Emerging Trends in Data Analytics

NetBase Quid is a company committed to driving your business and protecting your brand with the latest consumer and market intelligence. The company is largely investing in emerging trends in data analytics to understand and interpret business information. NetBase Quid advises its clients on a sober campaign strategy, product launch, technology scouting, determine a brand’s health, and conduct trend analytics.

Data Security

In 2021, data and information security were words that existed in everyone’s vocabulary for the better part of the year. The trend has continued in 2022 with the implementation of various privacy regulations, including the GDPR in the European Union and the CCPA in America.

These regulations have set the building blocks for data management and the security of personal information for users.

Businesses across the US and Europe are being forced to invest in security to remain compliant with the current regulations and protect themselves from cybercrime. Global spending on cybersecurity is expected to hit a record high of $1.75 trillion over the next five years.

According to a survey conducted by the KPMG and recorded on CEO Outlook Pulse of 2021, the greatest threat all CEOs are facing is the cyber security risk. This justifies the increased spending.

Natural Language Processing (NLP)

Data professionals and other stakeholders whose task is to draw business insights from data are struggling with programming languages. However, the NLP has removed this traditional barrier and made it possible for all data professionals to interpret business information for better decision-making.

NLP is among the emerging trends mostly applied in business analytics tools to enable users to acquire all proficiencies and get the chance to ask the right questions. NLP is converging data, people, and analytics tools to allow stakeholders with minimal technical know-how, especially from the C-suite, sales representatives, marketing, and customer service, to draw insights from available data.

Data Visualization

Intuitive visuals and storytelling are emerging trends designed to enable clients to understand the major business insights from data.

Data is a combination of blocks of numbers and texts which may not be understood easily. One can read and understand business information through data visualization since it is presented in charts and graphics.

Data is put into context through data storytelling, a trend currently arising to give life to critical metrics. The DataPrime’s Chief Science Officer, Dr. Kirk Borne, indicated that the Dashboard software had become a critical component of business intelligence tools.

Cloud Adoption and SaaS

The COVID-19 pandemic put the entire world in a panic mode, with most corporations remaining in an emergency mode trying to make sense of the issue. With the call for employees to work remotely, the business had to find new business intelligence (BI) strategies that would combat a whole new set of challenges.

Organizations migrated to cloud-based BI in 2020 during the pandemic on SaaS solutions, private or public cloud. Post-pandemic, businesses are reorganizing their budgets to adopt emerging trends of more sophisticated cloud infrastructures to sustain remote and disparate human resources.

A study conducted by Gartner predicted that by 2023, more than 40% of all businesses in the world would be deployed in the cloud; adding to the 20% deployed in 2020 alone.

Most businesses consider analytics a critical capability hence the need to adopt more advanced data solutions. According to the CEO for Exago, Mike Brody, their company quickly adapted to the transition to working remotely because of the SaaS solutions.