The Current and Future Trends in Analytics

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The Current and Future Trends in Analytics

Abstract

Analytics is represented by current and future tendencies, which must be considered by managers on a regular basis. Moreover, they must transfer their understanding of the area to their subordinates. All innovative companies study this field to gain the competitive advantage in the future prospect. Each organization choses own strategy to combine numbers with decision-making in the most comprehensive manner. At the same time, such significant changes are possible only in the friendly and trustworthy environment. For this reason, internal efficiency is crucial for the creation of analytical capacity. The present tendencies include gathering information as well as coping with its different types. However, in a while, the decision-making will become impossible without analytics, which will mean the absence of intuition and experience in difficult solutions. However, the main purpose of analytics is to simplify the everyday routine and to storage the company’s information in the most convenient manner.

Keywords: current and future trends, understanding, competitive advantage, decision-making, environment, efficiency, storage

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The Current and Future Trends in Analytics

The most competitive businesses realize that analytics is a main key to success. They also accept the fact that, without an advancement in this area, they will not be able to win from their rivals in the future. Thus, these companies constantly make significant investments to grow its analytical capacity. Moreover, they restructure their enterprise in accordance with the major trends in technologies, which are mostly based on analytics. Such organizations are ready to cope with every resistance to these changes as well as they retain people who share their vision about the future analytics. This paper is dedicated to the current and future trends in analytics and its general benefit for a contemporary enterprise.

Current Trends in Analytics

The competition in every field of businesses is growing at a high speed, and the majority of organizations has no choice, but to adopt economies of scale. Analytics is the number one helper in this area, because it assists in optimising the major business activities (Lohr, 2015). The big quantity of professional managers has learned how to extract a big amount of data, but they are not knowledgeable in the progressive decision-making based on it (Davenport, 2013). According to Lohr (2015), the current period of time can be called ‘The Age of Big Data’, because the technological information continues to integrate in all work fields. Moreover, every two years this data multiplies by two, and, still, it must be analyzed in details to ensure reliable outcomes.

90% of data has been gathered within the last two years, and making conclusions based on it is the biggest challenge at the moment (Lohr, 2015). Every company understands that it must deal with a large scale of data to win the competition, and, thus, it looks for various ways to get an access to it. As a result, big organizations allocate separate resources to invest in the data analysis as well as they create professional teams that are going to work in this area (Davenport, 2013). Therefore, they must decide, how to combine analytical specialists with employees working in other fields. The reason for this strategy is that business decisions are, usually, made collectively in the company that promotes healthy environment. Thus, other workers must comprehend the current importance of analytics, because it is already present in the organization on a daily basis. Elimination of conflicts associated with collected data and analysis is one of the most important current trends.

Many companies have understood that the data usage is one of the best ways to improve their services. For example, it helps to collect information about their customers’ needs and to customize their operations in accordance with consumers’ preferences (Davenport, 2014). Also, financial institutions have recognized the necessity in implementing information technologies to avoid risks, which they face in the everyday routine. Moreover, the benefits connected with data analysis are growing, because the technologies are rapidly improving to make the business life easier (Davenport, 2013). Additionally, soon they will be able to replace many functions of separate workers, which means that they will be forced to search for new activities, not covered by the artificial intelligence.

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The data environment is constantly evolving, and companies must closely study it to recognize the future opportunities (Galbraith, 2014). Moreover, some of the tendencies may include more obstacles, than new ways. However, it serves as a major definition between the successful and the loser-companies: the first category sees useful information, the second gives up without fighting. In any case, managers must understand that some employees may see the data usage as a competency-destroying element (Galbraith, 2014). Thus, they must concentrate and explain only the benefits associated with information technologies.

Modern analytics gives an important privilege, which includes the accessing information in a real-time mode (Galbraith, 2014). The previous generation of managers could rely only on historical pieces of information, but its main disadvantage was that it could become outdated. Nowadays, companies fight for receiving the actual data as soon as possible to be the first who apply it and use it for business development. At the same time, managerial people must be able to work with various types of information and to combine it for producing the general result (Galbraith, 2014). Thus, the major tendency includes finding and hiring analytical specialists, who can work with different categories of data.

