The International Institute for Analytics (IIA), an independent research firm focused on business analytics, recently released its predictions for 2014.
Three of the trends that are “most likely to come into prominence” in the analytics industry in the coming year, according to IIA, include:
1. Businesses will shift from individual analytics professionals to the formation of analytics teams.
IMI’s take: While industrial distributors and manufacturers have traditionally been slower to adopt technology than other industries – taking a more cautious approach to the investment – more industrial distributors and manufacturers are integrating analytics into their processes. Expect interest in analytics to continue to strengthen in 2014.
2. Companies will move past the “hype of Big Data” and work to embed analytics in processes to align with their overall goals.
IMI’s take: Industrial companies are definitely eager to adopt what many in the industry are now calling “little data.” Many companies are starting small and finding ways to use the data already in their systems or to integrate available data from third-party sources such as Industrial Market Information to apply resources more efficiently and effectively.
3. Organizations will use analytics to develop new products and services.
IMI’s take: As noted above, distributors and manufacturers already have a wealth of data in their systems that can uncover potential new products, new services and cross-selling opportunities. Companies are also seeking data that can help them identify other markets that may be buying the products they are selling; IMI can identify market potential for more than 200 products split out by geography and end-market.
Industrial Market Information’s market research services can help guide your company with in-depth market analytics that allow you to apply data in a practical and profitable way in your business.
