Current pandemic has changed the way customers & employees interact with systems. Many of the user behaviors & patterns captured and analysed previously will not be relevant anymore in near future. It’s not hard to predict that cash payments will further decline and many of the tasks will be performed remotely going forward. Accordingly organizations will need to adapt to these changing user behaviors.
If you are retail owner then it will be hard to survive without digital presence or without multiple delivery options. Banks will need to revisit the whole “in branch” customer experience. Going forward Business Continuity Planning will be core for most enterprises.
So if you are a business owner or decision maker then you must be going through one of the enterprise transformation frameworks to make your firm more resilient.
What are some of these transformation frameworks?
1) Executive Decision Making framework by Gartner
2) COVID-19 Enterprise Resilience Framework by EY
These enterprise transformation processes requires lot of questions to be answered before any decision making. Questions like “What areas to focus to stay resilient as a firm?”, “What new business opportunities to explore to survive and succeed during this difficult period?”, “How new customer patterns will impact the business (financially and strategically)?
So let’s go through what I believe is future of Business Analytics
DATA TRIGGERED TRANSFORMATION
I believe in future, it will be business analytic systems which will trigger enterprise transformation process. These systems will identify areas that might need to transform based on both internal and external factors. And not just identify but also start a workflow with decision makers to evaluate these opportunities. This mechanism will also have a learning logic to capture feedback from previous workflows and improve future transformation processes.
CHAT BOTS & NLP
In my opinion the future of dashboards and reports will be Chat bots. It might not fully replace dashboards but it will certainly compliment existing dashboards & reports. Right from “Ask data” feature in Tableau to “Ask a question” feature in Power BI, we already have some NLP helping us ask questions from the data. In future we will go to the next level where we will state our requirements to the bot and it will not only dynamically generate set of dashboards and reports but also summarize the insights from those reports.
AUGMENTED ANALYTICS
So what is Augmented Analytics? A BI process involves preparing data to analyzing data to understanding the analysis. Now Augmented Analytics means that we are empowering the above three phases with Machine Learning & Artificial Intelligence.
Want to know more about Augmented Analytics?
“What is Augmented Analytics?” ebook
“Artificial Intelligence and the Analyst: Redefining roles in the age of augmented analytics ” – Whitepaper
FAST BUT NOT EXPENSIVE
Future BI systems & data warehouses will be fast, really fast. But this fast speed will be more affordable for enterprises. We have already seen this trend with adoption of cloud first strategies by enterprises. We have already seen advancements & innovation made recently on this front with products like Azure Synapse
What is Azure Synapse?
Check out this blog post to get an introduction to Azure Synapse.
BI WITH SEMANTIC LAYER
This one is more of prediction about a specific data pattern. As per me, more and more organizations will include semantic data layer in the enterprise data design. A semantic layer maps complex data entities into familiar business terms such as products, customers, or revenue to offer an integrated and consolidated view of data across the organization. This will mean the BI layer will already have the related & dependent entities at the source rather than relying on complex ETL processes.
WORKFLOW FROM VISUALIZATION
In my opinion, analytics layer will have more collaboration features in future. Right from data cleaning to transformations to visualization, BI systems will have mechanism to get feedback & learn from various stakeholders. I also believe that in future Analytics process will not end at visualization but will have ways to trigger various workflows based on trend analysis.
Which one of the above you think will be relevant in future? Please do share your feedback or if you think we should add anything else too to this list.
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