Nov 16, 2012
Research: 2013 Analytics & Info Management Trends
Predictive analysis is faster, more accurate and more accessible than ever before. And now, combined with big data, it’s driving a new age of experimentation.
Five years ago many companies were standardizing on one or a few business intelligence products, and interest in advanced analytics was just starting to grow. But that’s all changed.
Experimentation is back, according to our 2013 InformationWeek Analytics, Business Intelligence and Information Management Survey. Companies of all sizes and across many different industries are using analytics, and veteran users are going for new levels of sophistication. In addition, five years ago big data analysis was in its infancy; today it’s a fast-growing niche within the analytics, BI and information management domain.
It’s no surprise that respondents demonstrated a high level of interest in advanced analytics and big data, since the two trends are interrelated. Our respondents say they’re embracing advanced analytics to proactively optimize business operations, identify risks and spot new business opportunities. They can’t do this by simply reporting on what happened yesterday, last week or last month. Instead, they’re applying sophisticated algorithms to historical data in order to see what’s coming, and the more data they use, the more accurate the predictions.
It’s not just about using more data. The big data movement is about embracing new data types, like social media, clickstreams and log files, low-latency data, sensor information and other real-time feeds. Among the benefits our respondents are hoping for from big data are the ability to better predict customer behavior, product and service sales, as well as fraud and financial risks. Experienced analytics practitioners are incorporating cutting-edge approaches such as in-database analytics, text mining and sentiment analysis to outdo their competitors.
The University of Kentucky and Taylor University are among the new users of advanced analytics. Both schools are using predictive modeling to improve student retention, and their work offers lessons for any business trying to minimize customer churn. Insurers UnitedHealth Group and Allstate are old hands at advanced analytics, but that doesn’t mean they’re resting on past achievements. In addition to these use cases, this report explores how emerging techniques, including in-database analysis, text mining and crowdsourced competitions, are yielding breakthrough results. (R5061112)
Survey Name InformationWeek 2013 Analytics, Business Intelligence and Information Management Survey
Survey Date October 2012
Region North America
Number of Respondents 541; 417 at organizations using or planning to deploy data analytics, BI or statistical analysis software
Purpose To examine adoption trends and strategies around analytics, business intelligence and information management
Methodology InformationWeek surveyed business technology decision-makers at North American companies. The survey was conducted online, and respondents were recruited via an email invitation containing an embedded link to the survey. The email invitation was sent to qualified InformationWeek subscribers. This report focuses on the 417 respondents at organizations using or planning to deploy data analytics, BI or statistical analysis software.