Anti-Predictions: 8 Future-proof Analytics Trends for 2021 and Beyond
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This is not one of those “crystal ball” new year prediction blogs. In the wake of a most unpredictable year full of black swan events, now is the time for data scientists and business analysts to humbly take the hard-learned lessons of 2020 and move forward.
So, rather than chase buzzword mysticism of sage prognostication, let us default back to a tried-and-true model for charting a future-proof course forward: industry research trends.
The Eight Trends That Will Matter Most
Professional research fields often seek validation of directional trends with a minimum of three data points. It’s the magic number, and the basis for establishing the beginning of a true “pattern.” As such, the following is an index of these rolled up trends as themes which echoed persistently from industry analysts as top analytics trends for 2021. And check out companies that are ahead of the curve in each category and next steps for your business!
Intelligent, adaptable business…
Very complex global market conditions will demand more shifts and pivots again in 2021, and organizations will need to be lean and agile enough to respond in real time. If 2020 taught us anything: in business climates with rapidly changing global market conditions, decisions must be data-informed, but perhaps most importantly, nimble enough to adapt to both risk as well as new opportunity as they develop—on much shorter frequencies and turnaround.
Ahead of the curve: CargoSmart. WATCH
More AI-driven automation in the workplace…
With as many as one in every four remote workers supported by new forms of automation (Robotic Process Automation (RPA), etc.), more artificial intelligence (AI) Proof-of-Concept projects will continue to roll off the line and progress into production environments. While there will be more automation in decision environments, humans will remain a vital cog in the decision-making process.
Ahead of the curve: Bayer Crop Science innovating with image analysis and more. READ
Growth on The Edge…
Computing continues to get closer to where data is actually generated. As a result, real-time analysis of those edge events is being built into models sooner—when and where decision makers need it. With the explosion of sensors and connected smart devices, ever-increasing Internet of Things (IoT) data exhaust will be the fuel for optimization loops to predict and improve future performance.
Ahead of the curve: Siemens Mobility. WATCH
Trust and ethics: more accountable AI…
Trust will remain the top spot reason why executive decision makers don’t believe AI-recommendation systems. While 94 percent of leaders who’ve adopted AI trust their data, only 64 percent of those trust it to be reliable enough for business change. Further operationalization of “responsible AI” will be underpinned by the growing discussion of digital ethics and bias.
Next step: For more, read APEX of Innovation blog on AI.
Closed-loop decision models…
Businesses will need to leverage learnings and harness collective knowledge as a shared asset in 2021. Using closed-loop decision models to accomplish this, organizations can accelerate knowledge sharing and develop pipelines to support learning.
Ahead of the curve: Mercedes-AMG Petronas F1’s industrial optimization model. READ
Convergence of analytics technology continues…
Whether machine learning, data management, or governance, these formerly discrete market categories will continue to intersect. This new, tightly-integrated approach, what we call Hyperconverged Analytics, brings together visual analytics, data science, and streaming capabilities together in a seamless experience, delivering immersive, smart, and real-time business insights.
Ahead of the curve: WATCH how AA Ireland uses the Hyperconverged Analytics solution for real-time pricing.
Interactive discovery is now table stakes…
With Natural Language Query (NLQ) and similar capabilities making great strides, these features and functionality have now become commoditized and are no longer differentiating in the market. “Analytics culture” will remain a top barrier to full realization and adoption of augmented intelligence.
Next step: For more, read about Interactive AI in TIBCO Spotfire®.
More momentum in network graph analytics…
Interest in graph and network analysis will continue to grow in future years. Organizations seeking connections across datasets will implement network graph analytics to identify the most valuable relationships and explore unknowns.
Next step: How Hyperconverged Analytics is enabling immersive, smarter network analysis. READ
With rapidly changing global market conditions, decisions must be data-informed, but perhaps most importantly, nimble enough to adapt to both risk as well as new opportunity as they develop—on much shorter frequencies and turnaround. Click To Tweet
For more top analytics landscape trends, watch our webinar with Doug Henschen of Constellation Research: Analytics in 2021: Move from Insight to Predictions and Real-time Action.