New methods and tools to embed information into business processes — use cases, analytics solutions, optimization, work flows and simulations — are making insights more understandable and actionable. Respondents identified trend analysis, forecasting and standardized reporting as the most important tools they use today. However, they also identified tools that will have greater value in 24 months. The downswings in “as-is” methods accompanied by corresponding upswings in “to-be” methods were dramatic. (see Figure 8.)
Organizations expect that the ability to visualize data differently will be the most valuable technique in two years. Other techniques and activities that are currently delivering the most value today will still be done, but will be of less value.
Today’s staples are expected to be surpassed in the next 24 months by:
Data visualization, such as dashboards and scorecards
Simulations and scenario development
Analytics applied within business processes
Advanced statistical techniques, such as regression analysis, discrete choice modeling and mathematical optimization.
Organizations expect the value from these emerging techniques to soar, making it possible for data-driven insights to be used at all levels of the organization.