Self-driving cars, lifelike robots, and autonomous delivery drones are the major headlines grabbing the face of the digital transformation we witness around us. It’s true that none of these would have been possible without data and the analytic technology we have built to allow us to interpret and understand it. 

With data becoming pervasive in business, it’s easy to assume that mostorganisations have built core competencies around big data analytics. However, per arbelatech.com, the harsh reality is that 67% of the IT leaders define their big data environment as chaotic. 

Also, currently, many businesses are adopting big data and data science to improve efficiency, increase market reach, boost sales, and introduce new processes and solutions. This, in turn, creates a space for business analytic solutions. Business analytics is a statistical technology with quantitative methods that a company uses to gain insights, predict shortcomings, and build strategies accordingly for the future growth of their business. It also helps in identifying the company’s weak areas and further working upon them. So, let’s discuss 7 likely things to expect regarding the future of data and business analytics: 

Big Data Automation 

Enterprises and businesses everywhere are increasingly looking to automate the massive data flows that are sometimes chaotic. This is because the data can be too voluminous to comprehend. The role of data pipelines in a user-friendly OLAP data warehouse will continue to surge.  

Businesses will look forward to storing the multidimensional data obtained from numerous unrelated sources under a common storage platform. In other words, the organizations will walk closer to making data automation a reality to support decision making. In this case, the Quality assurance methodology is also important to ensure productivity and accelerated delivery. 

The Rise in Data Governance 

Data governance lies at the heart of business analytics. It refers to a set of formal practices and processes that ensure your business data is of uniform quality and is available to users when needed. According to getapp.com, the data governance market is expected to reach  $5.7 billion  by 2025, up from $2.1 billion in 2020.  

Some of the factors that lead to the surge in the data governance market are an increase in big data, compliance requirements, and higher collaboration among business teams. By 2025, the global data storage is forecasted to reach 200 zeta bytes. Therefore, it becomes important for business owners to ensure proper data governance because, without it, your efforts will turn futile. 

The Use of Embedded Analytics 

Today, embedded analytics has moved from a good to have the luxury to a must have the necessity for solution providers everywhere. Analytics can be a key differentiator for data-driven businesses to stand out in a highly competitive marketplace, especially when companies are now facing a major challenge to retain customers and sustain revenue flow.  

In this scenario, using embedded analytics will lower your analytics team’s workload. This will further provide a faster way to obtain useful insights required for the analytics team to focus more on the product, and constructively enhance the business. It also gives the end-user the provision of playing around with the data, like zooming in and aggregating it. In the coming years, it’s expected that companies will leverage maximum benefits out of embedded analytics. However, it is significantly necessary that the modern-day cloud-based business analytics software made to help with data analytics should be pursued through effective cloud testing services that can help yield stable and secure outcomes post-implementation.

The Use of AI (Artificial Intelligence) 

AI-equipped business intelligence tools can automatically analysedata from multiple sources to identify hidden trends. AI-powered BI systems can make your data easy to understand, reduce the time needed to process large volumes of unstructured data, and generate more accurate business insights.  

According to Gartner, by the end of 2024, 75% of businesses will shift from testing AI to fully implementing and using it for data analysis. AI-powered systems for data analytics will help you self-solve the most complex problems. It will also allow you to generate more accurate forecasts so that your business can prepare to meet the market changes and requirements. Apart from this, AI has been a game-changer for analytics as it can attempt to interpret all the data together and come up with predictions about what the potential lifetime value of the customer may be based on what we know.  

The Rise of DataOps 

DataOps is a methodology and practice that borrows from the DevOps framework often deployed in software development. Those in DevOps roles manage ongoing technology processes Around service delivery; however, data ops are concerned with the end-to-end flow of data through an organisation.This means removing obstacles that limit the usefulness or accessibility of data and deployment of third party as a service data tools.  

In the coming years, we will also see the growth in the popularity of DataOps as a service vendor offering end-to-end management of data processes, pipelines on tap, and pay as you go. This will further help lower the barriers of entry to small and startup organisationswith great ideas for new data-driven services but without access to the infrastructure needed to make them a reality. 

Augmented Analytics 

Augmented analytics adoption was one of the top trends for 2021. The adoption still seems strong for 2022 and the coming years, not only in augmented analytics but also in the role of AI in analytics overall. Today, augmented analytics has become the leading business analytics trend amongst the corporate and the government.  

This includes the use of natural language processing and machine learning to enhance data analytics, data sharing, and business intelligence. Overall, the whole process deals with simplifying the business analytic process. 

Voice Assistants to Help Churn Out Insights 

In the coming years, we will witness voice assistants everywhere — be it Siri, Alexa, Cortana, or Google Assistant. Voice interactions have become a critical source of data for marketers and businesses, as most online searches are done via voice commands.  

According to getapp.com, the global speech analytics market is expected to reach $3.8 billion by 2025, up from $1.5 billion in 2020. The increasing use of voice assistants to complete tasks such as web browsing, shopping, and customer service is driving the market growth. Speech inputs from voice assistants combined with other datasets, such as buyer profiles, can provide valuable insights into your customers’ state of mind, choices, and preferences. Speech analytics tools also help you predict customers’ intent and service reps’ performance. 

Conclusion 

All we can say is that one thing is certain — data analytics will only gain momentum for the foreseeable future and will be at the core of countless new technology solutions. Reliance on Business Intelligence      and Analytics (BI&A) now outweigh strategy as the key requirement in business planning. Besides, the amalgamation of transformative technology like AI, Big Data, Augmented Analytics, DataOps, and their future versions into the Data& Business Analytics industry will turn out to be the most anticipated and necessary progress in the direction of business development.  

Also, with things like the inclusion of customization, data quality management, and more, the field of business analytics feels more alive and robust than ever before. And as companies continue to open the veritable floodgates of customer data, we are also going to see a greater emphasis on security and privacy in our conversations about business analytics.