Before predicting the future trends of business analytics, it is important to analyse the current state of the business market. There are about 30 million small businesses in the country that use analytics to optimize their business operations. It is expected that such small businesses would create more than 1.5 million jobs within the next three years. In addition to this, more than 25% of employees are fully engaged in the analytics departments of the business market. More than 1 million small businesses are expected to come up in the technological sector alone in the next 3 years. All these trends suggest that business analytics is at a very productive stage and is expected to grow further in the future. Moreover, the increase in the number of business analytics certification courses suggests that the future prospects of this domain are very promising.
Data quality management
The growing volumes of structured and unstructured data have raised a question on the reliable sourcing of data. This is where data quality management comes into the equation. Data quality management caters to various aspects of data like regulation and compliance. It stresses on collection of data from reliable and valid sources. There are five important stages of data quality management. The first stage stresses on cleansing and preparation of data. It is at this stage that redundant data is canceled out and a valid and reliable data pool is prepared for further analysis. After this, the harvestation of reliable data is done. It is at this point that we select data needed for a particular project. The next stage involves the distribution of the data sets. In this stage, data needs to be shared with responsible stakeholders. After this, the management of data is done and the quality parameters are assessed. Finally, the data pool that is available at this stage becomes ready for deriving meaningful insights.
Data as an entity is utilized in many different ways. The most important way in which data is utilized is called data as a service. As data is one of the most important lifelines of modern businesses and industries, it becomes important to stress upon the privacy of data. The privacy of data has been stressed upon by legislation like Global data protection rules. There have also been a large number of country specific recommendations and regulations in this regard.
If the data pool that is available to various stakeholders is made secure, it can readily act as the driving force of growth for data dependent businesses and organizations in the times to come.