Whitepaper

The Future of Analytics - BARC Research Report

Author
Dr. Sebastian Derwisch, Data Scientist | BARC - Business Application Research Center
In Partnership With

ASSISTED AND AUTOMATED, BUT THE HUMAN REMAINS IN CONTROL

Advanced analytics has come a long way in recent years since the hype around big data ignited. Since then, a considerable number of companies have prototyped analytics solutions and sought to operationalize them.Besides data scientists, user groups such as business analysts are now exploring the potential of advanced analytics. Processes to explore data and operationalize analytics are being consolidated and tools are increasingly addressing the needs of these different user groups and processes, and even automating data analysis. Which of these topics will remain relevant? Which experiences are relevant for the future? Which technologies show the most promise? Is advanced analytics still an important topic for the future or is the hype tailing off?

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Advanced analytics has come a long way in recent years since the hype around big data ignited. Since then, a considerable number of companies have prototyped analytics solutions and sought to operationalize them.Besides data scientists, user groups such as business analysts are now exploring the potential of advanced analytics. Processes to explore data and operationalize analytics are being consolidated and tools are increasingly addressing the needs of these different user groups and processes, and even automating data analysis. Which of these topics will remain relevant? Which experiences are relevant for the future? Which technologies show the most promise? Is advanced analytics still an important topic for the future or is the hype tailing off?

This
survey examines the future prospects for the development of advanced analytics in terms of its role for companies, relevant user groups, processes and technologies. Firstly, we will take a look at where companies are now. We will then explore the implementation of advanced analytics, what users have achieved and what they continue to struggle with. Finally, we will look more closely at the preconditions that need to be in place to implement advanced analytics successfully, put recent technology trends regarding the automation of analytics into perspective and let the participants of this survey air their own views on the future developments of analytics. Respondents came from large, mid-sized and small companies all over the world, with different backgrounds regarding their use of advanced analytics. Participants were asked to rate the advanced analytics skills and competencies present in their company compared to their main competitors. This allowed us to gain a better understanding of what “best-in-class” companies are doing to benefit more from their data and analytics efforts in comparison to “laggards”.

We hope that this study gives you some insight into the current state of advanced analytics and sheds light on its future development to inform your decisions.

About The Author

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Dr. Sebastian Derwisch

Data Scientist | BARC - Business Application Research Center

Dr. Sebastian Derwisch is an Analyst and Data Scientist at the Business Application Research Center. He advises companies in the areas of use case identification for data analytics, tool selection for advanced analytics and the organization of data science teams. Sebastian Derwisch also conducts proof of data values for advanced analytics projects and data science coachings. He has authored market studies such as the BARC Score Advanced Analytics Platforms and research articles regarding data analytics.