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Why will 2011 will bring a tremendous increase in the volume of work in business analytics?
Do you think that we will be seeing an increase in the volume of work in business analytics in 2011? Why or why not? What is the cause of this increase? What about predictive analytics?
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Analytics has made a slow and steady march towards the center stage of serving business for the past several years. Whether you look at analyst reports or sales growth from software and service providers, it is clear that business analytics will continue to gain momentum in 2011 and well into the next several years. Here are some broad themes why:
Competitive Pressures
Coming out of The Great Recession, companies need to transition from conservation to growth, even as the market in nearly every industry has undergone a fundamental shift. Better understanding of the new marketplace, identifying levers of growth, building or re-focusing on core competency and gaining marketshare all require in-depth analytical discipline and processes.
Productivity Needs
Productivity is all about “doing more with less”, and nothing defies this better than analytic optimization. This means knowing before taking action all the possible costs, outcomes and probabilities so you can place careful bets. Data – and analytics – can truly be the arbitrage when it comes to using information to drive optimal decisions.
Technology Trends
As more and more data is captured, stored, cleansed and available for use the question becomes “what next”? While business intelligence will become more widespread, companies have recognized that predictive analytics will give them a sustained edge. Software as a service, mobile CRM, inter-operable platforms and embedded technologies – things that facilitate more practical uses of analytics – will serve as a catalyst for the rapid growth of business analytics.
I can see a few BI/ Analytics trends for 2011.
As the global market for Business Intelligence and Analytics continues to experience double digit growth, BI vendors from around the globe will offer creative and lower cost solutions to gain share in the mid and small size company segments that are turning to BI for the first time.
Cloud computing vendors will expand their offerings to include ETL, Data warehouse, reporting, OLAP, advanced visualization and dashboards in one package for the early adopters that moved passed the security concerns.
Software companies will follow IBM-Cognos lead and will integrate advanced statistical packages and predictive analytics modeling into their current BI solutions.
More vendors will offer better mobile BI, analytics and advanced visualization applications.
More companies will realize that they can use BI/ Analytics beyond the back office tactical day-to-day operation. They will start to exploit the power of BI software to perform strategic and competitive analysis on the fly to understand market trends better than the competition and increase market share, revenue and profit.
More companies will realize that the semantic quality of their data is constraining the Business Analytics results. They will start to cleanse, organize and structure the data to contain more strategic meaning and provide direction to grow the business.
Some companies will gradually realize they have built unnecessary complexities in the configuration of analytic, BI tools and data marts. While this isn’t an impediment to IT or analyst experts, it causes casual business users to underutilize or not utilize at all the systems. This will gradually change towards a more business intuitive, self serve “analytics for the masses” model.
Regards, Bill
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