When I outlined these 10 Data Analytics Trends To Watch in 2020 - nobody could have imagined that a global pandemic would virtually shut down the world and disrupt companies’ technology initiatives. Technology by its nature is meant to disrupt. It challenges us to rethink what is possible. I did not envision an economic collapse, a radical shift to a remote workforce, or the loss of health and hobbies. This is uncharted territory for us all. Breathe. Through all of this, the one thing that is clear, is that data analytics and business insights matter more today than ever before. What does the COVID-19 pandemic mean for the data analytics industry and all the professionals in this vertical? In light of these recent events, I want to revisit the 10 data analytic trends I wrote about at the start of the New Year and examine what impact the “new normal” will have on the data analytics industry as a whole.
Virtual Data Culture
Fostering a vibrant data driven culture was already the biggest challenge facing data analytics leaders. Now these same organizations will have a compounding challenging of cultivating data literacy, data curiosity and data driven decision-making across a remote workforce. The unique challenges of working remotely and shrinking budgets will require data leaders to take a creative approach to continue laying the building blocks of a data driven culture. In the end, the success of your data organization will depend on the ability to transform data into real-time insights and foster a culture where business stakeholders are committed to data driven decision making.
Data For Good
Soon after everyone realized the grave nature of this pandemic, organizations and governments scrambled to harness the power of big data and predictive analytics for the common good. Analytics are being used to track the supply chain of personal protective equipment (PPE) being delivered to first-line workers. Global health organizations mobilized to share their data so that analytics professionals could create COVID-19 reports and real-time dashboards like this one. Researchers have been using big data and machine learning to try and unlock a potential vaccine and possible cure for this virus. New models are being produced on a daily basis and revised to help health experts understand where the virus might spread to next and how to best inform the public. In a moment of great need and global uncertainty, everyone turned to the power of data and analytics and wasted no time leveraging data for good.
“Forecasts have been flipped upside down in the past weeks and executive stakeholders are relying on insights and a data driven strategy to navigate the months ahead.”
Real-Time Matters
Real-time analytics matters now more than ever. Forecasts have been flipped upside down in the past weeks and executive stakeholders are relying on insights and a data driven strategy to navigate the months ahead. The ability to produce accurate real-time analytics could very well be the key to deciding on additional workforce reductions. Key indicators delivered to business stakeholders at the right time might be the difference between your colleagues losing their job or staying employed. The most basic analytics capabilities may allow your organization to weather the storm. The level of urgency has never been greater. The insights your team produces, or fails to produce, will impact various levels of your business.
More With Less
For most organizations, reinforcements aren’t coming - at least not for the foreseeable future. This doesn’t mean that the data analytics projects are going to stop; it likely means that existing teams will be asked to do more with less. Organizations will embrace agile forms of delivery and rethink processes to deliver the most value in the shortest period of time. The ability to partner with data analytics consulting partners who can deliver value in 2-4 week sprints will be just as critical - and the right partner might be the difference in getting a project across the finish line.
Automated Automation
During an economic downturn, organizations universally look to automate manual tasks and construct efficient patterns to run their business with fewer employees. The CIO’s Coronavirus Playbook advises IT Leaders to build an IT Resiliency Dashboard. Expect companies to leverage modern cloud based monitoring platforms as a single pane-of-glass to monitor their data environments and optimize performance. If your position is at risk of being automated, show your versatility and a willingness to embrace new technology platforms. Perhaps you are able to morph into the subject matter expert to help with the adoption of these new platforms.
Accelerated Change
Change is inevitable. Especially so in technology. With that said, nobody predicted the radical disruption of the global workforce and the instant shift to a remote workforce. Change is hard, but the current crisis has proven that organizations and employees can adapt, survive, and even thrive. The new normal is rooted in change. Expect technology leaders to leverage the culture of change as a catalyst to rethink their analytics strategy, modernize platforms, and accelerate data driven innovation across their organizations.
“Widespread adoption of AI still might be years away, but we’ve discovered a real-world scenario that just might accelerate that timeline”
Data DevOps
The concept of DataOps is still foreign or ignored by most data analytics professionals. Building a true DataOps practice is a massive undertaking, but expect companies to take small steps to building best-practices. With the sudden shift to a remote workforce and rise of self-service analytics, organizations will look to streamline processes and optimize data ingestion and data cleansing. Producing a repeatable deployment framework, defined processes, and a set of centralized data definitions will go a long way in sustaining data driven success.
AI Holding The Front Line
Are advances in Artificial Intelligence holding down the front lines of the COVID-19 pandemic? In the previous article, I suggested that “blockchain, 5G mobile and data privacy policies need to mature before robots begin taking our jobs.” The caveat might be in the case of a global pandemic or crisis facing the vast majority of humanity. Health organizations are utilizing artificial intelligence algorithms to review lung x-rays, speed up COVID-19 test-results, detect fevers with facial scans, and interact virtually with patients to diagnose and treat them in the middle of contagion. Widespread adoption of AI still might be years away, but we’ve discovered a real-world scenario that just might accelerate that timeline.
Rapid Innovation
Increased adoption of Artificial Intelligence might only be the beginning. It’s quite possible that rapid innovation will be at the forefront of helping the global economy bounce back - and bounce back faster. Organizations have come to the realization that things can change in an instant. Teams that have taken years to assemble can be decimated in a moment. We continue to see rapid innovation and real-world use cases for blockchain and IoT in the effort to fight the pandemic. If companies were hesitant to experiment with innovation before the pandemic, they’ve now been given license to innovate to serve the common good. Artificial intelligence, IoT, machine learning and blockchain just might usher in the next AI industrial revolution sooner than we all expected.
Trust The Data
This is uncharted territory for all of us. As data analytics professionals, we have an uncanny responsibility to move the conversation forward. If we’ve learned one thing through all of this, it’s when it doubt, trust the data. Now more than ever, the world and business need data analytics expertise. What does the data tell us? That’s the question we all need to be asking when we’ve entered uncharted territory. Start there and let the data either validate or disprove your gut instinct. As we enter the new normal, data will drive the decisions we make. When do we reopen business and schools? Is it time to allow large group gatherings and sporting events? These will all be difficult decisions. Trust the data.
Robert Gerads is CEO of Fulton Analytics, a data analytics strategy and consulting firm based in St. Paul, MN. He is also the founder of the Twin Cities Power BI Meetup.