Past Present & Future of Analytics!

In this fast paced digital age dynamic competition and changing economies, taking smart and quick decision by exploring new opportunities and identifying threats is the top priority for every enterprise. Data is in core of every business. And over the years volume of data is multiplying by imaginable percentage, IOT is major contributor to this increase in data. A decade back we started talking about how we should address this Big Data, and that’s when Data Analytics came into place. With data analytics you can analyze, manage and transform huge piles of data into meaningful and deeper insights to facilitate informed decisions.

An enterprise that makes efficient use of analytics is likely to make decision five times faster than its market peers. We are generating huge amount of unstructured data but on the other hand we have started applying Business Intelligence to this data to make meaningful insights out of it. Analytics solution enable enterprises in quick and accurate decision making for rapid business growth. It enhances overall customer experience and gaining competitive advantage.

Enterprise that were hesitant investing in Analytics solution 5 years back are not lagging back anymore, they park huge investment for their Data management and Analytics solution. And most importantly they are ready to upgrade as we progress.

Current Trend

Data Science, Big Data and Analytics is still making large impact on current market.

Data science is about mining large amount of structured and unstructured data to identify patterns. It is combination of programming, statistical skills, machine learning and algorithms. This helps in predicting data based on past patterns and develop new analytical methods and machine learning models. Data science is majorly used in search engines, financial services and Ecommerce.

Big Data refers to humongous volume of data that includes capturing data, data storage, data sharing and data querying. We can analyze system bottlenecks, build large scale data processing systems and architect highly scalable distribution system. Big Data is used in financial service, Communications and retail.

Analytics processes and performs statistical analysis of data to discover how data can be used to draw conclusions and solve problems. Data analytics helps acquire, process and summarize data. It also helps package data for insights and design & create data reports (Data visualization and dashboards) using various reporting tools. Analytics is majorly used in Healthcare, BFSI, FMCG, Utilities and Ecommerce.

Future for Analytics

'By 2022, over half of data and analytics services will be performed by machines instead of human beings' – Gartner

With huge impact of Artificial Intelligence large corporation wants go further than data analytics. Predictive analytics, prescriptive analytics and Natural Language processing are touching the surface now wherein early adopters are using these tools for advanced analytics.

Data and analytics solution providers play a decisive role in the digital transformation of their organization, as they support with essential insights about their customers, partners, employees and things. Sectors like Healthcare are going beyond business as usual and analyzing their data algorithm to predict epidemics, cure disease, improve quality of life and avoid preventable death. Industry leaders are looking at analyzing real time data and extracting actionable insights out of this data. Only now this has stepped further with minimum manual intervention, these insights are available to them at any place at any time and at any device. With further investment in AI or even intelligent Automation the Analytics solution is looking at another paradigm shift.

Investing in Analytics solution is not an option anymore it is business necessity!