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The future of data & business analytics

What is the future of business analytics you may ask? To start with, data analytics and business intelligence hasn’t yet reached its full strength for the moment. As they appeared so far, many companies and specialists are just getting familiar with it and adopting it for their activity.

The future of big data analytics

Frankly speaking the future of data analytics is being written at the moment and it will continue that way. However, this is what we can be prepared for.

The international survey of KPMG has stated the next situation with the organizations and businesses: all the benefits of data analytics are still not employed in full. The main obstacles are data quality issues and a small number of capable resources. The nearest years of developments in data analytics will form the future of analytics with many new professions in addition to the current.

 

No doubt the obsolete attitudes will change for augmented analytics, plus the sector will only grow. This way you will understand that data analytics should be used for business for better growing and financial success.

Why data analytics is the future of everything?

The certain fact will be the continuous data analytics evolving for the foreseeable future.  As you can understand, new technology solutions will continue to appear, so the early bird will get the warm. 

For the moment the usage of Business Intelligence (BI) and Analytics outweighs strategy as the main option when planning and even forecasting. To keep your business competitive you should certainly use new resources to observe the better tendencies like your competitors are doing.

From the other side the business analytics tools will also evolve at a rapid pace. So you should also track this direction. Data analytics and information services are predicted to have the fastest growth rate at 16% to 18%. The future of big data analytics should come together with your company’s future plans.

the future of data analytics

The new trends we  see will surely change the job types, and some of them will totally disappear from the market. Another Oxford University study stated “about 47% of total US employment is at risk”. Plus we can expect to get a new shift of accountant work to be computerized in 20 years. The study predicts it with a 94% chance.

Pay attention to:

  • The tendency of data specialists’ shortages will continue. The fact is that qualified data analysts and data scientists are in a high demand, plus the situation will grow accordingly in the short term. We recommend doing it now and planning the appropriate actions to face the reality. You may follow the advice of professional companies, or use your own program to prepare the candidates among the staff and train them. Anyway, you should do it as soon as possible.
  • Welcome the interconnectivity because it is the key to advancement. It will be highly critical to the business success in the sea of new internal tools for data analysis and BI. All of them use the accelerated need to access external data stores, networks, and IoT devices. No matter which direction you will follow,  by your own forces or via hired company your future data analytics machine will be created using them.
  • The creative new services via machine learning add value in unique ways. The modern options using machine learning and artificial intelligence (AI) are developing together with Business Intelligence. Soon the number of automated works will be endless. The investigations predict a race of the companies willing to use its power for the profits and advantages will grow. Among the industries, machine learning can offer customer service roles and facilitate the workflow. 

We recommend you save time and optimize the management reporting with the help of the seasoned Power BI professionals in the Cobit Solutions company. They offer businesses specially developed Dashboards to organize their work and implement business analytics. It will give you the advantage to stay competitive in the coming years.

The process starts from the business data sources and critical metrics discussions to create a system that provides a full image of business performance. The clients can order dashboards for specific industry and business areas. It will be critical to create a tailored reporting tool to see the results each time you access the program.

Read how to track the main economic factors with  BUSINESS INTELLIGENCE FOR INSURANCE  

power bi examples reports

Power BI platform provides not only worldwide access due to the cloud storage, but  can be accessed from any device anytime. This way you may plan well your strategic investments, see the results of selling, providing services among the company’s divisions, branches and business lines. You get the clear visualization of processes which helps to manage and maintain the results.

If you want a deeper understanding of the Power BI analytics solutions implementation or would like to master the development processes – start the learning of this topic with Cobit Solutions, as one of the experienced data analytics and BI professionals services provider.

Summary for the future of analytics

The augmented analytics is the future of data and analytics. The continuous data analytics evolving for the foreseeable future will make impossible things possible. Maybe the nearest future will be an autonomous decision-making process. So better now than later implement the new technology to stay competitive on the market and manage your successful development and workflow. Welcome the interconnectivity as the key to advancement and machine learning to provide value in unique ways.

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