Some of the Emerging Trends in Data Analytics


    Business analytics refers to the exploration
    of an organization’s data. The exercise emphasizes statistical analysis and is
    common among companies that opt for data-driven decision-making. Such
    organizations consider their data as assets and actively identify ways for
    gaining a competitive edge in their respective industries.


    The process’s success largely depends on data
    quality and professional data analysts who acknowledge the technologies’
    effectiveness and a firm’s commitment to utilizing data to get valuable
    insights to improve decision making. Once a business owner has determined the
    goal of analysis, a methodology is selected, and data is obtained to support the


    Acquiring data usually involves extracting
    from several sources and systems. Once the process is completed, data
    integration and cleansing into one repository is done. Initially, a smaller
    sample set of data is used for analysis. Some of the commonly used tools
    include spreadsheets and data mining applications.


    The deployment of predictive models involves
    scoring data records that are usually found in a database. The scores are vital
    for the optimization of real-time decisions within various processes in an
    organization. On the other hand, business insights combine data and analysis to
    understand the meaning and allow business owners to understand different


    Top Emerging Trends in Data Analytics


    Numerous emerging trends help organizations
    navigate tough economic times, including the COVID-19 pandemic. The following
    are some of the most common emerging trends in the industry.


    Faster Artificial Intelligence


    According to some analysts in the field, most
    companies will have shifted from piloting to implementing artificial
    intelligence. By doing so, there will be a five times increase in data
    streaming and infrastructures. For example, some organizations are using
    machine learning, and natural language processing approaches to obtain valuable
    insights and understand the long-term impact of the current crisis.


    Some AI techniques create flexible systems for
    handling complex business situations. There have been significant investments
    in chip architectures that are accelerating artificial intelligence and
    workloads and reducing reliance on systems that may require high bandwidths.


    Decision Intelligence


    According to some experts in the field, a
    significant percentage of large firms are expected to hire analysts for
    practicing decision intelligence, which brings together multiple disciplines,
    including decision management. It comprises applications in the field of
    adaptive systems that involve multiple disciplines. Decision intelligence
    offers organizations a framework for helping leaders to design, model, and
    monitor decision models in the context of business outcomes.


    Data Discovery and Visualization


    The impact of data discovery has increased
    significantly in recent months. According to a recent survey in the industry,
    data discovery is one of the emerging trends. Business intelligence users have
    shown that that empowerment is a strong trend.


    The high demand for data discovery tools shows
    a major shift in business intelligence to increase data usage and extracting
    insights. The use of online data visualization tools in performing such actions
    is becoming essential during decision making.


    Predictive and Prescriptive Analytics


    Business analytics of tomorrow focuses on the
    future and aims to answer questions such as what will happen and how to make it
    happen. Predictive and prescriptive analytics are some of the most common
    topics among business analytics professionals.


    This is because big data is becoming a
    significant focus of analytics processes that large companies, small and
    medium-sized businesses leverage. Predictive analytics involves extracting
    information from data sets to forecast future possibilities.


    On the other hand, prescriptive analytics
    involves examining data or content to help business owners to know the
    decisions that should be made and the steps they should take to achieve
    organizational goals. This is often characterized by things such as machine
    learning and graph analytics.


    Would you like some help and tips on data
    analytics? NetBase Quid is your perfect partner. It has become one of the best
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