Significant changes in consumer behavior from the past two years continue to stretch us. Meanwhile, new technologies are transforming how we manage business analytics in powerful ways. Combine these factors with a looming economic downturn and it becomes imperative that we stay ahead of business analytics trends.
Here are five cutting-edge business analytics trends to adopt in 2023:
1. Augmented Analytics
Business analysts can now leverage augmented analytics with the power of machine learning (ML) and natural language processing (NLP) to automate the analytics process. This allows almost immediate insights and a more complete analysis.
2. Data Fabric
Data fabric is the answer to analyzing disparate data pools without combining them. Data is no longer siloed but available for immediate processing using metadata processing. This is made possible by AI and frees deep data for analysis and insight-driven decision-making.
3. Artificial Intelligence
It’s an overwhelming ocean of data out there. AI can provide the advanced tools needed to pinpoint trends in both structured and unstructured data. The data experts can put AI to work creating efficiency and rapid decision-making.
4. Data-as-a-Service (DaaS)
DaaS allows analysts to combine inside data with outside data to uncover hidden opportunities and insights. This cloud-based service not only allows users to access large data sets, but also to share their data and generate revenue.
5. Edge Computing
The world of 5G brings analytics right to the edge of the network; or, in other words, closer to where data originates. Here is where data is most accurate, manageable, cheaper, and faster. With edge computing, real-time analytics becomes a reality.
As businesses look for leaner ways to operate, there’s not much room for guesswork. The latest trends in analytics create highly accurate forecasts quickly and with little investment. The business analyst who can employ the latest trends is going to be a highly sought-after advisor.
Did you know that our Business Analytics Science course is taught by practicing industry-experts? They are eager to teach you the foundational skills you need to advance your career in business analytics. Plus, their insider information can give you a leg-up on the latest trends.
Enroll today and secure your career path in business analytics.
