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Gartner, Inc., a research firm, has said that building a digital culture is very important for organisations that embark on a digital transformation journey.
In a report, Hype Cycle for Analytics and Business Intelligence, 2019, the firm has listed five critical trends that have a bearing on the analytics and business intelligence (BI) market.
IT and business leaders continue to make analytics and BI their top innovation investment priority as intelligence is at the core of all digital businesses, according to Jim Hare, Research Vice-President at Gartner.
“This Hype Cycle helps data and analytics leaders make the transition to augmented analytics, to build a digital culture and operationalising and scaling analytics initiatives,” he said.
The report has identified five key trends that are going to have an impact on the analytics and business intelligence (BI) market.
Augmented Analytics
The report says that augmented analytics uses machine learning to automate data preparation, insight discovery, data science, and machine learning model development and insight sharing for a broad range of business users, operational workers and citizen data scientists.
As it matures, augmented analytics will become a key feature of modern analytics platforms. It will deliver analysis to everyone in an organisation in less time, with less of a requirement for skilled users, and with less interpretative bias than current manual approaches.
“As the technology develops, there will be more citizen data scientists,” it says.
Gartner predicts that, by 2020, citizen data scientists will surpass data scientists in the amount of advanced analysis they produce, mainly due to the automation of data science tasks.
Digital Culture
Organisations that embark on a transformation journey should focus on the development of a productive digital culture. “Data literacy, digital ethics, privacy, enterprise and vendor data-for-good initiatives encompass digital culture,” the report says.
Data and analytics leaders should promote discussions about digital ethics to ensure information and technology is used ethically to gain and retain the trust of employees, customers and partners.
By 2023, about 60 per cent of organisations with more than 20 data scientists will require a professional code of conduct incorporating ethical use of data and analytics.
Relationship Analytics
The emergence of relationship analytics highlights the growing use of a graph, location and social analytical techniques to understand how different entities of interest -- people, places and things -- are connected.
“Analysing unstructured, constantly changing data can provide users information and context about associations in a network and deeper insights that improve the accuracy of predictions and decision-making,” the report says.
By analysing formal and informal networks of people, law enforcement agencies can identify money laundering and other criminal activities. It becomes easier for them to distinguish between malignant and benign behaviour within systems.
Decision Intelligence
Data and analytics leaders draw on a wealth of data from ecosystems that are in constant motion. This requires them to use a multitude of techniques to manage data effectively.
“The unpredictability of the outcomes of today’s decision models often stems from an inability properly to capture and account for the uncertainty factors linked to ‘behaviour’ of these models in a business context. Decision intelligence provides a framework that brings together traditional and advanced techniques to design, model, align, execute, monitor and tune decision models,” it says.
Operationalising and scaling
The number of use cases at the core of a business, on its edges and beyond, is exploding. More people want to engage with data, and more interactions and processes need analytics to automate and scale.
“Whether to justify the next big strategic move or to optimise millions of transactions and interactions gradually, analytics tools and the data that powers them are showing up in places where they rarely existed before. This is adding a whole new dimension to the concept of Analytics Everywhere,” it says.
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