As organizations look to keep up with the competition and pursue analytics to gain competitive advantage, it’s essential to know where to focus your time and resources.
Portland, OR (PRWEB) December 10, 2013
As analytics continue to grow in importance and impact within high-performing businesses, successful organizations must balance speed, automation and human-involvement as they implement analytics solutions into their business processes.
This view is among nine Analytics Predictions for 2014, issued today by the International Institute for Analytics (IIA), the leading independent research firm focused exclusively on guiding its clients to leverage the power of analytics.
The predictions were unveiled today during IIA’s 2014 Analytics Predictions Webinar, led by IIA Research Director and Co-Founder Thomas H. Davenport, VP of Research Sarah Gates, Lead Faculty Robert Morison, and faculty members Bill Franks, Sanjeev Kumar, Greta Roberts and Omer Sohail. Along with their predictions, this distinguished group of analytics experts shared their views on the last 12 months of developments in analytics, and the emergence of the Era of Analytics 3.0 and the Chief Analytics Officer.
“The speed with which companies are adopting analytics practices is unprecedented, and only getting faster, said Jack Phillips, CEO and Co-Founder of IIA. “As organizations look to keep up with the competition and pursue analytics to gain competitive advantage, it’s essential to know where to focus your time and resources. It’s our mission at IIA to guide business leaders toward success in an economy increasingly driven by data, and these predictions give companies a view of the issues and trends they will likely face in 2014.”
The 2014 Predictions:
For the third year, a panel of IIA faculty and leaders reviewed an extensive list of trends, and identified the ones most likely to come into prominence in the analytics industry in the coming year. The nine predictions for 2014 are:
- Businesses will continue to shift focus from individual analytics professionals to the formation of effective analytics teams.
- Companies will move past the hype surrounding Big Data and seek to embed analytics in business processes to align with core organizational goals.
- Organizations will increasingly use analytics to develop new products and services.
- Vendors will increase their focus on operationalizing and managing analytic models.
- Adoption of analytics as a service will accelerate.
- Facial recognition and wearable-device data will be incorporated into predictive analytics.
- The use of data visualization will accelerate both in terms of high-complexity and low-complexity information.
- There will be a continued shift to machine learning and automation, needed to keep pace with the speed and volume of data.
- Companies will focus on creating the optimal mix between automated decision-making and human-intervention, as they seek to operationalize analytics.
The webinar was attended by a global audience of business analytics leaders from a variety of industries, including retail, healthcare, manufacturing, banking, and insurance. One in a series of educational webinars conducted by IIA, the 2014 Analytics Predictions Webinar and a one-page summary are available to view on-demand at http://www.iianalytics.com.
The International Institute for Analytics (IIA) is an independent research firm for organizations committed to accelerating their business through the power of analytics. Founded by Research Director Thomas H. Davenport and CEO Jack Phillips, IIA works across a breadth of industries to uncover actionable insights from our network of analytics practitioners, industry experts and faculty.
IIA’s Enterprise Research members gain access to an extensive research library, faculty-moderated executive roundtables and phone conversations. IIA also provides analytics benchmarking, inquiry and advisory services to its members, allowing business leaders and analytics professionals allows organizations to keep their finger on the pulse of analytics in the new data economy.
Since its inception, SAS, Intel, Teradata, SAP & Dell have supported IIA as underwriters. For more information about IIA, and how you can become a member, visit http://www.iianalytics.com or call 503-467-0210.