22 Aug THE FUTURE OF ANALYTICS AND BUSINESS INTELLIGENCE TAKES SHAPE
Which technology trends do future of analytics speakers and business intelligence futurists say to watch? A recap can be found below.
- Descriptive analytics – Using data to understand and describe what has happened in the past. Per top future of analytics speakers, may span metrics, KPIs, dashboard reporting, etc.
- Diagnostic analytics – Analyzing data to understand why something happened. Can involve drill down analysis, correlation analysis, regression analysis.
- Predictive analytics – Using statistical models and machine learning to make predictions about the future based on current and historical data.
- Prescriptive analytics – Moving beyond predictions as future of analytics speakers to recommend optimal actions and decisions. Uses optimization and simulations to show the impact of choices.
- Data mining – Techniques for discovering patterns and knowledge from large amounts of data. Uses methods like classification, clustering, regression.
- Web analytics – Analyzing data from website traffic and users as future of analytics speakers to optimize web presence. Looks at metrics like bounce rates, conversions, etc.
- Marketing analytics – Data analysis tailored specifically for marketing activities. Can cover campaign analysis, attribution modeling, segmentation.
- Financial analytics – Use of analytical techniques for financial management, trading, fraud detection, risk assessment. Involves methods like time series analysis, Monte Carlo simulation.
- Big data analytics – Using advanced techniques to analyze and extract insights from large, complex datasets and streams. Leverages big data platforms like Hadoop.
- Text analytics – Deriving high-quality information from textual data through methods like classification, clustering, sentiment analysis, topic modeling etc. from a future of analytics speaker’s viewpoint.
- Visual analytics – Using visual representations like charts, graphs and interactive dashboards to discover insights, trends and patterns. Enables drilling down into data.
In general, you may gather that the scope of business analytics and business intelligence is rapidly evolving to support data-driven decision making.