As we start the new year, we here at The Chicago Analytics group want to share our 5 most significant analytics trends for 2017. Please find them below, and be sure to comment with any important trends and insights you feel should be added to the list for 2017. Enjoy!
1. True Self-Service Analytics BI Solutions.
Driving this self-service analytics BI advancement is the need to further put meaningful and actionable insight into the hands of the key decision makers, and allow for customers to self-manage much of the relationship with organizations.
This advancement is ever so important for business and power users within organizations. The centralization of domain expertise and effective delivery of such, plays a huge part in the critical success of self-service analytics, depending on the size and magnitude of data utilization within the company.
Moving parallel to the increased advancement of self-service analytics BI solutions is the investment in self-service data tools. Many experts believe that through the year 2020, spending on self-service data tools will grow 2.5 times faster than spending on traditional data tools.
Of course, driving this trend is the further adoption of data and analytics to the cloud and via applications on mobile and smartphones. However, of all of the critical drivers of self-service analytics, the pivotal question that must be asked remains to many organizations: is our department and company ready for self-service analytics?
2. Incredible Need for and Gap in Analytics Domain Expertise.
This is not just true for software skill sets, but also in business acumen, being able to critically think and access real business problems and identify potential solutions to solve those issues. Here, the true opportunity is in experience, both with software and business skillsets.
Along with this very critical need, is a increasing dependence on the full Data Science acumen for evolving data and analytics career advancement. This includes vital key areas such as automation, artificial intelligence with machine learning, and overall, increasingly open source programming.
3. Top down demand for Analytics value creation.
"Leaders are 166% more likely to make most decisions based on data."
"Leaders are 2.2x more likely to have a formal career path [involving] analytics."
Stats compiled directly from: "Analytics: A blueprint for value – Converting big data and analytics insights into results IBM Institute for Business Value"
This isn’t just limited to the executives and managerial leaders of an organization. This top down increase in demand is also being witnessed in cross-functional roles and departmental heads which heavily influence the future technological, data, and analytics capacities of organizations.
4. Data Quality and Governance play an all-time high in importance.
The need for quick results always balances with the need for higher data quality, accuracy, and reliability in all regards. Management of quality and ethical data sourcing, entry, and retrieval combined with continual quality testing and improvement lead to increased value for organizations.
Driving the Data Quality and Data Governance advancement, is a emerging need for center of excellences around analytics and data. Included in this is the evolution of the need for Chief Data Officers and Chief Analytics Officers within many organizations. Along with the quality assurance, there is a necessarily growing demand for added security as privacy threats and public concern grow. Here, Data Quality and Governance play one of the main pillars of achieving democratized data access within organizations.
5. Analytics will continue to be one of the greatest potential drivers of competitive advantage and overall strategic success and growth.
All stats compiled directly from KPMG's Technology Innovation Survey
A critical element of the analytics competitive advantage and strategic success stems from the increased use of data storytelling and data journalism to connect with consumers.
As Dr. Rene Brown so eloquently puts it: "Stories are just Data with a soul."
The results could not be any more clear. In the hyper competitive marketing landscapes that constitute both American and many international industries, effective data storytelling and data journalism is a critical component to breaking through and supporting continued growth. As industrial experts agree, stories can be up to 22 times more memorable than facts.
Looking forward to a great 2017.
Overall, 2016 was a great year for Analytics, and 2017 is gearing up to be just as promising. Here at The Chicago Analytics Group, we strive to keep our content as fresh, accessible, and impactful as possible.
One of the areas we want to strategically improve for 2017 is our footprint on both the Chicago and national Analytics, Research Technology, and overall Information Management industries. So as the new year has come, we will be showcasing a new group logo coming up soon.
I personally want to thank all of the incredible members of The Chicago Analytics Group which contributed to our group’s success in 2016. And don’t worry, there is plenty of opportunity in 2017 to raise your hand, make your voice heard, and learn invaluable skills, insights, and acquire the strategic resources to excel in your future endeavors.
Did you have a particularly awesome 2016, or achieve something you are very proud of? Reach out to us at email@example.com, so we can highlight your achievement! We are here to support and enhance our member’s experience, so don’t be shy.
3 Cheers to an incredible New Year!
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