Nine Predictions for the Analytics Industry in 2011 - Slide 8

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Newer analytical methods in the areas of text analytics, survival mining, time series mining, net-lift modeling, and data visualization will grow in use in 2011.

Given the continuing influx of textual data, organizations are already pressured to find better means to search, categorize and glean insights from it. The sheer volume of documents organizations need to manage makes it impossible to manually categorize them. To truly leverage this source of data, it will have to be managed more strategically. Organizations paying attention to the conversations in social media will be better prepared to respond and show they are listening when appropriate and staying attuned to the voice of the customer.

The International Institute for Analytics (IIA) expects 2011 to mark the beginning of a multi-year cycle where the sparks of economic growth ignite a tinderbox of technology and business forces that are set to drive mainstream adoption of business analytics across commercial and government sectors. Without question, the competitive gap between analytical innovators and those who do not invest in analytics will widen over the coming 12 months.

Processing power, storage capacity, cloud computing (storage & processing), and analytics software have all now matured to a point where it is now cost-effective and relatively simple for enterprises to adopt analytics to enhance competitive advantage.

The growing community of analytics professionals, both business and technical will continue to generate and further adopt innovative analytical techniques in the areas of text analytics, survival mining, time series mining, net-lift modeling, and data visualization.

Limiting the growth of analytics will be the scarcity of strong business-focused analytical talent, as well as the continued cry of privacy actors and regulators.

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