Top Analytics Trends to Watch in 2022

Top Analytics Trends to Watch in 2022

Over the last few years more and more companies are beginning to embrace and recognize the benefits of digital transformation and cloud services; the shift toward the cloud has begun. Many organizations have built a solid foundation for data and this year there’s even more potential for advancing up the analytics maturity curve. With strong foundations in mind – here are some of the top trends we’re excited about right now:

Hyperautomation & Automation of Machine Learning

Hyperautomation makes use of available tools like Robotic Process Automation (RPA), machine learning (ML), and artificial intelligence (AI) to automate complex business processes. Even though basic automation delivers results, the potential exists for even greater returns with hyperautomation. IBM describes hyperautomation as being transformative: “Simple, task-based automation does not deliver the cross-functional results that will drive business decision making and results. Hyperautomation transforms an organization by automating as many processes and tasks as possible.”

One type of advanced automation with excellent potential is classifying images with machine learning/deep learning. Technical tools like IBM Watson Machine Learning are available to help train models accurately.

Natural Language Processing & Conversational Analytics

Common examples of what can be done with Natural Language Processing (NLP) and Conversational Analytics are chatbots and virtual agents. Still, we’ve only scratched the surface of what these applications can do. As cited by Deloitte, “The global conversational AI market, including chatbots and intelligent virtual assistants, is expected to grow at a CAGR of 22% during 2020–25, reaching almost US$14 billion by 2025.”

With these technologies maturing, we’ll see enhanced instances of NLP and conversational analytics that users trust and are highly valued by companies for the insights gained from analyzing customer interactions.

Transition to Data Fabric

It’s time to move away from data silos and accelerate the transition to data fabric. IBM defines data fabric as “a data management architecture that can optimize access to distributed data and intelligently curate and orchestrate it for self-service delivery to data consumers. With a data fabric, you can elevate the value of your enterprise data by providing users access to the right data just in time, regardless of where it is stored.”

Gartner lists data fabric as a top strategic technology trend for 2022, saying, “Data fabric can use analytics to learn and actively recommend where data should be used and changed. This can reduce data management efforts by up to 70%.”

As industry leaders recognize the value of optimizing data as data fabric and integrating siloed data into the fabric, there are fewer reasons not to embrace this trend.

Data as a Service- Data Exchange in Marketplaces

We’ve reached a phase in the evolution of data marketplaces where privacy protection can be balanced with the potential to use data for the benefit of society. The technology is ready for responsible implementation. In the article, Data marketplaces can transform economies. The World Economic Forum says, “Data marketplaces (i.e., data exchanges) correctly constructed, can accelerate responsible exchange and use of data to solve critical challenges and fuel innovation for society.” If data marketplaces can gain trust and demonstrate ethical, beneficial use, this trend could become even more transformative than it has been with current applications.

Use of Augmented Analytics

Well-implemented augmented analytics uses machine learning and AI to perform comprehensive analysis such as identifying patterns and anomalies and gaining insights. IBM shares an excellent story of using IBM Watson health analytics to help a state Medicaid program fight fraud. With several years of historical data available, the analytics team built a custom predictive analytics library to help detect anomalies and identify schemes and mistakes. These analytics played a role in investigations and audits that recovered over USD 41.5 million in 2 years. That’s just one example of how advanced analytics can be used to deliver results that would be otherwise unattainable.

Cloud Automation and Hybrid Cloud Services

Now that the massive pandemic-fueled shift to the cloud has taken place, workloads need to be appropriately managed to ensure that they’re in the optimal environment and that they can move as needed in hybrid public/private clouds. Moving to a cloud environment was an important step, but it’s just one step. It’s time to optimize efficiency, scalability, resilience, and cost-effectiveness while maintaining security and compliance by taking advantage of cloud automation and hybrid cloud services.

More Data Integration through Embedded Analytics

Embedded analytics are the drivers behind the intuitive dashboards that put reliable, real-time data at users’ fingertips, allowing informed, data-driven decisions. These powerful cloud capabilities and analytics tools are impressive, but at the end of the line, are users able to access the data they need when they need it? If users still need to toggle between different applications to get the complete picture, then the data isn’t integrated as well as it should be. As companies increase their data collection, processing, and analytics sophistication, data integration and embedded analytics also need to progress to ensure that users reap the benefits.

Curious about how these trends and other analytics technologies can transform your business? Contact us to learn more.

About Newcomp Analytics

Newcomp Analytics is a world-class analytics team specialized in consulting and development at the highest level. Wherever you are in your analytics journey, we will help you raise your game in today’s complex business environment. Our team of data scientists, engineers and developers deploy analytics for hundreds of clients across all industries and functions around the globe. We have a simple formula to help you win with data: define the goal, find the gaps, then match you with the right people, processes, and tools to get there – coaching you the entire way. For more information, visit www.newcomp.com or call +1 888 892 4276.