Over the past ten years, analytics has grown so much. I think the trends we have seen will only continue to increase in the upcoming years. I think in the next year there will be a lot of analytic focus on determining how the COVID-19 pandemic has impacted businesses. This will require a lot of data and analysis around determining baselines, normalization, and estimations of what business could have been like without the widespread closures. These deep analyses will be critical to the data foundations within organizations for years to come to help determine potential scenarios.
Five years into the future I can imagine a world that has taken the learnings from the COVID-19 pandemic and integrated all the best practices that were found within the analytic insights derived. More people will be working, learning, and communicating from home on a regular basis which will provide even more unstructured data for large communication-oriented companies to mine for greater value. Due to the tightening of budgets from the pandemic, organizations will also be using the data to find the most efficient and optimal ways to focus their business activities. I think there will generally be a consolidation of products like we haven’t seen before, where those services and products that aren’t providing benefits versus their cost will be removed quickly to keep organizations profitable instead of the slow decline of unprofitable products we have seen due to fear that consumers don’t like large changes.
While it is difficult to envision ten years out in terms of technology, I think something that can be certain is that analytics will be unavoidable in business strategy. Already we are seeing massive competitive advantages for companies that have been leaders in analytics, but in the future, it will not be an advantage, it will be a necessity for a business to survive. Data science is still a relatively new field and as it matures, I am excited to see what innovative insights are discovered that will improve the lives of all citizens across the globe.