2020, the year of pandemic, has brought some drastic changes in the digital world. Companies are thriving to find solutions to such hurdles. The entire world is quickly getting accustomed to the ‘work from home’ platforms, leading to the foundation of new work culture. There is a huge rise in the demand for ecommerce services as people are locked inside their homes. Sudden changes are making the owners of the digital companies rethink their strategies to remain functional in the industry and to make certain changes to continue their business operations. This is where the latest trends in data analytics can be witnessed.
When almost everything is digitized and almost all services can be availed online, data becomes the first priority of thee companies. Here is a list of data analytics predictions that will surface in 2021 and will continue to expand.
Data analytics predictions of 2021
1. Transformation of the supply chain
As mentioned earlier, the outbreak of COVID19 has still stopped the world from moving at its original speed. The demand and supply balance was remarkably disrupted in different industries. This is quite alarming for all the companies that are operating indigenously or internationally. The visibility of the supply chain needs to be redefined. Many essential items need to reach the markets as the consumers need them to maintain the balance of their daily lives.
This is where data analytics will be used proactively for tracking down real-time data to find out the current logistics scenario and to understand the delivery times. This trend will also help understand inventory and supply chain management better in the upcoming years. The prime motive will be to reduce the gap between the demand and supply and to make every necessary commodity available right on time.
2. Multi-cloud platforms
Cloud-based data ecosystems will emerge in a better form. Apart from the tools used for managing on-premise data, proper multi-cloud-based operational platforms will also be developed and incorporated with the system so as to make data more accessible. This might lead to an increase in expenses due to lack of experience, improper use, and fault deployment models.
The latest trends suggest that the cloud-based platform solutions will become more efficient to combine data and collaborate with the existing ERP platforms of companies to save cost and to make business operations much more coordinated.
The accelerated movement of data into cloud-based platforms can interrupt and disrupt the existing business intelligence infrastructure. The huge explosion in the growth rate of data assets within a year can cause such issues. Companies will have to adopt multi-cloud solutions to tackle the surge in data for better scalability and agility.
3. Dashboards will be goners
Dashboards are not found to be effective as they were thought in terms of utility. Due to the lack of user-friendliness and interactivity, dashboards are facing imminent death. The static dashboards are not showing any promises that will evaluate a good ROI for the businesses I the upcoming years.
This is why businesses will seek better solutions that will help them to explore data profoundly to make accurate decisions in the long run. The hidden cost for maintenance is also alarming for business owners. It means that the business leaders from all industries will eventually look for more efficient business intelligence tools for better industry insights and visualizations.
4. Sharp changes in online behavior
The scenarios of the pre and post-COVID ecommerce are outstandingly different from each other. The online buying behavior of the users has transformed due to the emergence of the pandemic situation. It is a boon for the ecommerce business only when such changes are tracked and the trends are harnessed. For instance, the demand for toiletries and cleaning products has surged manifold leading to a huge crisis for a month or two.
Even if the pandemic situation came in control in 2021, the users were still showing an inclination towards online purchasing even for simpler household products. The convenience they enjoyed along with the user protection policies made them rethink their decisions. They are now refraining from using fossil fuels to go to a supermarket and find the monthly household products. Hence, the reduction of accessing brick and mortar shops will automatically increase the use of ecommerce applications. There will be an outburst of data generated. It has to be tamed to analyze the sudden changes in the customer behavior and to get back on track for making more business.
5. The imminent convergence of Business Intelligence (BI) and Artificial intelligence (AI)
AI has been a part and parcel of all the business discussions for a decade or so. Business intelligence, on the other hand, was under question when personal data was being used for making the online experience better. The new upcoming rules and regulations mandated by the authorities will have to be followed to make the use of such data safer in the eyes of the users. This is where BI will merge with AI to enjoy the best methods of data analytics for making the business processes better.
The prime aim of this convergence is to find insights accurately to make online businesses better. It will help to provide more efficient and personalized experiences to the users. Leveraging data analytics will also help to make simpler interfaces adding personalized experiences for users by incorporating the latest data analytics trends in 2021 and the upcoming years.
6. Exploratory search
The organization of information of the entire world by an intuitive and smart search-based interface done by Google will be a trendsetter. Search-based analytics will become simpler and more interactive. This will drive the organizations to adopt the same paradigm for enterprise analytics. This is where the exploratory search will become the prime interface for data analytics. Companies will start hiring data management solutions to become a part of this predicted trend.
These are the prime 6 predictions in the field of data analytics for the year 2021 and onwards. The industries will accept and adapt with these predictions to make business better and to become more competitive.