Data analytics is changing the world for the good. Now every business decision looks promising if it is backed by data analytics. So, what is data analytics? The phrase “data analytics” refers broadly to the processes of extracting, analyzing, and processing information. Numerous applications of data analytics in the business world accelerated the adoption of data analytics. With increased adoption, new innovations are happening in the analytics industry to make the solutions more useful and adaptive.
In the past years, we have seen an explosion in the use of technologies such as cloud computing and big data that has changed how people collect and analyze information. Here are some of the evolution or trends you can expect in the data science industry in 2022.
Automation and AI
Automation makes everything an ice-walk with its accurate and efficient operations. Now business challenges need solutions that can convert data into insights in seconds. Manual data analysis takes both time and money. Automation lowers costs, improves accuracy, and streamlines business operations which makes it even more popular. In the field of data analytics, automation and AI is enhancing the ROI through mimicking human capabilities and deriving value from data with precision.
Automation and AI is helpful in almost all stages of data analytics such as data extraction, integration, preparation and analysis. Integration of automation and AI needs advanced technology and deep understanding from the user end. Though adoption is a bit challenging, we can confidently predict that in the upcoming years, automation will be more frequently incorporated into business processes.
Hybrid cloud solutions
For organizations, the cloud has replaced the status quo since it provides safe, affordable and scalable data infrastructure to support mission-critical applications. According to Gartner, public cloud services will increase 21.7 percent by 2022 to reach $482 billion. With a hybrid cloud, which mixes on-premises and cloud resources, big data and analytics capabilities may scale more easily and with more processing power. By integrating on-premises business resources with the advantages of the public cloud environment, businesses now get the best of both worlds.
Through delivering a centralized data access, data privacy, scalability, flexibility and much more at lower cost, hybrid clouds are enhancing the efficiency of the data pipelines. For analyzing huge volumes of data, hybrid cloud analytics tools and analytics software are very effective. They produce on-demand insights in quickly ingestible formats, improving and streamlining the user experience.
Predictive analytics
Predictive analytics is a field of data analysis that makes future predictions based on already available data. In other words, it helps you to make decisions based on historical data. Even though predictive analytics is not a new trend, more businesses across the world will adopt it due to change in consumer buying behavior. Predictive analytics uses machine learning algorithms to extract insights from data using statistical modeling techniques.
Prediction can be used by companies in all types of industries, including health care, retail sales, finance and insurance, energy management and telecommunications. For example, a retailer may want to recommend specific items based on an individual’s previous purchases and browsing history even if those items were not purchased online. In this case, machine learning algorithms would analyze the individual’s purchase history in order to determine which products would likely be purchased again by that customer.
Real-time analytics
Real-time analytics is a new approach to data analysis that enables you to take the insights from your data and act on them quickly. Real-time analytics refers to the fact that data is processed in real time instead of batch processing, meaning that it’s processed at the same time that it’s collected from users. Real-time analytics is a key component of data-driven decision making, which relies on timely and actionable information.
In addition to improving your company’s customer experience and overall business operations, real-time analytics can help you identify new opportunities. It allows businesses to take immediate action on the latest data that are extracted, such as customer interactions, financial transactions, market trends and more. Real-time analytics is widely used in the healthcare sector. Doctors are able to access patient records, check on patient conditions and make medical decisions much faster than ever before and all thanks to real-time analytics!
Self-service analytics
We are continually looking for ways to make our lives easier. Data analytics is not an exception. Self-service analytics is a service that allows users to generate reports, analyses and dashboards without having to rely on IT. It is a good fit for organizations that have a high volume of data and need to access it more quickly.
Self-service analytics is better in many aspects compared to traditional methods. It saves both time and money for organizations who do not have access to large amounts of financial or technical resources. Self-service analytics is used by companies across all industries. It can be used by customers, employees and partners as well as business owners who want to gain greater insight into their business.
At Xtract.io, we believe that data should be the foundation for every business operation. We deliver the most advanced analytics to help businesses make better decisions. Our expertise spans all areas of data analysis from basic statistical analysis to advanced predictive modeling techniques like machine learning, neural networks, and artificial intelligence. Join us to make use of the most advanced analytics approaches to drive your business.
