Trends in Business analytics
- Big Data
With an increasing emphasis on digitization in every aspect of life, datasets continue to expand at an unprecedented rate. This expansion is both an advantage and a disadvantage—more data means more potential insights, but the sheer volume can be overwhelming.
- Artificial Intelligence
As AIs become smarter and able to teach themselves, AIs created by AIs are being developed and launched in industry verticals such as banking, financial services, insurance, retail, hospitality, engineering, manufacturing, and more.
- Deep Learning
The next step up from machine learning, deep learning leverages the advantages of vast computing power to manage enormous data sets, identifying patterns and delivering predictive results that were formerly impossible.
- Neural Networks
Data scientists can now create “brains” which have the computing power of thousands of human minds. Data can be processed and sorted, patterns can be identified along a historical timeline, and future predictions are delivered with an unprecedented level of accuracy.
- The Internet of Things
IoT-driven devices number in the millions, delivering real-time data to organizations worldwide and allowing intimate entry into the lives of consumers around the globe.
As data becomes bigger, the ability to separate it into smaller and smaller slices enables organizations to accurately define their “ideal” customer and create funnels that lead them directly to the desired action. This granular segmentation is the driving force behind successful digital transformation initiatives.