The New Generation of Data Analytics

Earlier analytical systems were geared towards bringing what was once hyped as true business intelligence. Transactional systems were loading databases with data that could be analyzed by these systems. But their ‘intelligence’ was mostly limited to descriptive statistics such as data summary and dashboards. More recently, a new generation of data analytics started to take the world of business and health care. For the past 10 years new, powerful analytical engines have made a true revolution.

A deeper understanding of data started to be possible once new data analytics techniques started to be deployed. These new techniques seek to find patterns and trends in the data. But not only of data stored in transactional databases, but all sorts of data, both structured and unstructured data (such as text and images).

The shift towards the power of data

The insights gained from these techniques have allowed businesses to save million of dollars in costs and to discover better and more efficient ways of doing their operations, managing their customer base and leading their marketing and sales. In health care the diagnosis and discovery of diseases took a new direction. Many industries have been affected and new companies and business models have surged.

Whereas the U.S., Canada and the UK have greatly benefited from this new generation of data analytics, many other parts of the world have lagged behind. Many companies are still working with the old business intelligence systems and in clear competitive disadvantage both locally and internationally.