7 Trends in Analytics to Look out For in 2022
The pandemic caused changes in a lot of industries, but its impact has been particularly felt in the analytics industry.
Companies were forced to go fully digital, meaning simply having an online presence is now not enough to remain competitive. Enter analytics…
Being able to make decisions based on facts and insight is more important than ever and with digital transformation taking huge strides forward over the last 18 months, the importance is leading to the rapid acceleration of the sector.
So, what are the upcoming trends for 2022? We’ve picked out 7 of our favourites:
Predictive analysis will grow as a field
Predictive analysis is one of the main reasons why data analytics consulting services are on the rise. In 2020, the market share was valued at USD 7.2 billion, and its value is expected to rise by 300% in just 5 years.
Incorporating predictive analysis as part of their strategy allows an organisation to identify a customer’s next move before they even do it. This means that businesses can attract, retain, and grow their most profitable customers alongside being able to better manage their inventory and resources.
For companies to remain competitive, they will need to utilise predictive analysis as a tool more often and across more departments.
Human jobs will be safe despite the growth of AI
While AI is becoming more sophisticated, it’s not yet at a
stage where it can rival humans in many cases and there will always be roles that require the “human factor”.
There will still be the need for humans to use future analytical tools to detect anomalies and threats in a logical manner.
Cloud-native solutions will become a necessity
With the rise of the hybrid work model, cloud-native solutions will become a genuine necessity as employees demand greater control over their workflows from any location and at any time.
As the technology becomes more advanced and flexible, the number of businesses enjoying the benefits to make their businesses more agile is increasing. In fact, Gartner predicts that public cloud services will be essential for 90% of data and analytics innovation by 2022, highlighting the risk of disregarding cloud analytics solutions.
Business intelligence grows in importance
The pandemic has resulted in the more widespread adoption of BI tools as companies looked to adapt to the change in buying behaviour and better meet their customers’ needs.
As a result of their changing strategies, many businesses relied more heavily on the data collected to improve their services, and analytics will continue to play a key role in forecasting market trends and making more robust plans for future growth.
Self-service analysis will become more widespread
The phenomena of self-service analysis will change how data analytics is approached. It will enable those who have no specific knowledge or data expertise to understand and process information themselves.
Making data analysis more accessible means experience in data mining, quantitative and statistical analysis will no longer be needed for many businesses. Instead, there will be a greater emphasis on upskilling staff and existing teams will be able to draw out the information needed from the data without the need to hire highly experienced analytics professionals.
Customer personalisation has become bigger and more important than ever, as we moved increasingly online and competition for customers became fiercer. Alongside this digitalisation came a better understanding of customers and, in turn, more data to analyse.
This means that for businesses to remain competitive in the future they’ll need to focus on delivering a highly personalised experience to their customers and offer the right product or discount at the right time to every customer to maintain brand loyalty.
Improved efficiency is the ultimate goal
Businesses used to see staying ahead of their competitors as the primary goal, however, now their mindsets are changing to focus on growth. AI-powered tools, data analytics consulting services, and business intelligence are all being used to focus internally and improve processes to deliver on growth plans.
Efficiency can be achieved by optimising existing strategies, tools and resources present in a company, enabling a business to experience higher growth. As more businesses look to grow and become more efficient, investment into data analysis is expected to grow.
2021 has been a stellar year in the world of analytics and more developments and uptake from businesses are on the horizon.
There seem to be no signs of things industry slowing down in and with such importance being placed on datasets, companies will need to embrace change to remain competitive.
Those that effectively utilise data and work it into their planning and strategies going forward are the ones who will win out.
These certainly are exciting times for the industry!
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