Four Cornerstone is giving you a list of trends related to analytics that you could experience in 2015. Here’s the first part of this article.
What are the other things that you could expect for data analytics this year?
- Say hello to more cognitive analytics. Cognitive analytics involve automating analytical thinking by using machine learning. It uses computing power, technology and human interaction to more or less mimic the way human brains work and process information. In short, cognitive analytics allow you to take traditional analytics further. You not only get to solve complex questions, identify insights that help you make decisions, but you also use more data to make the machine smarter, which in turn allows for better insights.
- More open source tools, software and solutions. Because they are free and inexpensive, data analytics will continue to use open source software and tools such as Hadoop. Not only that, you also have a community of developers who are working for you and for free at that. The only risk here is when you make open source technologies the core of your IT and the community stops developing, or if the quality of the tools they develop declines.
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- Getting more with tax analytics. One of the less explored areas of analytics is using it for tax purposes. For instance, you might want to use analytics to predict different tax levels under different circumstances. It could help you manage or lower your tax risks. It could also help you recover any overpayments in transaction taxes, while also helping you avoid any future overpayments.
- STEM to STEAM. With more and more companies using data and analyzing big volumes of data, it is not far-fetched to think that there will be a dearth of data scientists who are available to hire in the coming years. The good news is that we can expect universities and colleges to step up to close the gap as demand grows. And the good news is that these universities will no longer just focus on science, math, engineering and technology, which is often shortened as STEM. They will also incorporate art into the mix, making STEAM the latest buzzword for the academe. With data analytics, you do not just focus on the quantitative aspect of the data and the numbers you are working with, but also on the qualitative. Storytelling is a great skill to have if you are a data scientist.
- Accuracy will take center stage. Data brokerage was big in 2014 and it will continue to be in demand this year. However, the difference is that companies who buy the data will call for more accuracy. Deloitte conducted a study of data being sold by data brokers and found that these were neither complete nor accurate. They found that on the average, 16% of their samples had no reported information while others are wildly inaccurate. But that will no longer be enough in the near future.
Four Cornerstone offers Oracle consulting in Dallas, giving you the chance to work with the best in class software and tools aimed at helping you get data analytics on pat. Get ahead of the rest, call us today.[/expand]
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