Almost everyone will agree to the point that Data Analytics has taken over the traditional modes, and it is reasonable to see big data as a revolutionary development in IT and business in general. Technology and big data continues to grow, outpacing organizations and forcing them to constantly invest in new solutions so companies don’t fall behind with obsolete tools.
When asked upon the future of Data Analytics at Data Summit, 2016, Matt Laudato, Senior Manager of big data and analytics at SAS Institute said, “Asking what the future will bring is like trying to envision a weather forecast.” “I think you have to look at the history of computing broadly to get a good sense of what’s going to happen”, he added. He also said that that the new approaches based on algorithms should be focused, which may enable the solutions over the data predictions which are not conceivable today.
Big data analytics helps organizations harness their data and use it to identify new opportunities. That, in turn, leads to smarter business moves, more efficient operations, higher profits and happier customers. In his report Big Data in Big Companies, IIA Director of Research Tom Davenport interviewed more than 50 businesses to understand how they used big data. He found they got value in the following ways:
- Cost reduction: Big data technologies such as Hadoop and cloud-based analytics bring significant cost advantages when it comes to storing large amounts of data – plus they can identify more efficient ways of doing business.
- Better Enablement of key strategic initiatives: With the speed of Hadoop and in-memory analytics, combined with the ability to analyze new sources of data, businesses are able to analyze information immediately – and make decisions based on what they’ve learned.
- Better Customer Relationships: With the ability to gauge customer needs and satisfaction through analytics comes the power to give customers what they want. Davenport points out that with big data analytics, more companies are creating new products to meet customers’ needs.
There are, however many who counters the use. Will data continue to grow? Will there be technologies solving the issues? Will it solve all the major data problems?, are some of the questions in thought of the people practicing data analytics. Through a recent analysis by Forbes, here are a few predictions shortlisted for the future of Data Analytics :-
- Data volumes will continue to grow.There’s absolutely no question that we will continue generating larger and larger volumes of data, especially considering that the number of handheld devices and Internet-connected devices is expected to grow exponentially.
- Ways to analyse data will improve.While SQL is still the standard, Spark is emerging as a complementary tool for analysis and will continue to grow, according to Ovum.
- More tools for analysis (without the analyst) will emerge.Microsoft MSFT +0.68% and Salesforce both recently announced features to let non-coders create apps to view business data.
- Prescriptive analytics will be built in to business analytics software. IDC predicts that half of all business analytics software will include the intelligence where it’s needed by 2020.
- In addition, real-time streaming insights into data will be the hallmarks of data winnersgoing forward, according to Forrester. Users will want to be able to use data to make decisions in real time with programs like Kafka and Spark.
- Machine learning is a top strategic trend for 2016, according to Gartner. And Ovum predicts that machine learning will be a necessary element for data preparation and predictive analysis in businesses moving forward.
- Big data will face huge challenges around privacy, especially with the new privacy regulation by the European Union. Companies will be forced to address the ‘elephant in the room’ around their privacy controls and procedures. Gartner predicts that by 2018, 50% of business ethics violations will be related to data.
- More companies will appoint a chief data officer. Forrester believes the CDO will see a rise in prominence — in the short term. But certain types of businesses and even generational differences will see less need for them in the future.
- “Autonomous agents and things” will continue to be a huge trend, according to Gartner, including robots, autonomous vehicles, virtual personal assistants, and smart advisers.
- Big data staffing shortages will expand from analysts and scientists to include architects and experts in data management according to IDC.
- But the big data talent crunch may ease as companies employ new tactics. The International Institute for Analytics predicts that companies will use recruiting and internal training to get their personnel problems solved.
- The data-as-a-service business model is on the horizon. Forrester suggests that afterIBM IBM -0.10%’s acquisition of The Weather Channel, more businesses will attempt to monetize their data.
- Algorithm markets will also emerge. Forrester surmises that businesses will quickly learn that they can purchase algorithms rather than program them and add their own data. Existing services like Algorithmia, Data Xu, and Kaggle can be expected to grow and multiply.
- Cognitive technology will be the new buzzword. For many businesses, the link between cognitive computing and analytics will become synonymous in much the same way that businesses now see similarities between analytics and big data.
- “All companies are data businesses now,” according to Forrester. More companies will attempt to drive value and revenue from their data.
- Businesses using data will see $430 billion in productivity benefits over their competition not using data by 2020, according to International Institute for Analytics.
- “Fast data” and “actionable data” will replace big data, according to some experts. The argument is that big isn’t necessarily better when it comes to data, and that businesses don’t use a fraction of the data they have access too. Instead, the idea suggests companies should focus on asking the right questions and making use of the data they have — big or otherwise
Only time will tell which of these predictions will come to pass and which will merely pass into obscurity. But the important takeaway, I believe, is that big data is only going to get bigger, and those companies that ignore it will be left further and further behind.
Knowledge Source: Forbes