Business Analytics Trends to Witness New Opportunities

There is a greater focus on security and privacy in the future of business analytics as companies disclose a surge of customer information. Therefore, emerging trends are monetizing digital assets through secure information sharing.

FREMONT, CA: Business analytics innovations bring new challenges on the journey to maturity. However, they qualify as trends if companies can address them and land a greater profit. The future of business analytics will observe the cloud persisting as a market mover and shaker with the help of technology.

Business-as-a-Service

The cloud weaves industry-specific applications, tools, and services into robust business models. Rather than procuring generic function libraries and piecemeal APIs, businesses choose to buy ready-made processes for their verticals. Cloud service providers lead the trend by offering industry-specific solutions for banking, retail, manufacturing, hospitality, security services, predictive maintenance, and many more verticals.

These bespoke solutions run on automation code and offer higher control with customisation options. It is a homegrown service without the hassle of establishing it from scratch.

Enterprises Will Monetise Data Sharing

Advanced data-sharing technologies give enterprises more information to discover hidden opportunities and gain insight. Earlier privacy and regulatory restrictions were rigid and prevented information sharing with third-party organisations. Modern protocols allow computations on encrypted data, opening up a host of new possibilities, such as outsourcing artificial intelligence (AI) modelling, a routine in-house activity, to external entities.

Data marketplaces connect information suppliers and buyers, aggregating user data from companies. When companies sign up for multiple business lines, banks retain records in three separate places. They need a consolidated view of relationships with them to provide personalised deals. The data marketplace is where they aggregate this information, commissioning a separate database within the marketplace.

Data sharing leads to new business models and product innovation, for example the fast development of the coronavirus vaccine. In an unprecedented move, researchers, governments, and pharmaceutical firms worked together, reducing vaccine development time by months.

The possibilities are endless for what banks and financial institutions stand to achieve by sharing information on fraud and loan default. Shared medical information can reveal new prognoses, pointing researchers in the right direction when exploring new treatment methods.

Increase in Data Fabric Adoption

Data fabric is a primary task for enterprises seeking software solutions. Integrating multisystem data for quick insight is a major business requirement. A data fabric is an information integration setup using metadata indexing to combine and administer information from different sources. It allows companies to maximise digital assets by gaining access to information at the right time through virtualisation. It is the fundamental catalyst for the data marketplace. In the multiple single-day deployments age, not having to move information across systems is a lifesaver.

Data management continues to grapple with the challenges of increasing data volumes and complexity. Manual, repetitive tasks and sluggish processing stalls offer cycles without proper processes and automation. AI in analytics continues to grow, while governance protocols need to catch up to complicate matters further. Organisations race to keep pace by incorporating the necessary checks and balances. However, they have many areas to cover.

As companies continue to disclose the veritable floodgates of customer information, there is a greater emphasis on security and privacy in the future of business analytics. New trends are monetizing digital assets through secure information sharing, IoT-enabled prescriptive analytics, and AI risk management.