A below-the-surface look at the 8 analytics trends for the year
The choppy waters of data management’s past have given way to measured waves of analytics innovation. In 2014, a growing number of businesses accrued tangible results from their analytics initiatives: Incremental revenue gains through proactive pricing. Better customer engagement across channels. More resilient supply chains. Significant reductions in fraud, waste, and abuse.
The list goes on – and it’s likely to grow as long as businesses keep an eye on analytics advancements and take a strategic approach to adopting and applying leading analytics capabilities. The trend toward using data to make smarter decisions shows no sign of slowing. In fact analytics-driven decision making is becoming the standard for today’s competitive businesses.
Deloitte has assembled a list of 8 significant analytics trends to watch in 2015 that we think continue this momentum. Our trends offer some food for thought on how, where, and why the role of analytics is changing, and how businesses might respond. We have noticed many enterprises asking (and answering) some interesting questions around these trends:
The Analytics of Things: Are we capturing value from structured and unstructured data – including the Internet of Things? Should we be?
Monetize This: Have we considered all the value our data can provide – and how do we determine the value of information value anyway?
Bionic Brains: What are the possible implications of machine learning and artificial intelligence – not just for our business, but for society and daily living?
The Rise of Open Source: Does open source have a place in our analytics ecosystem? Can we govern it?
Tax Analytics: What critical insights can tax executives gather from the quantitative field of tax analytics?
Universities Step Up: How can future analytics professionals “skill up” to deliver on advances in data science and analytics?
The Accuracy Quest: When is data “good enough” to feed effective analytics initiatives?
And what about the continuing importance of data security? This “supertrend” affects nearly every inch of the enterprise – and it can play an important role within the other trends identified. From intrusion detection to malware countermeasures, analytics-driven security strategies can offer organizations a predictive, proactive approach to their security challenges.
Other areas of interest in the coming months include facial recognition and geospatial monitoring; the public call for data accountability, and analytics’ innovations that affect our daily lives – like smart cars and wearables.
In the meantime, our analytics message for 2015 is: Suit up and dive in; the water’s fine!