Home > Business > The Data Analytics Trends You Need to Know About

The Data Analytics Trends You Need to Know About

14 Views
pexels photo 7567554 f4b5b643

Data analytics has been a substantial area for growth pre-Covid, with LinkedIn reporting that four of the top ten in-demand skills were in the field of business analysis and scientific computing.

 

In fact, since November 2020, they continued to say that two of the top five growing skills are related to data analytics. The demand for data skills is likely to remain high and even increase as businesses become far more proactive in their use and reliance on data analysis. Companies want to gain a competitive edge and emerge from this global economic crisis stronger and wiser. Determining new strategies, business direction, and driving cost efficiency is now more critical than ever. Individuals with data analytics skills to make this happen are in demand.

 

Agile Recruit has witnessed this demand for jobs in data analytics. They seek to supply companies with professional candidates with these skills for permanent or contract positions to help businesses keep on top of all the latest trends in data and business analytics.

 

So, what are the latest trends that forward-thinking businesses need to know about?

 

Fast on-demand data availability

 

When it comes to knowing what’s going on,’ Time is money, especially when it comes to data. It is no good if the information takes too many people to find or the answers arrive after the opportunity has passed. 

 

Businesses increasingly face stiff competition, with it being likely that competitors who gain the edge have relevant data to drive critical decisions to hand faster. They will have shaken up the traditional tasks of complex data migrations, slow manual data preparation, and long ETL processes. Businesses need to move towards automated data collection and analysis to increase time efficiency and achieve higher quality data for decision making.

 

Improved AI-driven existence

 

The use of AI chatbots responding to customer inquiries reduces the need for high-level human involvement. It can help speed up and improve customer service, is a significant benefit for all businesses, and gives them an incentive to create an online presence. AI in data analysis finds value in large data sets, with patterns and trends being identified that would likely be impossible for the human eye to spot. AI also offers excellent potential to predict outcomes for strategies, investments, and courses of action quickly, crucial for planning and setting long-term goals.

 

Risk reduction and service testing

 

The biggest challenge for businesses is the speed of data collection, where slowness can be devastating to any risk reduction measures needed. The advancement of data analytics is something that can make this process increasingly quicker and more straightforward. Brand image, employee safety, and crucially break-even analysis will help companies set strategies to remain competitive and plan for the long-term. Data analytics is more than the challenge of analyzing the data. It also depends on the speed and ease of accessing it.

 

Data visualization

 

Data analysts are no longer the only ones involved in data visualization – it is unavoidably all around us. The market for data visualization tools is forecast to be worth around $19.2 billion by 2027, a whopping $10+ billion increase over 2020. Fuelling customer acquisition and retention strategies by using Data-as-a-Service (DaaS) to leverage modern data ecosystems and real-time data analytics for customizing “always-on” data sets is changing the future for marketers.

 

Companies making use of assistive data analytics available and putting data collected to good use will set more realistic goals and enhance their future performance. Specialist data recruitment agencies are available to assist businesses to identify and recruit candidates with the specific data analytic skills required, whether via permanent, temporary, or contract hire solutions, to ensure that your business isn’t left behind.

TAGS ,
Eada Hudes Eada Hudes is an student whose experiences in life make her really tougher than anyone else. She can lend you expert tips on diverse topics ranging from relationship to fashion, making money, health and so on. Her write-ups are a window into her thoughts and knowledge.
Business Module Hub