremendously valuable, and that won’t change.
With that in mind, we’ll also start to see the indirect monetization of data. What I mean by that is businesses will be using data to find new opportunities for profit
#7: Machine Learning as a Service
Machine Learning as a Service (MLaaS) is a host of services that are used in combination with cloud technology to provide businesses with easily accessible machine learning tools. It’s designed to mitigate the risks and costs of building an in-house machine learning team. Market research service is combined with business analytics, predictive analysis to bring business models and forecasts that will help make important decisions. These services are expected to grow in both demand and supply throughout 2020. The idea is for small businesses to have the same tools as their larger counterparts, thus leveling the playing field.
Data Analytics Have Become Vigorous
Data analytics is used vigorously by businesses to uncover important information that can be used to make essential decisions. The first step is always to find a market research service to help you get a better handle on your target market followed by business analytics. Then this initial step begins a long process that includes the following steps:
1. Define Goals: All marketing is based around a series of goals those leaders in a company setting. Decisions are always based on these goals, and all market research is done with them in mind.
2. Ask the Right Questions: This is where businesses define key metrics and determine what they are going to track. Companies will sometimes use a market research service to help in this area.
3. Collect Data: Now, a business will develop systems to gather data based on the metrics defined in the previous step. This can include customer reviews, surveys, questionnaires, and even social media monitoring.
4. Data Cleansing: So far, the business has collected a lot of raw data. Now it must be converted into a manageable format.
5. Data Analysis: The data is organized into a more digestible format using data analytical tools. The software will look for patterns and specific metrics.
6. Reporting: Leaders receive reports and can use data to make important decisions.
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