These tendencies are important, because companies must understand, what expects them in the future. For example, if they skip the step of collecting information, or they do not receive the experience in working and applying the IT technologies, they will not be knowledgeable in the analytical decision-making in the future. Moreover, big organizations will hire and retain the best analytical experts, and other companies, as a result, will remain without such strong team. Thus, the enterprise with the wise management must study the analytical market, before it develops beyond its understanding. Additionally, advanced companies must realize that it is more efficient to use the available information, than to rely on the intuition (Lohr, 2015). Analytical benefits influence all types of business operations, and their positive aspects cannot be ignored. The companies that prefer not to take new challenges risk to fall behind and even to bankrupt due to their ignorance.

Future Trends

Contemporary organizations define the data revolution as one of the most urgent questions, which they need to solve in the nearest future. Therefore, if they want to think in advance and not to lose their competitive advantage, they need to take care in analytics already now (Gabel & Tokarski, 2014). Such companies must predict the future trends in this area to build their strategic capacity in accordance with them. As a result, enterprises expect the complete restructuring as well as they take necessary actions to simplify this process as much as possible.

According to Lohr (2015), all companies will be data-driven one day. Thus, managers will have to change their usual manner of thinking and to learn how to rely on the collected information. The major challenge will include the difference between useful and useless information (Lohr, 2015). In any case, leaders will switch from applying their work experience into adopting credible pieces of data to their decision-making. As a result, the nature of work will change, which will cause a number of conflicts between various employees (Davenport, 2014). Such conflicts will become significantly bigger, when technologies will replace many jobs through artificial intelligence. Some people get this feelings at the moment and try to cause resistance to information technologies already now. However, they must understand that business analytics covers some fields of functions, which human brain cannot capture (Kim, 2014). Therefore, data is meant to help workers and not to completely substitute them. Additionally, in the future prospect, analytical models will become less sophisticated, which must simplify their understanding (Kim, 2014). In such a manner, more employees will be able to get acquaintance with this area and will learn, how to receive information that is useful for them.

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However, not all employees can build reliable predictive models in contrast to analytical data (Davenport, 2014). These models are also applicable to the rationale usage of limited resources, which is an acute topic in every business. Thus, information technologies will be evolving in these directions to help companies with becoming more efficient as well as with gaining the competitive advantage. At the same time, data will be changing and splitting into various categories. The manifolded character of business will promote this tendency, and managers will have to learn to unite it for their decision-making (Davenport, 2013). For this reason, considering this future prospect analytical experts must constantly develop their skills and be updated about major changes in this area.

A number of people, who will be able to access the information on a global scale, will be constantly increasing (Schmidt & Rosenberg, n. d.a). It will ensure the data flow in both directions: businesses will know more about their customers, and on the contrary. Thus, innovative companies will apply the acquired information in different ways to their daily business functions (Kim, 2014). All successful organizations lead the customer-oriented strategy, which means that they study their consumer in details. As a result, analytics will make this process more progressive and will simplify the information gathering.

The IT industry will also assist in the work with documents: for example, it will detect inconsistency, data irrelevance and repetitions (Baesens, 2014). However, along with this progress, management will be forced to solve the questions associated with privacy and discrimination. These tendencies prove that leaders must have significant experience, in order to sort data and to use it for the best decision-making. At the same time, they have no choice, because they must gradually apply analytics and make sure that the rest of employees uses it for the company’s benefit.

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Such important industry as healthcare will undergo changes related to analytics as well (Wang, Kung, & Byrd, 2016). It has already begun to be more business-oriented, and the IT knowledge will help to accelerate this process. For instance, it will decrease the time, spent on papers, and it will provide an advanced storage of patients’ information (Wang, Kung, & Byrd, 2016). Moreover, employees of all levels will get an easy access to the overall information as well as they will be able to use it for the collective decision-making.

These future tendencies are important, because every type of business presupposes professional planning and development of new targets. The orientation at the analytics also helps to ally the daily functions with the corporate objectives. At the same time, companies will have enough time for educating their personnel so that it is better prepared for changes. Practically, they will learn these changes in advance and will resolve all conflicts quicker, than other organizations.

