At the beginning of this year, the International Institute of Analytics (yes, there is such a thing), an independent analytics research firm, reported that there would be at least 10 analytic trends to watch for through the end of this year. They are outlined below. Do any of these predictions ring true for you?
Two roles; one office? Organizations will clarify the Chief Analytics Officer and Chief Data Officer roles and how they fit into their overall staffing structure.
Once upon a time: Storytelling will be the hot new job in analytics as executives seek to understand data in context of business.
Ensemble methods emerge: Ensemble methods for analytical models will grow in popularity. Indeed, ensemble methods use multiple learning algorithms to obtain better predictive performance.
Analytics meets IT security: The application of analytics for holistic and integrated security breach prevention will be a top priority.
Building on the Internet of Things: There will be an emergence of “The Analytics of Things” as Internet endpoints of all sorts generate data and increasingly analyze their own data before passing on the information to centralized systems.
Bigger data bets: Companies will double their investment in generating new and unique data.
Hadoop comes of age: Hadoop, the open source technology, will go mainstream. Already, Hadoop provider Hortonworks has launched a successful IPO. Rival MapR just raised more money. And Cloudera also is very active with customers.
Privacy in the spotlight: Privacy demands will spark tools and services that allow consumers to determine if and how their data is shared and at what price.
Your workforce redefined: Analytics, machine learning and cognitive computing will increasingly take over the jobs of knowledge workers.
Let the machines decide: Automated decision making will come of age.
So, how did it go? Companies that use analytics realize measurable business impact from the combination of traditional analytics and big data. According to the International Institute of Analytics, high-performing companies will embed analytics directly into decision and operational processes, and take advantage of machine-learning and other technologies to generate insights in the millions per second rather than an insight a week or month. Analytics truly becomes the competitive differentiator for enterprises who capitalize on the possibilities of this new era.