Cognetik is bringing you this week’s news in analytics! Every week we will keep you updated with the latest trends, news and launches in the industry so you are always informed.
Google Analytics is getting a new Homescreen
Ajay Nainani, a Product Manager on Google Analytics, responsible for Reporting UI, Google Analytics Intelligence and the official mobile app, tweeted a few days ago that the new Google Analytics homescreen is available to 50% of Analytics users. According to his announcement, the users will be selected randomly.
According to Ajay, the update should come out in ‘a couple of weeks‘ for everybody, so if you were not among the first to be selected to get it, you’re just gonna have to wait a bit longer for the updated to come round.
According to SearchEngineJournal, the new home screen has been designed to give users instant access to more of the data they care about. This includes data such as:
- Traffic over a selected time period
- Active users right now
- Top active pages
- Revenue over a period of time
- Conversion rate over a period of time
- Sessions over a period of time
The “Home” page in Google Analytics now offers an overview of key aspects of your business’ online presence. Here are a few highlights, according to analytics.googleblog.com.
- You can see snippets from a curated set Google Analytics reports, including real time data, with simple and streamlined controls.
- Each snippet is preceded by a helpful question that frames the data, such as “When do your users visit?” or “Where do your users come from?”.
- Want to dig deeper? Hover on any data point for more details or drill into the relevant report with the provided link on each card.
- “Home” is automatically configured based on your setup: For example, if you have Goals or Ecommerce, you’ll see the page change accordingly.
The spend analytics market will more than double within the next 5 years
A new study conducted by Research and Markets, a company that does market research for clients such as Vodafone, Volvo, Yahoo, Unilever and others, concluded that the spend analytics market is expected to grow from USD 1.33 Billion in 2017 to USD 3.01 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 17.7%.
Need for predictive analytics for businesses, requirement for better managing internal compliance policies and external contracts, and growing demand for cloud computing technology are other factors fueling the growth of this market. However, difficulty in migrating from legacy systems is the biggest restraint for the spend analytics market.
The largest market size this year in analytics market spending will be the Finance business function, and the trend is expected to continue.
“Finance departments need to constantly monitor, identify, and react with speed to various changes being implemented because of changes in regulation, risk, and compliance. By analyzing financial data along with pricing data, organizations can come up with strategies to improve profits and restrict unwanted spending. Spend analytics provides a platform to measure and standardize performance, monitor trends, and optimize strategies, which are instrumental in allocating capital, managing assets, and mitigating risks”, according to the Report.
In 2017, North America is expected to dominate the spend analytics market with the largest market size. This trend is expected to continue throughout the forecast period. The spend analytics market is revealing a strong positive trend in this region, owing to the easy availability of spend analytics solutions. Various companies and industries are adopting spend analytics software and services to create business models that support real-time decision-making with data and improve productivity. The Asia Pacific (APAC) region is expected to exhibit the highest growth rate. This growth can be attributed to growing awareness, surge in spend data, and increasing demand for real-time spend analytics.
Boeing is betting on data analytics
Boeing, one of the biggest exporters in the US and among the largest global aircraft manufacturers and defence contractors, is starting to shift its focus on analytics, as more and more data are being gathered. Boeing unveiled at the Paris Air Show the new data analytics department, called AnalytX.
“The amount of data created today is unprecedented. But it’s not about the data on its own, it’s what you do with it,” said Ted Colbert, chief information officer and senior vice president of Information & Analytics at the Paris Air Show. “Through the products Boeing AnalytX powers, we are applying scientific processes to data to solve our customers’ most pressing problems today while creating a world of limitless possibilities for the future.”
Programs powered by Boeing AnalytX include:
- Advanced data collection and processing capabilities
- Flight operations
- Fleet performance and reliability analytics
- Maintenance and engineering optimization
- Supply chain and inventory optimization
- Optimized training
“The capabilities and portfolio powered by Boeing AnalytX applies sophisticated levels of data analytics to reveal relevant insights and facilitate swift decision-making. Now customers can save time and increase efficiency while reducing cost and risk”, according to Boeing.