With disruptive technologies like cloud,
mobility, social and analytics coming to the fore in the last few years, the
various aspects of running a successful business have undergone a change. The
power that technology can bring to enterprises is huge, and it is transforming
the roles of people within the organisation.With data forming the nucleus of
these disruptions, providing insights needed to create business value, the importance
of using data effectively and in a timely manner is on an upswing. New age
tools are bringing about a shift where the power of analytics is moving from
data scientists to each and every person in the organization. This shift in
power will transform businesses as follows:
1.
Conversations with data will replace static dashboards
Data is now accessible
enough to be the backbone of a conversation. Meetings can become more engaging
as people explore data together rather than plod through a set of slides and
take down actions for later. This collaboration will enable organisations to
get more insight from their data and meetings and will result in concrete,
well-thoughtout decisions rather than action items to be taken for later follow
ups.
2.Analytic
competencies will emerge across the organisation
Today's data analyst may be
an operations manager, a supply chain executive or even a salesperson.While
there will still be data analysts and data scientists for the heavy lifting,
sophisticated data analysis will trickle into day-to-day activities.The days
are coming very soon, when data analysis will happen at the business user
level, removing the need for `report writers' and developers for creating
insights from your data.
3.
Self-service analytics spawns new data governance practices
Just as the business
intelligence landscape has transformed from static reporting to interactive,
self-service data, governance too must transform. Locking down all enterprise
data won't work any longer--nor will the approach of doing away with any
process at all.Corporates will investigate what governance means in a world of
self-service analytics.Remember the days when Internet access was restricted in
organisations? Today it is a key tool for any job.
4.
Marketers and sellers turn social intelligence into smarter strategies
Tracking conversations in
social media will let companies find out when a topic is starting to trend and
what their customers are talking about. Their competitors will think they have
an uncanny ability to see into the future. The jobs of marketers will become
like physicians where they help a patient by simply checking their pulse rate
and blood pressure. They would be able to understand small changes in the
market by simply recognising developing trends through social media.
5.
Analytics solutions must integrate with other tools in order to become the
standard.
Organisations are losing patience with multiple logins and clunky processes to move and manage data. We'll now see more organisations adopting systems like single-sign on, and less room for applications that don't play well in a larger ecosystem. People will no longer accept manual integration and data quality efforts. Rapid integration leveraging simple interfaces is going to become the standard.
6. Cloud
analytics isn't just for cloud data anymore.
Companies will begin to
choose the cloud when it makes sense for their business case, not because the
data is there. This will be done in accordance with the normal security and IT
protocols that are required to be maintained within organisations.
7. Data
and journalism complete their merge.
The arrival on the scene of
VOX and continued ascendance of sites like fivethirtyeight.com will force more
newsrooms to integrate data analytics into their online presence. Readers will
no longer be satisfied with just text. Interactive charts and guided stories
becoming more vital for the mobile generation, and an important pre-election
year in the US will accelerate people's taste for data. This trend will spill over
from the public sphere to companies, encouraging those that are lagging in
analytics to get with the times.
8. Mobile
analytics mature.
Workers are spending less time at their desks. But that doesn't mean they should be less informed by data. Mobile solutions for many analytics emerged years ago and are finally reaching a level of maturity that means that mobile workers really can do light analysis from the road. And the emphasis on mobile has forced vendors to offer more natural and intuitive interfaces across the board.
9. Deeper
analytics capabilities become accessible to non-experts
Advances in graphical,
intuitive modelling will mean that business users can begin to use predictive
analytics without the need for extensive expert consultation or scripting. As
self-service analytics becomes more mainstream, more advanced analytics such as
basic forecasting will become a more common -and less painful -activity. Strong
products will allow self-service modelling and add intuitive feedback that
gives users enough information to understand the pitfalls of their models.
10.
Analytics will mature into a social movement.
People use products they
enjoy using, so more adoption will happen with products that are easy to use.
Analytics is no dif ferent and users will gravitate towards those technologies
that will enable “frictionless analytics“. Users will want to engage and learn
with other users, inside and outside their company and each successful user
will spawn more adoption. Companies whose products empower are already seeing
their communities flourish. The beauty of this social movement is that it will
make our communities much more aware of the facts and decision-making will be
much more accurate and effective.
Data forms the backbone of
businesses today, and for businesses to be able to stay relevant with their
customers, it is paramount to be able to drive this data to make sense to
decision makers in real-time. The ability for businesses to be able to make
quick decisions will determine how they transform the market place, staying
ahead of competition. CD The author is Country Manager, Tableau Software
Source | Economic Times – Corporate Dossier | 5 June 2015
Regards
Pralhad
Jadhav
Khaitan
& Co
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