Emerging Data Analytics Trends

Data analytics plays a significant role in data-driven decision-making and growth across industries. It helps businesses like yours gain greater insight into operations and identify opportunities to improve processes, and the emerging data analytics trends could help you stay ahead of the game. Here are some of the growing trends in data analytics.

Trends and patterns in data analytics

The world of data analytics is constantly evolving to meet the demands of businesses. Retailers require deeper insight into consumer behaviour and supply chain efficiency, while financial businesses can use analytics to identify and manage risks while also highlighting market trends.

These rapidly changing demands mean that the requirements of data analytics vary from business to business. Each industry needs access to different information, but there are some trends and patterns in data analytics that businesses should expect to see over the coming years. The main trends are:

• Data privacy and security

• Data management and governance

• Artificial Intelligence and Machine Learning

• Business intelligence

• Data fabric

Data privacy and security

Security is vital, especially with the number of data breach incidents in 2023 sitting at 1,404 (accurate at the time of writing). IT Governance states that a total of 5,951,612,884 breached records this year to date, with the biggest data breach of the year in the UK from DarkBeam, with 3.8 billion breached records in total.

There are significant implications if data privacy and security is not taken seriously. Hefty penalties and complications can arise, and your organisation could lose customer trust. 

Data management and governance

There is a growing emphasis on data management and governance in the data analytics market. The need for high-quality data to improve decision-making and the scalability of operations, as well as ensuring its proper usage, has become more important than ever.

The accuracy of data is important for all businesses, no matter the size. Small-to-medium enterprises (SMEs) and larger organisations alike need accurate information to support their business decisions. It plays a vital part in scalability too, as growing businesses need data analytics capable of scaling with them to maximise value and provide robust data management practices.

Artificial Intelligence and Machine Learning

Artificial Intelligence (AI) is a branch of computer science, capable of completing tasks involving problem-solving, decision-making, and more. It is a huge trend, with AI supporting organisations in a number of different ways.

Machine Learning (ML) is a subset of AI, and plays a significant role in data analytics. Through training algorithms, computers can learn and identify patterns, helping to make predictions and guide decision-making without explicit programming. This predictive analytics is incredibly important within many industries, but especially retail.

Some data analytics technologies, such as Qlik Data Analytics, have powerful AI and Machine Learning capabilities. These integrated Machine Learning services give you complete support for advanced analysis. The video below demonstrates the exciting capabilities of Qlik.

Machine Learning Services for Augmented Analytics

Business intelligence

Making informed decisions on business processes and actions is vital in this rapidly changing landscape. Data analytics can help organisations with this, which is why business intelligence is a growing trend and vital to business strategy.

Business intelligence (BI) refers to the techniques and tools used to transform raw analytical data into something understandable and, more importantly, actionable. This helps key decision-makers identify trends, patterns, and opportunities to grow. Making data-driven decisions gives your business a competitive advantage and helps you stay ahead of the game.

Data fabric

Data fabric is an emerging concept in data analytics. The focus is on creating a unified and cohesive approach to managing, integrating, and accessing data. No matter how it is stored or formatted, data fabric aims to provide a seamless and agile infrastructure to get valuable insights from real-time data.

A key factor of our Qlik Sense training is that you will be taught not only our unique methodology but also how to maximise your use of the tool and adopt Qlik products into your organisation faster. You’ll discover the full range of visualisation tools, enabling you to create a unified approach to data and generate actionable insights with clear visual data. The image below shows just four of the visualisations available through Qlik.

How data analytics technologies can help your business

Data analytics technologies are vital for organisations to gain actionable insights into their businesses. Here at Catalyst BI, we are experts at bringing people and data together and know just how important it is to stay ahead of competitors with the future trends and patterns in data analytics.

When choosing the right data analytics platform for your business, it is important to consider the following:

• Ease of integration

• Availability of real-time insights

• Flexibility and scalability

• Data governance and security

• AI and ML capabilities

Get ahead of data analytics trends with Catalyst BI

The future of data analytics is exciting, with a bigger focus on analytics tools and platforms capable of meeting business needs. At Catalyst BI, we can help you integrate advanced analytics technologies into your organisation. Book a call today to discuss your needs and stay ahead of data analytics trends.