What does the next decade hold for enterprise analytics? Ventana Research SVP and Research Director David Menninger says organizations should focus their 2020 vision on embedded analytics, the cloud, the use of external data sources, and of course, artificial intelligence and machine learning.
In the webcast, 2020 Vision: The Next Decade for Enterprise Analytics and Mobility, Menninger shares insights from his firm’s latest research, including the accelerated move of data and analytics to the cloud. While Ventana’s research shows that approximately half of organizations today are using the cloud for their analytics, their survey indicates that 99% of organizations plan to in the future. Menninger also notes that embedded analytics will be the key to real-time, informed decision making going forward, with 72% of respondents already saying it’s important or very important to their business.
Into the next decade, embedded analytics will more easily provide information and make it possible to initiate action within the application. —David Menninger, Ventana Research
The Ventana Research SVP also shared these 2020 and beyond enterprise analytics assertions:
- By 2020, analysis of streams of IoT event data will be a standard component of nearly all big data deployments
- By 2021, more than half of all analytics will be generated by pre-built applications rather than through the use of business intelligence tools
- By 2021, 66% of analytics processes will no longer simply discover what happened and why—they will also prescribe what should be done
On the use of AI and machine learning in the next decade of enterprise analytics, Menninger says that for those getting started, the number one issue cited is always the lack of skills. “Over three-quarters of organizations say they don’t have the skills to perform these types of analyses, and two-thirds believe their users don’t even understand the analyses when they perform them,” notes the Ventana Research Director. “But there are two ways you can address the skill shortage. One, is you can hire or use contract resources—or as our research shows, if you can acquire tools and applications with these capabilities already embedded into them, then it requires less skill on the part of the organization.”
Ventana’s research around machine learning implementations reveals that currently, 34% of responding organizations are using BI tools that support machine learning, 28% are using applications with embedded ML, 26% have it embedded in custom-coded applications, and 12% are using third-party consultants.
Want to hear more of what David Menninger and Ventana Research CEO Mark Smith say the future holds for enterprise analytics? Watch 2020 Vision: The Next Decade for Enterprise Analytics and Mobility on demand.