New analysis from the business app marketplace GetApp uncovered the top three business intelligence (BI) trends set to affect businesses in 2020. Their analysis provides key insights to gain and maintain trust in the age of data privacy concerns, especially for SMBs.
Customer trust in big tech took a huge nosedive during 2019, dropping from 71% to 50% between 2015 and 2019. In response, GetApp’s researchers found three trends that SMBs can use to manage data in ways that build and keep consumer trust.
- Start Using Analytics Business-Wide
Since 65% of global enterprises intend to increase their spend on analytics in 2020, analytics must be rolled out across the company. The need for varied insights, combined with a shortage of data scientists, means that leaders in all lines of business must become proficient in using analytics, from IT to marketing.
- Let Data Scientists Work with Automated Systems
Past research found that 60% of data scientists spend most of their time cleaning and organizing data, with 57% saying this is the least enjoyable part of their job. In 2020, Gartner predicts that 40% of data science tasks will be automated, giving practitioners more time to build proprietary models. Instead of cleaning and organizing spreadsheets, data scientists will spend more time building new models.
- Make AI Transparent
Following high-profile criticism of bias in artificial intelligence (AI), a more open approach to AI is required. Algorithms must be interpretable from the start, making it easier for consumers to understand AI decision making.
Lauren Maffeo, Associate Principal Analyst at GetApp, commented on the research, “In an age where data privacy concerns are on the rise, consumer trust in big tech continues to nosedive. Luckily, consumer trust in small brands remains high.
“Consumer trust for small brands is currently at 87%, compared to 27% for corporate America. In order for small brands to keep consumer trust, they must show that their businesses handle data in ways that are as fair, accurate, and transparent as possible.”