Important Trends for Business and Marketing Managers
With the introduction of AI into our lives, there have been many changes in the field of data and analytics recently. In this ever-expanding technological world, all the tools we use, the way we collect and analyze data, and even how we think about data have changed dramatically.
In today’s digital age, data & analytics is the cornerstone of any business decision-making and the digital revolution. Trends are never stationary and changes are always inevitable in the world of data, so let’s take a look at some of the most promising data & analytics trends that are likely to shape 2022.
Context-Driven Analytics
According to Gartner, context-driven analytics and artificial intelligence (AI) models will replace 60% of existing models built on traditional data by 2025, and augment people’s decision-making.
Businesses today are inundated with different layers of information from multiple sources, including text, audio, image, and associated metadata. This wealth of complex data proactively identifies and offers users context around the similarities, relationships, and relevance of that information, and enables users a way to make informed decisions at the point in time they access that data. This is called contextual analytics, also known as contextual BI.
Contextual analytics enables a deeper merger of analytics and the business applications they are embedded in to make our data more contextualized, dynamic and personalized for the benefit of end-users.
Low Code, Business-Centric BI Development Tools
According to Gartner, 50% of embedded analytics content will be developed by business users leveraging a low-code, no-code modular assembly experience.
In the past, building custom analytics tool sets or embedding analytics into a business application or workflow was done by a traditional developer through IT-led experience and capabilities, such as API and developer software development kits (SDKs).
This approach was not available for many organizations as it was expensive, time-consuming and required significant technical expertise.
More business users and business-centric technologists within organizations can build rich data and analytics-infused applications with BI vendors like Yellowfin that offer low-code composition technology and collaborative tools as part of a ready-made package.
Cross-Functional Embedded Analytics
According to Ventana Research, by 2024, more than two-thirds of line-of-business personnel will be able to instantly access a cross-functional analytics platform embedded in their workflow activities and processes.
Historically, analytics has been segregated from our business applications and processes resulting in less insight analysis.
Yellowfin, a sophisticated embedded analytics software platform offers end-to-end analytical functions that can be fully white-labeled. It helps more businesses adopt analytics faster, and make decision-making for users faster, easier and more effective.
To sum up, the data analytics industry is seeing humongous growth as more organizations are adopting data-driven models to streamline their business processes. From fueling fact-based decision-making to adopting data-driven models to expanding data-focused product offerings, organizations are inclining more towards data analytics.
In 2021, the businesses that were able to navigate disruption and shift to digital experiences found themselves ahead in terms of financial performance and customer advocacy. Others struggled to incorporate the cultural and operational changes to
unlock data and insights. Now we can say that in 2022, accessing real-time data and actionable insights are more important than ever. Make sure your organization builds omnichannel data analytics into the core of its digital strategy to tap into valuable insights and create better digital experiences for customers.
