The International Institute for Analytics (IIA) is a technology and market research firm focused exclusively on serving the business analytics industry. Last week Tom Davenport moderated a live teleconference attended by a global audience of business analytics professionals representing a variety of industries. The focus of the call was two-fold:
1) a review of just how clear IIA's crystal ball was in 2011
2) showcase faculty predictions for 2012
Key Takeaways - 2011
- IIA predicted substantial growth in 2011 in the use of analytics especially across eight industries - banking, insurance, health care & life sciences, telecommunications, retail, energy/utilities, media/entertainment, transportation.
- The naming of 15 Chief Analytics Officers (CAOs) in 2011. Despite the exact CAO title not being widely adopted yet, IIA has found numerous examples of the role emerging
Key Takeaways - 2012
There will be a marked shift in power and influence in 2012 from the CIO's information technology (IT) function to the analyst. The need for IT and analysts to collaborate and compromise for better understanding and appreciation of each other's challenges will drive the shift. The continued interest in analytics among C-suite executives will be influenced by opportunity, growth, application, influence, and challenges.
Here are predictions from IIA Faculty, including: Thomas H. Davenport, Ravi Kalakota, James Taylor, Mike Lampa, Bill Franks, Jeremy Shapiro, Gary Cokins, Robin Way, Joy King, Lori Schafer, Cyndy Renfrow, and Dean Sittig.
- Big data analytics changes the 2012 technology landscape.
- "Informed Optimism" will drive rapid growth for cloud-based predictive analytics.
- Corporate performance management will evolve to applications that marry analytics disciplines with business process engineering, process workflow orchestration, and social collaboration.
- Privacy considerations will be a major factor in the evolution of big data analytics.
- Demand for analytical talent will continue to rise, but at a slower rate.
- There will be a marked shift in power and influence from the IT function to the analyst.
- Analytic asset management will emerge as a major challenge in 2012.
- The number of companies advancing on the analytic maturity curve will directly correlate to the number executing on a complete 'analytical ecosystem' strategy.
- Newer analytical methods in text analysis and social media analytics will become mainstream.
- Use of analytics to identify patient safety hazards will increase significantly
Here is the full report Predictions for Analytics in 2012 (Brief Summary) (PDF).