Competitive Strategies

One of the main strategies includes influencing the company’s efficiency through its internal climate (Rao & Weintraub, 2013). For example, the changes associated with analytical tendencies can be adopted easier, if the workers operate in friendly environment. In such case, they feel free to ask various questions and express all of their concerns. Moreover, when leaders promote trust, they can ensure more efficient mentoring of their subordinates (Rao & Weintraub, 2013). It happens, because their remarks do not create conflicts and misunderstanding. Additionally, subordinates feel that they can show their individuality at work, and nobody will discourage them, which gives an opportunity to uncover their hidden talents. As a result, leaders can build more targeted development plans (Jacobson, 2014).

According to Hacking (1990), the law of chance exists, and, therefore, managers must take correct actions not to miss it. The best strategy for this purpose is to hire people that are potentially ready for changes. The speed of a change is constantly increasing and the most advanced businesses rely on technology (Schmidt & Rosenberg, n. d.a). The people, who prefer to be conservative and stick to one and the same task everyday, cannot spot new possibilities and chances. Such individuals destroy the innovative corporate environment and add difficulties and resistance to various alterations.

Additionally to modern and creative people managers must hire professional data scientists and analytics experts, because later they may disappear from the labor market (Galbraith, 2014). Linking numbers to the physical world is a difficult task, which demands special skills (Porter, 1995). The companies, that are the first to grow its human resource in the analytical area, will gain the competitive advantage by default. Also, while choosing the staff modern leaders must consider all contemporary techniques, which generate information from various sources (Igo, 2007). Thus, new people must not be afraid of experimenting with data and using creative approaches to their decision-making. For example, engineers in ‘Google’ possess not only talent, but also the freedom to use it in different situations (Galbraith, 2014). Such strategy helps the company to remain the leader in innovations and new technologies.

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The rest of the employees must also gradually learn, how to combine digital and physical worlds (Weinman & Wiersema, 2015). For example, creative solutions may be taught to the staff through a new type of management, which will be aimed at removing control and making inter-disciplinary collaboration (Gabel & Tokarski, 2014). For this purpose, an analytical team can cooperate with different departments from time to time and work on various projects together. Analytical professionals will share their knowledge and experience as well as such synergy will potentially produce more creativity. Nowadays, such style of work is relatively unusual, but, on the other hand, it will generate more creativity and unusual approaches to work. This progress is necessary to adapt to the rapidly changing business environment (Schmidt & Rosenberg, n. d.b).     The last strategy includes the progress evaluation, and it fits me the best (Wax, n. d.). My organization already has an innovative corporate culture, which is present in all daily operations. However, I need to ally my personal targets with the organizational ones. The enterprise knows exactly, which direction it is moving as well as what it expects to achieve. In such a manner, it recognizes the necessary in analytical capacity and considers all future tendencies. However, I do not have numerical evaluation of my current progress to respond to the company’s modern culture. I cannot rely on my colleagues’ experience, because their daily routine does not always correspond with the enterprise’s philosophy. Thus, I need my own milestones not to postpone the implementation of analytics in the everyday work.

Additionally, the evaluation shows, how much it is left to achieve, as well as helps to form a feedback for my supervisor. The assessment plan will serve as a prove that I follow the company’s objective and expect particular results in the future. Therefore, I would make my work more strategical and aim-oriented. I will also remain updated about the novelties occurring in this area, as I advance with my analytics.

Conclusion

The present and future tendencies in various business areas prove that analytics is an important piece of the competitive advantage. For this reason, managers must gradually gain experience in this area as well as train their staff. However, it will be impossible, if they do not chose proper business strategies from the beginning. Such strategies include healthy corporate environment, which consist of talented and creative people that are not afraid of changes. Leaders must cooperate with their subordinates on a regular basis and try to receive the detailed feedback from them. Such attitude towards collaboration helps the company to remain innovative and determined. At the same time, the organization must have analytical professionals, who already have experience in the information technologies. Additionally, they must have projects with other departments to increase the analytical capabilities for the future.

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