Top Trends for Data and Analytics

Data and analytics have always been key players in companies because they enhance the efficiency of the business. Data and analytics, according to many experts, are highly regarded in recruitment, customer service, finance optimization, optimization of supply chains, and many other functions and elements in different companies and organizations. The leaders of data and analytics should always stay on top of new trends and emerging technologies and utilize them for gaining the benefits for their companies and here are some of the top trends in this sphere that should be explored by everyone.

Data Analysis Automation

Over the years, data production, storage, and processing has only continued growing, and that is why many organizations and businesses had to incorporate automation in order to be able to handle massive data information. Many data and analytics consulting agencies and other companies use the latest technology and techniques in order to gather and process data, and that is why automation is one of the biggest trends in 2020. Business Intelligence has also always provided various solutions for discovering, measuring, analyzing, monitoring, and evaluating data. Plus, in 2020 BI will continue to improve automation in order to make data collection and processing even easier. 

Commercial AI/ML

It goes without saying that AI and machine learning technologies have played a major role in the growth of different businesses in many different industries. So, it is no surprise that AI and ML have a significant role in data and analysis. But, in 2020, both of these technologies are expected to become more commercial. This is important because an increased usage of commercial AI and ML will significantly accelerate the deployment of models for driving more value to investments and businesses. What is more, these will open doors to more scalable solutions for data reuse, transparency, lineage, and project and model management.

Customer Service is Driven By Data

CX, or superior customer experience, is seeing an increase in acknowledgment as a competitive differentiator. This further drives a closer alliance between customer service, marketing, and IT or data managers, making the whole experience improved. This is due to the fact that CX almost entirely depends on the insights provided by data. Another benefit is personalization. Data is sourced to deliver targeted customer experience and this has emerged as the leading priority. However, the "experience" aspect is not only for customers - this aim of data is to deliver a personalized experience to end-users, as well (e.g. employees). 

The Drive Towards Data Quality

Data has become ever-more critical to the business and business owners, and that is why there is a growth in decision-makers being able to trust their data. This is exactly the reason why businesses are now putting an emphasis on data quality. This is a process that begins by identifying and accessing data sources, and then it is extended to managing and storing the data. Luckily, there are many tools and apps on the market that can ensure data quality, in terms of cleanliness and deduplication. However, effective data quality effort also needs timeliness and governance policies to surround it. 

Data Security and Privacy

Something that no business or client wants is data breaches, sensitive data being compromised, or poor authentication practices. In 2015, only 10% of global market players have used snapshots and backups. However, now, it is expected that 30% of corporations will make sure to create data backups and update their privacy, safety, and reliability for the sake of client satisfaction, loyalty, and safety. Securing all data from any external threats will certainly be a major concern in 2020, and many businesses are upgrading and allocating their budgets to data security and privacy. 

Bots and Digital Workers

Another great trend on the horizon for data and analytics is an increase in the use of digital workers and robotic process automation. More and more bots are taking on the day-to-day tasks of back-office work, for example, searching files and managing workflows. This leads to data analytics increasingly laying the important groundwork for intelligent performance.

Almost every day, technology is coming up with new updates, gadgets, improvements, and the ways to make every job easier. In data and analytics, the situation is not different since there are many new trends emerging every year as the technology progresses. With these few trends on your side, provided you embrace them, you will drive more traffic, conversions, and customer satisfaction to your business. Not to mention how beneficial would it be to follow up on and incorporate even more data and analytics trends.