Top analytics trends for 2020

As 2019 comes to a close and businesses look ahead to 2020, powerful technologies are on the rise. Big Data, the Internet of Things (IoT), Industry 4.0, and more are taking hold across industries. The common requirement for businesses seizing these tools and staying ahead? Advanced Analytics.

Below are our top analytics trends for 2020:

1. Natural Language Processing (NLP) and conversational analytics

What it is: Natural language processing is the machine learning mechanism that enables virtual assistants to extract meaning from text and respond appropriately. Conversational analytics is focused on connecting concepts from these conversations and forming actionable insights.

Why it’s a top analytics trend for 2020: The year 2020 is key for business adoption of these tools, since according to Gartner, “by 2021, NLP and conversational analytics will boost analytics and business intelligence adoption from 35% of employees to over 50%, including new classes of users, particularly front-office workers.” No matter the industry, businesses can expect to see cost-savings and employee retention benefits after integrating these technologies into their business intelligence tools.

Pain points it addresses: Implementing NLP and conversational analytics can help companies struggling to analyze customer interactions, employee concerns that have not been paid attention to, or unable to keep up with service demands.

Use cases:

• Business intelligence dashboards. NLP and conversational analytics improve the ROI of company-wide analysis by supplying more data for business intelligence dashboards.

• Virtual assistants. NLP is one of the key components of a virtual assistant. Depending on how an assistant is used, it can internally help employees and customer service representatives or externally with customers. Companies with low customer service ratings can use virtual assistants to provide more real-time value and handle a higher volume of customer service requests in a more meaningful way which will enhance customer satisfaction.

2. Continuous intelligence

What it is: According to Gartner, continuous intelligence is “a design pattern in which real-time analytics are integrated into business operations, processing current and historical data to prescribe actions in response to business moments and other events.”

Why it’s a top analytics trend for 2020: As analytics tools deliver business intelligence to human resources, marketing, customer service, and more, continuous intelligence becomes easier. Gartner estimates that “more than half of major new business systems will incorporate continuous intelligence” by 2022.

Pain points it addresses: Companies struggling with siloed data, disjointed processes, or poor insights will benefit most from continuous intelligence.

Use cases:

• Analytics hubs. Visual analytics tools like analytics hubs provide a single source of truth, clearly highlighting data in a way that enables quick decision making by key stakeholders.

• Process optimization. As companies add continuous intelligence to their business processes, they will be able to remove time-consuming or unnecessary steps.

Read the rest of our predicted trends in the full article here: https://www.logic2020.com/insight/top-analytics-trends-2020?utm_source=social&utm_medium=Medium&utm_campaign=Advanced_Analytics