Data analytics has evolved from an option to a necessity that every business needs to prosper. Every organization needs to note and implement numerous emerging trends in data analytics. Below are the top five data analytics trends expected in 2022 and beyond.
1. Enhancing Data Security
As we approach 2022, many organizations focus more on keeping their data safe. There are two primary reasons why it happens that way. First, various companies have decided to increase the security of personal information to comply with data protection regulations. In this case, both the software development firms and the end-users have found themselves on the receiving end, struggling to meet the set standards. Moreover, a recent European court judgment has complicated the matter even further.
Before the judgment, companies used to transfer personal data seamlessly between Europe and the US. However, the judgment now prohibits such actions from taking place. The IT teams will have to transfer the information manually, consuming much time and resources.
Another reason businesses have tightened data security is to stay safe from cyber-attacks. Many companies have lost sensitive data to competitors, leaving them with no choice other than to strengthen the security of their information systems. Data security will remain among the top emerging trends to watch for many years to come.
2. Automation is Becoming More Popular
A few years back, all businesses collected, processed, and stored the data manually through the intervention of human beings. However, we see an increasing trend of automation of the various data management processes. In the past, analytics automation tools weren’t available. So, even if a firm were willing to automate its data management processes, it just couldn’t. But with continued technological advancement, software companies have developed applications that can do everything.
There are two possible reasons why many companies resort to the automated analytics process. The first one is that they’re trying to ensure accuracy. Automated data collection tools are fast, with unmatched accuracy levels. The other reason driving analytics automation is minimizing operational costs. Delegating data collection, processing, and storage to artificial intelligence cuts the required number of workers significantly. As a result, the operational costs go down, increasing the Return on Investment (RoI).
3. Data Analysis is becoming a Crucial Business Need
Making data analysis an essential need in business operations is one of the most critical emerging trends to note. Before digital marketing and complex market dynamics emerged, data analytics wasn’t necessary. But as time went by, consumer tastes and preferences became unpredictable. As a result, organizations have begun realizing the need for data analysis. Today, it’s tough to find an organization that doesn’t collect and analyze any data. The concept has become a primary component of success, and the trend will likely continue into 2022.
4. Specialization is Fading Away
The Principle of specialization has done a fantastic job ensuring efficiency and best service delivery in various industries. Surprisingly, this is no longer the case in fields like data science. While specialization worked before, many companies now consider it a waste of time and resources. Instead of having several experts for each stage of data analytics, they prefer having one person who can perform all the tasks. It means that there’ll be no more going to the IT department for assistance since automation will make everything possible. So, a marketing or production manager can collect and analyze data independently and take appropriate actions.
5. A Massive Shift to Edge Computing
Edge computing is a computer network architecture involving installing the server next to the data source. Because it reduces the communication distance, there’s faster data saving and retrieval. Edge computing lowers the organization’s bandwidth requirement significantly, making it one of the emerging trends to watch in 2022. Due to the advantages, many companies currently prefer edge computing to the less effective conventional configurations.
Generally, knowing the emerging trends in data analytics helps companies determine consumer behavior. In addition, the information also helps the companies to predict future customer preferences. With these two at their fingertips, businesses can make necessary adjustments to get ahead of their competitors.
NetBase Quid and Consumer Intelligence
NetBase Quid is a leading marketing intelligence services provider. It’s a next-generation platform, giving reliable insights to help businesses act accordingly. As a result, organizations can obtain the trends of their customers’ behavior, tastes, and preferences for effective decision-making.