Exco Risk Technology

Data Analytics Trends for 2014

Few areas of business today are changing faster than analytics. From big data and visualisation to predictive modelling and more, analytics represents a rapidly evolving world of technologies and tools that few have time to keep up with. Which trends really matter and which will prove short-lived, which are hype and which will deliver tangible, timely business value?

For all the uncertainty in the field, business leaders still have to make decisions and choices about the future.

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The trends highlighted in the report are:

  • The rise of the Chief Analytics Officers: A few years ago there was no Chief Analytics Officers (CAOs). Today there are many in the tens. With the e-commerce on the rise, organisations have created these roles. How does this help oganisations succeed?
  • Machine Learning find a big data niche: Deep automation is still in the pre-Henry Ford stage, but the concept is likely to take off just as fast as conventional manufacturing did
  • A picture is worth a thousand numbers: General movement toward management wanting greater involvement with analytics and data driven decision making – visualisation is a key enabler.
  • Data products run amok: Almost every offering from Google to LinkedIn is a data product. These offerings have led to considerable gain in customers and retention levels.  This can turbo-charge your business—or your competitor’s
  • Is the enterprise data warehouse dead? More companies are now able to gather data from their operations, analyse it, and make it all available to customers. The rise of “in-database analytics” has made EDWs even more popular.
  • Data discovery platforms: The new R&D lab? Discovery is essential in science-based research, development, and product innovation. But it’s no longer restricted to the lab. Increasingly, discovery focuses on data management and analytics. Leading organisations are adopting data discovery platforms—technology environments that make big data manipulation relatively easy and inexpensive.
  • Analytics drives entertainment: Analytics prospered first in well-structured domains like pricing and supply chain optimisation. Next came marketing organisations, where data and statistics found a place alongside creative content. Now one of the last bastions of pure creativity—the entertainment industry—has begun to explore the ways analytics can help human judgment determine which movies, television programs, plays, and books customers want.

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