In 2021, COVID-19 had a significant impact on the advancement of digital transformation. As a result of this fast digitalization, the amount of data generated by enterprises has skyrocketed. To reap the benefits of this data in 2022, organizations will install new technologies, upskill their staff, and embrace new working practices.
According to DataKitchen CEO Chris Bergh, the worldwide AI market will increase at a 33% compound annual growth rate (CAGR) until 2027. AI is just the tip of the evident iceberg that Data Science and Analytics are to today’s world.
We shall have a look at 4 pivotal Big Data trends and Technologies expected to make it big in 2022 now:
1. HR Analytics for Quantitative Employee Performance Analysis
Several companies have incorporated HR technology into their operations in recent years. The top human resource technology requirements are analytics, virtual technologies, and creative learning systems.
The shift to digital HR modeling allows companies to optimally structure their human resources far more efficiently and consistently. This is achieved by implementing mobile, social, analytical, and cloud technologies. And one of the best Big Data companies that they recommend is Mezmo, as they find their services very effective, efficient, and with real-time intelligence from your log data.
Here are a few metrics based on which HR Analytics is enabled to qualitatively and/or quantitatively measure employee performance:
Performance and Potential (9-Box Grid)
When measuring and mapping an individual’s performance and potential on three levels, this 9-box grid is used. This approach identifies and segregates the employees as underperformers, valued specialists, emerging potentials, or top talents. This metric is useful for distinguishing between desired and unrequired turnover, among other cases.
Net Promoter Score (NPS)
You might have heard of Net Promoter Score (NPS) in the case of products and services, but employees? Well, yes, it is one of the in-things in HR Analytics. The Net Promoter Score (NPS) is a number (typically between 0 and 10) that measures a customer’s desire to promote a company’s service to other potential customers.
Clients that receive a 9 or 10 are likely to be extremely satisfied and act as brand ambassadors. This score is frequently used to evaluate salespeople, where this survey question is an item in the form that clients must sign during deal closure.
Human Capital ROI
The Human Capital ROI is a Key Performance Indicator (KPI) that measures the value of human capital, i.e., knowledge, habits, and social and personal attributes.
You can calculate a human capital ROI by taking the firm’s revenue (eliminating operating expenses and compensation and benefit costs) and dividing it by the company’s net compensation and benefits expenses while paying the employees. Jac Fitz-enz popularized this concept in his book The ROI of Human Capital.
2. SAP Business Technology Platform and Cloud Computing
SAP has seamlessly incorporated cloud computing and given a world-class software platform for enterprise resource planning (ERP) that optimizes business procedures. The process has witnessed speedy progression, especially with releasing their indigenous SAP HANA database and its latest module SAP S/4 HANA.
SAP has successfully changed corporate operations by developing numerous modules for cloud data storage and ERP business customized to varying business requirements.
The SAP BTP Neo environment facilitates connections between external users and ERP solutions using data from SAP’s own established data centers across the globe. Some of the massive benefits of this blooming technology are as follows:
Improved Cloud AI
Artificial Intelligence (AI) is quickly becoming one of the most prominent technology applications in internet businesses. SAP’s intelligent services will advance even more with further proliferation and development of cloud AI. Machine learning (ML) is a type of AI, and SAP offers an analytics cloud that is ML-based.
The SAP analytics cloud combines components of Business Intelligence (BI), smart planning, and predictive analysis to provide organizations with appropriate intelligent business solutions. Further cloud AI development would boost SAP performance and allow for better resource management.
Serverless computing is the next phase in the evolution of server architecture. It is a paradigm shift in data center technology, particularly technological components like virtualization, standardization, and modularity.
When providing back-end services to businesses, a serverless provider charges a remuneration based on computation utilization rather than a predetermined number of servers or bandwidth. Serverless computing in SAP would enhance the user experience while providing a cost-effective solution for new and existing customers.
3. NLP for Augmented Analytics
You click and drag in a data visualization tool, whereas you verbally or textually communicate in Natural Language Processing (NLP) enhanced analytics. The end goal of both these technologies is to provide a question that the analytical engine can interpret.
The essential prerequisites for automating the function of a data scientist are a system that can interpret a business query, pick eligible data for analysis, develop and run a model, and then deliver an output that provides a quantitative rationale for a proposed business action.
Many chatbots attempt to read user input to determine how they can best assist a customer, and there are several systems on the market that attempt to interpret business inquiries. These systems employ natural language processing (NLP) to read a question and then link it to the relevant back-end data necessary to answer it analytically.
The fundamental analytical processing engine for augmented analytics must be able to:
- Transparently analyze numerous types of data transcending the row-and-column structure of an OLAP database allowing access to all fathomable requisite data
- Scale cost-effectively to handle large amounts of data, ensuring that all data required to answer a question is handled quickly
- Deploy sophisticated analytics capabilities such as machine learning, geospatial, and time series analysis
- Harbor the ability to handle a large number of concurrent users efficiently
4. The Rise of Augmented Reality (AR) and Virtual Reality (VR)
According to Statista, the worldwide AR and VR market size is forecasted to grow up to $209 billion by 2022. Following are a few business trends observed in the Augmented and Virtual Reality domain in the past year, which are expected to boom in 2022:
The dealership market is in the process of undergoing a revolution by virtue of virtual stores. A virtual showroom can transform any space into a full, digital experience, where customers can browse a wide range of products. Clients may view different products, their attributes and prices via VR glasses, exactly like they would at a physical store.
Augmented Reality Filters
Augmented Reality Filters are being used by businesses to help customers perceive their products as they would appear when worn, just like in-store or in trial rooms. This helps the potential customers eliminate the ambiguity and hesitation they have about online products in their minds and make more informed purchasing decisions. Customers may now try on products such as eyewear, cosmetics, and even apparel with these AR tools enabled.
Connected Remote Work with AR/VR
With the work from home or remote work culture becoming a staple norm post the pandemic outbreak in many organizations, companies seek ways to create meaningful contacts between team members.
Quite a large number of remote workers have expressed feelings of loneliness as well as the negative consequences of a lack of personal interaction with co-workers. That is where AR and VR tools come in handy.
Businesses expect that by introducing virtual reality communication and collaboration tools, their employees will feel like they are in the same room. Be it virtual watercoolers that enable a more relaxed remote working environment or virtual walkthroughs of company premises through simulated online environments for newly inducted employees, AR and VR are doing wonders in this aspect.
5 . Leveraging data for a better retail experience
Big data has large datasets. Using the power of data analytics companies will gain actionable insights into customer behaviors and, in turn, increase
customer engagement through personalized content, offers, and experiences. To achieve companies will Invest in artificial intelligence technologies and advanced analytic tools to harness the extracted data and better present their customers with transformative interactions tailored to them that can boost satisfaction ratings, increase loyalty, and improve sales opportunities overall.
You can know more about how customer data can present a better retail experience through the below infographic.
Infographic created by Fiserv, a mid market payment solutions company
2022 is poised to be a turning point in data analytics and business transformation. The effects of digital transformation that were set to roll as a natural consequence of the pandemic will only continue to accelerate.
The big data and data analytics business has been rapidly evolving over the past few years; hence the foundation has been laid strong. With the rapidly evolving needs of the market, be it in cloud computing, AI, ML, or cybersecurity, organizations have many opportunities to explore and succeed.
Shirley Stark currently working at InfoCleance as a Marketing Team Lead. She Has hands-on experience in B2B marketing and loves to write blogs, and tips, read b2b articles, Creating Business strategies, and travel.
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