Over the past years, data has exploded and became big. Today everybody is talking about data analytics because of its popularity. Several experts believe that data analytics infrastructure may increase by 5 times by the year 2024. Besides, other technologies have gained immense popularity over the years, such as Machine Learning, Artificial Intelligence, and Business Intelligence.
The Covid-19 pandemic disrupted organizations and forced them to identify key technology trends. Here are the following 5 Key Big Data Analytics Trends for 2021. Data and Analytics leaders must proactively leverage these top trends in data and analytics into mission control investments that will accelerate their potential to make insightful decisions.
- Smarter, faster, and scalable AI : This is one of the major trends chosen even by the Gartner data and analytics trends 2021. Artificial Intelligence (AI) is the science of making machines imitate complex human intelligence. He predicts that 75% of enterprises will shift from piloting to operationalizing AI by 2024. The advanced techniques of AI along with Machine Learning are the key factors that are making their way to Business intelligence platforms. The disruptions in AI will enable learning Algorithms such as reinforcement learning, interpretable learning such as explainable AI, and infrastructures like edge computing, and new chips.
- More Automated AI, ML, and More of NLP: Data analytics is continuously evolving. Data modeling and classification will get even more automated in 2021. This will help in deriving more accurate and actionable insights. Businesses are developing from passive reports of the past to proactive analytics with dashboards. This helps them monitor real-time data and give alerts when something is not how it should be. Businesses today have to be one step ahead and so predictive analytics and prescriptive analytics. Over the years, Crafsol team has successfully built highly advanced and customized Machine Learning and Deep Learning solutions. Whether it is automating ML technology for air ticketing, predicting future performance for the Supply chain, or digital transformation for a Mutual Fund Company, we do it all.
- Data Security: Data Information Security is a must in 2021.With the privacy regulations coming up especially GDPR in Europe and CCPA in the USA, data privacy has become a norm. The spending on Information Security products and services will increase by 2.4% compared to 2020. The key drivers of global security spending are privacy regulations and the need to address digital business risks. Regular data breaches are another factor for increasing demand for data security products and services.
- Data Visualization: As perthe Business Application Research Center, data discovery is listed in the top 2 business intelligence trends. Humans process visual data better, so there is an increase in its impact since last year. Data Visualization has evolved, which is to present data and interact with graphics on a single screen. Whether it is focused on developing sales charts, or interactive reports, data discovery makes data interesting and easy to analyze. The visualizations enable decision-makers to reveal insights, spot trends, and major outliers within minutes.
- Collaborative Business Intelligence: With the increase in the competition today, everyone including managers and workers needs to work differently. Therefore, a new business intelligence called Collaborative BI has been rising. In simple language, it is a combination of collaboration tools including social media tools and 2.0 technologies with online BI tools. This is more of a self-service BI as they do not require an IT team to access, interpret and understand data.
The BI tools enable you to set up Business Intelligence alerts or share embedded dashboards with a flexible level of interactivity. The new focus of BI solutions is collaborative information and collaborative decision-making. It will become more connected to greater systems and larger sets of users.
Covid-19 has accelerated digitization and data analytics is the need for the hour in the modern business world. 2021 is moving towards extracting the maximum value from online business intelligence solutions.
Crafsol service in Pune, India has deep expertise in an array of technologies. If you are looking for solutions to next-gen technologies like Business intelligence Consulting services, then connect with us.