Tuesday, January 31, 2023

Top Analytics Trends in the New Digital World

By Swapnil Mishra - January 21, 2022 3 Mins Read

If the past is any indication of the future, what we are seeing is a major transformation unfolding across every industry: a changing of the guard of the ones who are creating value from data.

Today, the industry as a whole measures statistics and data retention as well as business intelligence. It is a common practice for BI experts to inquire about historical data “once in a while” on top dashboards and reports that have been around for decades. Companies are building modern analytics applications in order to deliver interactive data sensitivity for research, performance, and customer-focused information.

Here are the top analytics trends in the new digital world.

The need for interactive analytics at scale is taking off

Increasingly, analytics are needed to understand a situation or investigate a problem. This requires the freedom to slice and dice and interact with data live with sub-second query response at any scale. It’s a dynamic user experience that can be best created via a developer-built application. While many databases   claim interactivity and speed, they come with lots of scale constraints.  Their abilities to scale the data analysis and provide insightful information are their biggest strength.  So the operative word here is “scale”.

Also Read: Three Key RPA Trends to Watch Out For in 2022

High concurrency is becoming a must-have for every use case

Companies can no longer rely on on a few BI analysts to write SQL queries.  Data-driven companies today need to offer free access to explore. And, multi-tenancy takes user count even further. But concurrency doesn’t just come from the numbers of users. Developers are being asked to build analytics apps with dozens of visualizations with each firing off several concurrent SQL queries.

Desire to unlock the value of streaming data with analytics

Businesses of all kinds are rapidly adopting event-streaming platforms. With so much data constantly being generated, what better use of it than to analyze it for continuous, real-time insights?

Also Read: CIOs Role Will Transform in 2022

Customer analytics

Analytics of the past were about making better decisions for the business.  While still very relevant – and a huge opportunity to create more value – companies are increasingly building analytics apps to deliver insights to their customers. Major organizations are giving their customers visibility and insights – and that in turn creates big business for them. There’s way more on the line than internal use SLAs and the customer experience. It’s in these apps where microseconds of latency makes a difference, downtime is costly, and concurrency and $$ goes through the roof. Thankfully there’s a database for that!

The digitization of everything is built with analytics 

Almost every company is now becoming a software company but with everyone having easy access to the cloud, simply building cloud software and services isn’t enough to sustain an advantage. That’s why companies build analytics apps to optimize their products and to help them create the best product experiences.  Whether it’s next-gen observability, user behavior insights, live A/B testing, or even recommendation engines, an analytics app is at work.

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Swapnil Mishra

Swapnil Mishra is a Business News Reporter with OnDot Media. She is a journalism graduate with 5+ years of experience in journalism and mass communication. Previously Swapnil has worked with media outlets like NewsX, MSN, and News24.

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