Data Analysis Trends that you’ll notice in 2022
If there’s one data analysis trend that goes without saying, it’s that the data analysis industry is booming. Businesses are realizing that now, more than ever, effective data analysis will allow for increased performance metrics across the board and give them a real competitive advantage over rivals in their market.
With technology now an inseparable part of businesses and their functionality, the potential for data collection is absolutely huge, with companies able to collect endless figures and statistics that can be utilized given the correct expertise.
It’s clear that businesses see data analysis as a significant part of their operations going forward, too, as they collectively spent over $215 billion on analytics and data-related solutions in 2021, a 10% increase on the year previous.
Like with all emerging technologies and methodologies, the world of data analysis is changing rapidly, with new technological advancements increasing the scope of operations that a business can take on, as well as the efficiency and effectiveness of their data analytics programs.
Improving technological capabilities are sure to establish the place of data analytics within businesses for the foreseeable future. Read on to find out more about trends in data analytics that you will notice in 2022.
While artificial intelligence seems to be making a considerable impact in every industry in which it is utilized, AI has a particular affinity with data analytics, making it extremely useful in optimizing your business through the use of data.
Using machine learning techniques, artificial intelligence can spot patterns in data, and provide analysis in highly-effective and efficient ways, far outstripping the capabilities of pure human critical thinking.
Making data analytics quick and easy through the use of AI will activate much of its potential, as it means that businesses can benefit from intelligent data insights while not having to divert too many resources or take on extra staff.
By employing a dedicated data professional, companies can improve efficiency and performance in every business metric, including staff productivity, manufacturing processes, and customer relations.
The world of data analytics is in the midst of a transitionary period, as investment in data analytics goes from being an extra expense or an afterthought for most businesses to an essential part of business operations.
It’s predicted that in the coming years, 80% of businesses will consider data analytics to be an essential business expense, acknowledging that the extra costs involved with more staffing and diverting of hours to analytics is worth the benefits gained from the data insights.
With increased awareness of the benefits to be gained by businesses from effective data analytics, more focus has been put on how businesses can most effectively implement data analytics into their business operations.
It’s also about being streamlined and efficient within data analytics processes, as research shows that up to 70% of data is not utilized effectively, which is a colossal amount of wasted potential.
Establishing data fabric architecture as a business will allow you to create pathways between processes and data endpoints, while also standardizing the process so that information can be easily accessed and retrieved.