By now, it’s no secret that big data can offer today’s enterprises considerable advantages. And while the buzz surrounding this impactful strategy has died down, that doesn’t mean that analytics aren’t continuing to be a critical business strategy.
In fact, companies that aren’t harnessing the power of big data face the very real risk of falling behind their competitors that are leveraging their available information to the fullest capacity. When it comes to analytics, it’s also essential to remain on the cutting edge and utilize the most advanced, emerging techniques to the best benefit of your company.
So what are the biggest trends in the analytics industry currently, and how should your organization be using its big data? Let’s take a look at a few opportunities your business can take advantage of:
Big data is only getting bigger
This is a given, especially considering that the bulk of information existing in the world currently was created only recently. Forbes contributor Bernard Marr reported that more big data was established in the past two years than at in any other time in history. What’s more, as much as 1.7 megabytes of new information will be created each second for every person on the planet by 2020.
Much of this new big data will be created by mobile devices accessing the online platforms users visit every day:
- There will be 6.1 billion smartphone users across the globe within the next four years.
- Overall, there will be 50 billion smart devices – including IoT technology – in the world by 2021.
- Each day, more than 1 billion people use Facebook, and its user base sends more than 31 million messages each minute.
- Google sees 40,000 searches every second, totaling 1.2 trillion queries made over the course of a year.
- YouTube users upload 300 hours of video every minute.
This means there will only be more big data available for analysis as the world continues to grow. This provides an endless amount of opportunity for businesses that gather and leverage the insights of analytics to their advantage.
Machine learning blazes a trail
“Machine learning will only become an even more important part of analytics in the future.”
Experts including Gartner researchers have heralded machine learning as one of the top technology trends of the year. This approach uses deep neural nets to establish systems that can learn about their surroundings to better analyze information as it is developed. When applied to big data, machine learning can help streamline the process of analytics, ensuring that organizations can leverage real-time insights.
“The explosion of data sources and complexity of information makes manual classification and analysis infeasible and uneconomic,” Gartner stated. “DNNs (an advanced form of machine learning particularly applicable to large, complex datasets) is what makes smart machines appear ‘intelligent.’ DNNs enable hardware- or software-based machines to learn for themselves all the features in their environment, from the finest details to broad sweeping abstract classes of content.”
Experts have predicted that machine learning will only become an even more important part of analytics in the future, helping to prepare data sets and accomplish the most innovative predictive analysis possible.
Businesses create chief data officer positions
Just as the sweeping technological advancements in recent years have required the creation of a chief technology officer, businesses may also need a leader in the boardroom to support their use of big data analytics. This person can help bring a voice to the important insights that big data can offer, as well as ensure that the insights afforded by analytics are used to the fullest potential.
Forrester predicted that chief data officers will be very important for some businesses in the near future. Some organizations, however, may not benefit as much from having a CDO within their executive team. Management teams should take a look at their current big data plans as well as their future goals to decide of adding a CDO will help ensure the success of these projects.
Filling the gaps: Data as a commodity
Forrester also highlighted the increased popularity of companies selling their data to other firms. Such a service can help ensure that the analytics process is fully informed, and that there are no gaps in datasets that might result in incomplete results.
However, Forrester pointed out selling data requires special attention to security and privacy, which is why businesses seeking such a service should only work with the most qualified professionals.
Aunalytics is a leader in the industry, and specializes in providing the data your company needs to achieve your analytics goals. We can offer secure, anonymized data sets to complement your existing information, or fill any existing gaps. To find out more, contact the Aunalytics experts today.