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This article covers advanced analytics, data literacy and modern BI.
Tableau hosted a webinar series to shine a light on top data trends. Data has exploded in terms of size recently, due to the evolution of the business intelligence (BI) landscape and the expansion of the cloud. Investors interested in the software sector may want to consider analytics and data businesses.
The following top data trends encapsulate the panellists’ predictions for this year and can be found in full in this whitepaper.
1. Modern BI becomes the new normal
Last year Gartner redefined the BI and analytics Magic Quadrant to focus on a modern BI, that moves away from involving IT in analysis, and closer to “business user autonomy”. In the battle between modern vs traditional methods, the former is becoming the new norm.
2. Collaborative analytics goes from the fringe to the core
In 2017 collaborative analytics will go mainstream. As with Google’s (NASDAQ:GOOGL) Google Docs, people will build on each other’s work and use other sharing functions made possible by cloud technology.
3. All data becomes equal
As long as it’s fast, there is a level playing field for all data. For example, it won’t matter if data is accessed from the cloud or from Excel, as long as they can compare and contrast all the data in order to improve outcomes.
4. Self-service analytics extends to data prep
At number four, it’s DIY data prep. “Common data-prep tasks like data parsing, JSON and HTML imports, and data wrangling will no longer be delegated to specialists”, according to the paper.
5. Analytics are everywhere, thanks to embedded BI
Embedded BI is becoming the underlying fabric of people’s jobs, to the extent that they don’t know they’re using it. It is entering the arena of predictive analytics, like Netflix (NASDAQ:NFLX) recommendations.
6. IT becomes the data hero
The role of IT departments is evolving, to become the enabler for businesses, rather than just the producer of reports. In today’s data-driven culture, analysts are at the core of any company’s success.
7. People start to work with data in more natural ways
This is the most futuristic development. 2017 will see innovations in natural language technologies, such as Apple’s (NASDAQ:AAPL) virtual agent Siri.
8. Transition to the cloud accelerates
This migration is known as data gravity. Cloud warehouses like Amazon’s (NASDAQ:AMZN) Redshift will remain in demand for analytics storage.
9. Advanced analytics become more accessible
As the knowledge base of business users grows, their relationship with advanced analytics will be better, benefitting both parties as advanced analytics becomes the standard for the business user.
10. Data literacy becomes a fundamental skill of the future
BI will become a differentiator in the job market, as employers look for analytic competency and qualifications on resumes. A skills shortage means data education will be implemented to empower jobseekers and users.
Stay tuned for more 2017 trends where we focus on developments in the cloud.
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Securities Disclosure: I, Emma Harwood, hold no direct investment interest in any company mentioned in this article.