December is usually the time when 2014 predictions are released on the topic of big data and analytics. The last 12 months have been quite eventful, where we have seen rapid developments in analytics, and the emergence of the new Era of Analytics 3.0 and the rise of the Chief Analytics Officer. The IIA, IDC and Alteryx were my 3 most interesting sources, but there was also Gainsight, Tableau and TIBCO. The common theme is that Big Data tech is going down the mainstream path, while highly specialized areas of analytics are becoming more accessible. You will also have to get your head around the fact that we are all Data scientists now.
Analytics will continue to grow in importance and impact within high-performing firms, while successful organizations must balance speed, automation and human-involvement as they implement analytics solutions into their business processes. This view is among nine Analytics Predictions for 2014, released in December by the International Institute for Analytics (IIA), an independent research firm focused exclusively on guiding its clients to leverage the power of analytics. IDC also released its 2014 predictions in a webcast, predicting that the market for big data will reach $16.1 billion in 2014, growing 6 times faster than the overall IT market.
I like the fact that the webinars were led industry thought leaders, for example Alteryx featured, Charles Zedlewski from Cloudera and Ellie Fields from Tableau. IIA’s efforts were led by IIA Research Director and Co-Founder Thomas H. Davenport, and VP of Research Sarah Gates.
- Businesses will continue to shift focus from individual analytics professionals to the formation of effective analytics teams.
- Companies will move past the hype surrounding Big Data and seek to embed analytics in business processes to align with core organizational goals.
- Organizations will increasingly use analytics to develop new products and services.
- Vendors will increase their focus on operationalizing and managing analytic models.
- Adoption of analytics as a service will accelerate.
- Facial recognition and wearable-device data will be incorporated into predictive analytics.
- The use of data visualization will accelerate both in terms of high-complexity and low-complexity information.
- There will be a continued shift to machine learning and automation, needed to keep pace with the speed and volume of data.
- Companies will focus on creating the optimal mix between automated decision-making and human-intervention, as they seek to operationalize analytics.
Hayden Richards is Contributor of IntelligentHQ. He specialises in finance, trading, investment, and technology, with expertise in both buy-side, sell-side. Contributing and advising various global corporations, Hayden is a thought leader, researching on global regulatory subjects, digital, social media strategies and new trends for Businesses, Capital Markets and Financial Services.
Aside from the articles, interviews and content he writes for IntelligentHQ, Hayden is also a content curator for capital markets, analytic platforms and business industry emerging trends. An avid new media explorer Hayden is driven by a passion for business development, innovation, social business, Tech Trading, payments and eCommerce. A native Trinidadian, Hayden is also a veteran, having served with the Royal Air Force Reserves for the past 10 years.
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