As analytics continue to grow in importance and impact within businesses, successful organizations must balance speed, automation and human involvement as they implement analytics solutions into their business processes, according to the International Institute for Analytics (IIA).
IIA, an independent research firm focused on guiding companies in the use of analytics, recently issued nine analytics predictions for 2014. For the third year, a panel of IIA faculty and leaders reviewed an extensive list of trends and identified the ones most likely to come into prominence in the analytics industry in the coming year. The nine predictions for 2014 are:
- Businesses will continue to shift focus from individual analytics professionals to the formation of effective analytics teams.
- Companies will move past the hype surrounding big data and seek to embed analytics in business processes to align with core organizational goals.
- Organizations will increasingly use analytics to develop new products and services.
- Vendors will increase their focus on operationalizing and managing analytic models.
- Adoption of analytics as a service will accelerate.
- Facial recognition and wearable-device data will be incorporated into predictive analytics.
- The use of data visualization will accelerate both in terms of high-complexity and low-complexity information.
- There will be a continued shift to machine learning and automation, needed to keep pace with the speed and volume of data.
- Companies will focus on creating the optimal mix between automated decision-making and human intervention, as they seek to operationalize analytics.
“The speed with which companies are adopting analytics practices is unprecedented, and only getting faster,” Jack Phillips, CEO and co-founder of IIA, said in a statement. “As organizations look to keep up with the competition and pursue analytics to gain competitive advantage, it’s essential to know where to focus your time and resources.”
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