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BizReport : Advertising : December 11, 2015


How to better use data in 2016

There is a move in the data space to remove human bias. According to one expert, this trend will become a major force in 2016. Here is why.

by Kristina Knight

First, a shortage of data scientists.

"The shortage of data scientists will drive demand for automated statistical validation tools - Making conclusions based on trends in graphs without statistically validating results can result in erroneous decisions," said Airjit Sengupta, CEO, BeyondCore. "Distinguishing real insights from false patterns requires an advanced set of statistical skills, but the US alone faces a shortage of ~200,000 people with this analytical expertise (Source: Mckinsey & Co.). Solutions that offer automated statistical validation will bridge this talent gap and we will see an increased market demand for these automated solutions."

Second, more legislation about data.

"Increased legislation will drive changes in data privacy and security solutions - The EU court of Justice's recent ruling on the Schrems v. Data Protection Commissioner case has altered the data privacy landscape and has serious business implications on how private data is dealt with and analyzed by US companies. Solutions that offer analytics without storing or creating copies of private data (i.e. built-in data privacy) will emerge winners and gain traction in the market," said Sengupta.

Third, prescriptive analytics become more common.

"Prescriptive Analytics will drive optimization to maximize ROI - The true value of analytics will be realized when ROI is maximized by analytics that tell you what to do. Prescriptive analytics will become more mainstream with tools that recommend actions based on Smart Pattern Discovery," said Sengupta.

Fourth, executives want more than pretty graphics.

"We expect to see truly dynamic dashboards become the new visualization standard, automatically populating with entirely new charts and graphs depicting up-to-the-minute changes as they emerge, revealing hidden insights that would otherwise be ignored by the typical dashboard array," said Sengupta.






Image via Shutterstock

Tags: advertising, BeyondCore, data analysis, data trends








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