Top 5 Analytics and Business Intelligence Buzzwords
Tags: Business Strategy, Business Intelligence, Data Science, Predictive Analytics, Digital Transformation

Each year, the business industry seems to come up with new and innovative ways to incorporate analytics and business intelligence into their success plans. The result is a collection of buzzwords describing different BI software techniques that anyone who uses analytics to grow their company should know. Here are the top analytics and business intelligence buzzwords of 2019.

CONTINUOUSNEXT

Gartner introduced ContinuousNEXT back in October, calling it “the future evolution of concepts” intended to “build momentum through digital transformation and beyond.” By implementing the five elements of the plan, businesses, no matter how big or small, should be able to make transitions more easily. For example, many large businesses have altered their business plans so that they’re no longer just a product-driven company but offer their customers services and software as well.

The Executive Vice President and Global Head of Research at Gartner, Mike Harris, went into further detail saying, “The transition to digital is undeniable and accelerating, disrupting both government and business models. These new models redefine the way organizations create, deliver, and capture value.

Nearly two-thirds of CEOs and CFOs anticipate business model change, frequently due to digital transformation, and investors are encouraging that change. They reward organizations that wrap every product and service with digital capabilities. They are not just interested in data — which is now old news — they are interested in what you do with data through advanced analytics and artificial intelligence.

Leaders apply technology and information in unique and creative ways to outperform their peers. It’s what distinguishes them from the rest, and that’s where ContinuousNEXT comes in.”

In order for the ContinuousNEXT approach to be successful, businesses need to implement the following:

● Privacy

● Augmented Intelligence

● Culture

● Product Management

● Digital Twin

In a world where change is perpetual, the ContinuousNEXT approach will help to increase efficiency and ensure your business doesn’t fall behind.

PREDICTIVE ANALYTICS

While it has been around for a while, the use of predictive analytics has grown significantly in recent months making it a trending topic in the business industry. The phrase refers to pulling information from specific data sets using BI software to learn more about your customers, products, employees, and more. If done correctly, predictive analytics can help businesses foretell certain events prior to them happening.

As one of the top analytics keywords of 2019, it should come as no surprise that businesses are using this BI technique to avoid potential disasters, keep employees happy, and improve their products.

DATA SCIENCE

Having BI software implemented into your business plan is one thing, however, understanding how to interpret the information and make data-based decisions requires a higher level of knowledge. This is where data science comes in. Currently, businesses must hire data scientists in order to analyze and interpret their data, however, it’s expected that in just a few years BI software will advance so that this is mostly automated.

According to Joao Tapadinhas, research director at Gartner, citizen data scientists will become the new norm. “Most organizations don’t have enough data scientists consistently available throughout the business, but they do have plenty of skilled information analysts that could become citizen data scientists,” Tapadinhas said. “Equipped with the proper tools, they can perform intricate diagnostic analysis and create models that leverage predictive or prescriptive analytics. This enables them to go beyond the analytics reach of regular business users into analytics processes with greater depth and breadth.”

Gartner predicts that by 2020, 40% of data science will be automated, making it far more accessible and easier to interpret.

DIGITAL CITIZENS

While it has been a slow process, the act of transitioning into a more tech-friendly education and government system has finally picked up some speed. In schools, adaptive courseware like Knewton is being implemented to digitally monitor each students performance in order to determine an individual’s knowledge gaps. Not only does this improve a student’s chances of successfully completing their courses, but it makes them more accessible by offering text-based and video instruction options, interactive learning exercises, and more.

Government systems have jumped on the bandwagon as well, offering apps and other digital services to help citizens better understand and communicate with local officials. Those who take advantage of these types of technology-driven tools are referred to as digital citizens.

DATA SECURITY

Data breaches are a top concern for people these days, making them a top concern for businesses as well. With the latest privacy regulations implemented in Europe and across the United States, an increase in the use of data security products and services is expected to occur. In 2018, spending on data security increased 12.4% from the previous year and is predicted to go up another 8.7% by the end of 2019. In addition to new privacy regulations, this is expected to become another business intelligence buzzword of 2019 as there is a need to protect digital businesses and for the creation of products with detection and response powers.

ABOUT THE AUTHOR

Renee Briggs is a senior BI systems administrator for LaunchWorks.com, a Stone Door Group Project. Stone Door Group specializes in DevOps based digital transformation of the enterprise. To learn more about how we can help cloud enable your analytics, drop us a line — letsdothis@stonedoorgroup.com