It is that time of the year when you take a look back and take an educated guess on what is going on to be in the very near future of data analytics. There is no doubt that in 2018 analytical industries will be not just hot but also rapidly changing. Here are the top trends that will prevail within the New Year.
Data Analytics & Business Insights as a Service Will Grow
Having your own analytical capacity is nothing less than expensive. A lot of managers are struggling to create a dedicated analytical team at a reasonable cost and this is not a surprise. This is why analytics & insights as a service will grow at a fast pace. It is nothing less than a wise approach to benefit from analytics on important business task and processes.
Cloud Storage & Computation Strategy
Just like the dedicated analytical team, the technical equipment required for work on huge data sets is quite expensive. On top of this, it is a one-time cost which wears and tear as time and pass, not to mention the support cost. Forrester, quoted by Forbes, expects 50% of enterprises to embrace a public-cloud-first policy in 2018 for data, big data, and analytics, as they look for more control over costs and more flexibility than on-premises software can deliver.
Democratization of Data Analytics Will Continue
The few (vendors) to few (customers) business model of data analytics is still dominant. The reason for this is the high price of analytics services and the few businesses, which can afford them. Happily, this is changing at a steady pace and this will continue in 2018. More and more analytics companies will be founded and they will find their way to solve actual businesses` problems. With the cost of data analysis and visualization technologies falling and investments bearing fruit, this year should see the adoption of data analytics extend to even the smallest of companies.
External Data Usage Will Rise
Generating and storing big data is good and it is even better if you cross it with external data. Such approach is multiplying the possible analytical projects` benefits. Our sales forecasting & demand prediction tool is relying on weather data since there is a strong correlation between customers` behavior and the climate condition. Analytical project for the Coca-Cola company we`ve recently finished relied on external data as property pricing, wage levels and so on. Keep in mind that government open data policies will be more and more fruitful and data scientists will easily utilize it.
Even More Businesses Will Appoint Chief Data Officer
Not matter if a business relies on outsourced analytical services or has its own team, you need someone in charge with data and all things related. CDO is going to create and execute data policies and such work is the key to analytical benefits in the future. Gartner even says that 90% of large companies will have a CDO role by 2019.
