Surrounded by Data but Still Searching for Insights?
Three Key Trends to Power and Transform Your Organization
The power of data analysis today is transforming organizations and industries. Once largely subjective decisions (e.g., employee recruitment or product branding) are now increasingly data-driven, and have become more objective decisions (e.g., logistics planning or customer risk analysis) that often rely on sophisticated analysis of more complex data than ever before.
As your organization plans its data management and analytic strategies, there are three key trends worth paying attention to—all of which will evolve significantly over the next few years:
Empower the Masses
Short-lived are the days of data being held by just a few key players. Organizations on the leading edge are realizing the importance of expanding the reach and relevance of useful data to a broader range of employees than ever before. Two market movements will accelerate this reach across the entire organization:
Proactive pushing of information– As it stands now in most organizations, a user must pull data from the system which requires time, effort, and in many cases, specialized training and/or knowledge—resulting in a significant “cognitive load.” New technology enables a flip to the proactive pushing of data driven insights based on context, which increases the relevance and reduces the load on the user.
Expanding accessibility– Artificial intelligence (AI) has the ability to allow casual users to access technology and insights more naturally, making it accessible to your employees who previously may not have been equipped to mine for it.
Embrace the Complexity
Your organization has the power to fuel innovation and growth right at its fingertips, by using analysis to challenge conventional behaviors with fundamentally new approaches to traditional problems. These changes will transform this dynamic:
Increasing demand for sophisticated analysis– We anticipate organizations will become increasingly comfortable with the idea of “black-box” analytics (with a “back-end” that is hidden from its user). This will allow wider adoption of analytics to support a variety of use cases.
Increasing availability – The combination of greater automation and the increasing ease of use of data science platforms will lead to the creation of more sophisticated analysis which becomes less dependent on users with traditional data science skills. Bottom line: Time relevant insights can be gained across an organization by less skilled users, without the need for data scientists.
Transform the Enterprise Ecosystem
How can the effective use of data create insights that change the way your organization understands itself and relates to its environment? Sometimes, the future can be created by mixing with current best practices. Our final prediction is an example of just that: elements of real-time, context-driven insights that incorporate customer location and preferences become a typical variable towards building AI driven recommendations.
Where Do You Go From Here?
This coming wave of change will have a profound impact on everyone, so now is the time for your organization to start thinking about the implications of jumping in or waiting on the sidelines. In our next post, we’ll address how data and analytics leaders involved in analytics and business intelligence strategies should help their organizations prepare for this era of information gathering and sharing.