Analytics Trends 2016
The next evolution
In addition to presenting untold opportunities, the democratization of data introduces new risks—ranging from legal liability and reputational damage to heightened risk of cyber attacks. To minimize these risks—while maximizing the return on their analytics investments—organizations must keep abreast of emerging trends reshaping the analytics landscape.
Across Canada and around the world, organizations increasingly rely on data to set strategy, manage their operations and understand their market. As this data proliferates, it also becomes democratized—making it accessible to information gurus and neophytes alike.
On the one hand, this trend presents significant opportunities as employees across the organization come to rely on insight-driven strategies to make business decisions, engage with customers and employees, and increase revenues.
On the other hand, however, the proliferation of data introduces new risks. Misuse of data—intentional or not—can expose an organization to legal liability and reputational damage. A weak security stance can make it the target of cyber attackers. And the failure to turn data into insight, or move from insight to action, can derail an organization’s analytics progress—resulting in lost time and money, strategic misdirection and even business failure.
By understanding these five key analytics trends, organizations can position themselves to reap the opportunities of analytics, while mitigating the risks.
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Five emerging analytics trends
Analytics drives every decision and action
To gain value from the analytics journey, organizations must expand their focus beyond technology to embed data, insight and reasoning into the fabric of their decision-making processes. How? By becoming an insight driven organization (IDO)—one that turns analytics into a core capability across the organization by promoting a culture of insight-driven decision-making.