Analytics have gained traction in organizations, driven by the promise of big data a few years ago and the potential of machine learning and other types of artificial intelligence more recently. Even as many enterprises seemed to be stalled in their production AI plans, they are still making those plans, and know they are crucial for success in the years to come.
1. Predictive and Prescriptive Analytics
This explains the rapid growth of predictive and prescriptive analytics that help companies make sense of their data. But the two most popular branches of predictive analytics. this year will be Artificial Neural Networks (ANN) and Autoregressive Integrated Moving Average (ARIMA).
2. Subjective Analytics
A big focus for companies has been on understanding and optimizing the customer experience. Businesses currently analyze structured data from operational systems. unstructured data such as texts, images and sensors into workflows. However, the next step could be to take into account both operational data and the subjective experiences of individuals.
3. Compliance Analytics
Strategies that center around data have become imperative for businesses striving to digitally transform. However, while there are numerous benefits of data analytics, there are also precautions. businesses need to take around security, privacy and ethics. Often, due to the added complexity of the technologies used, it is harder for businesses to know. when they have breached regulatory norms. With compliance analytics, businesses can take preventive measures against high-profile events .such as data breaches, questionable sales practices and organizational misconduct.
4. Data Discovery
“We are drowning in information but starved for knowledge”, says John Naisbitt, an American author.
Businesses these days have the ability to collect a vast amount of information from every facet of their business. However, it is difficult to draw value from the tremendous amount of data your business collects without data discovery.
Data discovery is the process of collecting, combining, and analyzing data from disparate sources in order to gain insight and unravel hidden patterns and trends.
5. Artificial Intelligence
We know what you’re thinking! Artificial Intelligence has been around since a while and hence shouldn’t be a part of this blog post. But the biggest notion according to Gary Marcus, a professor at New York University, is that “people think we’re close to it”. 2019 will see a growing focus on two hot topics reinforcement learning and intelligent conversational interfaces.