In this era of changing technologies, the Big Data domain has evolved in a very short period of time. It plays the most pivotal role across all industries. The ability of Big Data to mine critical data has radically altered the dynamics of the way businesses function, drive sales, and attract customers. It has become an essential component of business strategy nowadays. A business tastes success by uncovering insights locked inside data. The overlaying trends will examine the evolving ways enterprises can realize better business value with Big Data and how improving business intelligence can help transform organizational processes and the customer experience. There is a demand for better data management from most of the business executives for compliance and increased confidence to steer the business. It will help them in more rapid adoption of Big Data and innovative and transformative data analytic technologies.
In this present year, businesses will move beyond just data handling to leveraging the insights that Big Data uncovers. As understanding, managing, and manipulating Big Data has now become fairly ubiquitous, most of the companies have the ability to deal with it. Mining data will be the center of attraction and it will help effectively to meet organizational requirements and for precise targeting of products and services. An insight-driven approach will facilitate an evolved customer experience, competitiveness, advanced security and operational efficiency.
Cyber security Applications
Today, everyone is dependent on the digital technology and our dependence has reached an unprecedented level. Cyber-attacks have also become much more prevalent. An increased occurrence of ransomware has been registered across the globe and cyber criminals are now targeting personal data and devices. Concerning the prime industry, cyber security can only be possible through big data analytics which will become a major area of investment and will grow swiftly. It is necessary for the enterprises and the government agencies to upgrade their security systems to next-generation software which can address ultra-modern security threats.
Analytics across the enterprise
It can be said that the analytics will not remain isolated to a few departments like marketing and risk management. On the other hand it will infuse the entire enterprise. To understand the dynamics of business operations, data analytics will be utilized and will also reveal ways and means to increase efficiency. Hence to derive overall business strategy, insights from multiple departments will be integrated and redundant processes will be eliminated. It will also help the departments to increase efficiency, growth, and productivity.
Bridging the talent gap
If the demand expands further, the talent gap in data analytics will soar. It is expected that organizations and academic institutions will collaborate closely to generate skills and talent to meet the demand for data engineers. The functions of all corporate employees will be expected to understand, appreciate and work with analytics since it emerges as one of the key instruments in every organization. The academic institutions are also looking forward to put together degree programs in data science.
IoT and People
There will be a transition from Internet of Things (IoT) to Internet of People (IoP). Interactions, predictive analytics around human behavior, and other subjective areas will grow and start to filter all industry verticals. For example, hospitals will increasingly deploy machine learning techniques to predict the likelihood of the relapse of a disease. This will enable them to work out a patient’s readmission precisely at the time of the initial discharge.
Businesses will have to learn and deploy traditional, scientific techniques of pattern-matching and artificial intelligence for analytics use cases. For example, techniques to analyze gene sequences in DNA are being used in text-matching algorithms to process bulk emails. It is expected to see very close collaboration between data scientists and the scientific community. For example, image processing is widely used in ‘tagging’ in social media, while voice recognition is used in apps.
There will be brisk moving in the organizations from on-premise platforms to cloud and hybrid environments. Around 44 percent of applications used by Fortune 500 organizations are already on the cloud, and more than 50 percent of IT applications will move to the cloud by the end of the year. There will be a rise in demand for analytics tools that are simple, flexible, and capable of handling a variety of data sources. Hadoop enables to store an extremely large volume of data at a significantly lower price point and hence it will continue to become increasingly popular. The share of unstructured data in the data warehouse will continue to increase, which will further cause for Hadoop. Hadoop, now, is past the business relevance and scalability assessment phase and its adoption is expected to accelerate strongly.
We are advancing towards a completely new era in the domain of analytics. Big data is disruptive and it has paved the way for pioneering ideas and innovative techniques across industry verticals. It is now driving the stream of disruption and expanding the scope of opportunities for previously untouched market segments. Organizations need to leverage Big Data analytics to its full capacity so as to thrive in this competitive world.