Analytics are going through a renaissance of sorts, businesses are able to use analytics in ways they could not before due to new technologies.
Timo Elliott, SAP VP and global innovation evangelist notes three key analytics trends for 2019.
Firstly, analytic companies are able to create scenarios businesses have been longing for years; these analytics are able to be embedded into business processes and there is an incoming wave of augmented analytic platforms.
Vision of analytics
Analytics companies can deliver on a vision of analytics that business people have been excited about for the past 60 years.
Elliott explains, “[People now have] real time access to information to run their business at their fingertips.”
The idea is not new, dashboards not new but we can actually do it now with the current technology so there is a massive opportunity, according to Elliott.
He calls this the golden age for analytics.
Embedding analytics into business processes
The second trend is embedding analytics much more into business processes.
“For a long time analytics has been separate from business process why? Because if you try to do analytics in your operational systems, it will overload and it couldn’t cope,” Elliott said.
He said due to a number of new technologies companies can do power analytics embedding directly into the same interfaces and platforms they use for operations.
Wave of augmented analytics platforms
Lastly, there is a big wave of augmented analytic platforms built from the ground up to use the power of machine learning to optimise every aspect of analytics.
Elliott said, “[The platform] goes from new interfaces, I can use everyday language and voice interfaces to ask questions, when I get the data back, the algorithms tell me automatically what’s different, interesting and exceptional, rather than me having to go and search for it.
If someone clicks on a topic, the data can give them extra context about what is going on, according to Elliott.
He said it is also more proactive so he can start taking the results of an analysis and using it for financial planning decisions and I can run powerful predictive analytics all in the same platform.
About this author
Athina Mallis is the editor of the Which-50 Digital Intelligence Unit of which SAP is a corporate member. Our members provide their insights and expertise for the benefit of the Which-50 community. Membership fees apply.