Hot Trends in Data Analytics and Business Statistics
Not long ago, the trends around data analytics and business statistics centered on data generation and collection. Now, the key phrase is data-driven.
Most companies now know how to collect, store, and manage data. In some cases, they even know what data they most need to collect. But the focus remains: how do you put that data to use in ways that make for a smarter business?
Those who work in data analytics and business statistics drive much of what is happening. Certainly, those who earn a master’s degree in these fields position themselves to be at the center of the ongoing data revolution.
Where is it all going? Certainly trends already have emerged in 2018 that will impact how organizations use and interact with data.
Death of Data Lakes
Everything, as mentioned above, is shifting toward data-driven, not just data generation. All the evidence needed on the scope of data generation is found in data lakes, the term for vast data sets that have been collected but have not been used.
More companies are reaching the point where, if data cannot be clearly identified as delivering business value, then it must be deleted. Or, it’s possible that machine learning could lead to programs that can find uses for vast data lakes.
This opinion on data lakes marks a shift in thinking. Originally, big data sets were meant to put an organization’s data into one place for analysis. But storing data and then later analyzing it already seems a slow process. Analytics now are shifting more toward getting as close to “real-time” analysis as possible.
Developing Data Governance Strategies
This again ties into finding value in data. With no overarching strategy in place, many companies careen from one strategy to the next. Executives, busy with other elements of the business, have in many cases not taken the time to develop a data governance policy.
While not typically tied into data strategy, data governance does parallel with strategy. It involves a set of rules on how, when, and where companies will collect and use data.
The European Union’s General Data Protection Regulation (GDPR) law that took effect May, 2018, is also driving the focus on data governance. The new regulations significantly change how information can be collected on people online. Some companies are scrambling to ensure they have the data governance to comply with the new law.
Self-Service Business Intelligence
Machine learning and artificial intelligence (AI) are transforming how businesses approach business intelligence (BI). BI software has long been able to collect and quantify data. Now, AI has advanced to the point of making recommendations based off information gleaned from large data sets.
While Information Technology (IT) departments still have the task of setting up these systems, business people – even those without in-depth technical know-how – can obtain information in graphical form with the push of a button.
Business analysts can now do much of the cleaning and analysis work, augmented by AI. Informational graphics also can update automatically with new data, allowing business leaders to see the latest information at any time.
Mobile Dashboards for Data Analytics and Business Statistics
While once tied to a desktop or laptop, mobile dashboards that work with smartphones and tablets are being incorporated into many organizations. While that’s almost commonplace in 2018, what’s new is running every metric possible through business analysis and sending alerts to mobile dashboards when a certain metric has been hit. This is vital because, in 2018, few managers are sitting at a desk all day. They can do it from anywhere.
These are some of the large picture issues – and innovations – that will emerge as 2018 rolls forward. But if there’s one thing to count on in data analytics, new issues will emerge, sometimes daily. For those interested in the profession, there’s never been a more exciting time in the data analytics and business statistics fields.