With the advancements in digital technologies and their considerable potential to lift economic growth, we cannot help but wonder about the Future of Data. Well, one thing is clear: data analytics will gain considerable momentum in no time at all, and it will form the foundation of a myriad of technology solutions and innovations.
According to the research conducted by McKinsey & Company, leading companies do not think of data as a separate element of the business. Instead, they place data at the heart of their decision-making to get the most out of digitization. Thus, the growing need for data analytics gives rise to a very significant question, “What does the future hold for big data analytics?”
In this article, we are going to share some valuable insights on the future of Data and Data Analytics to help you prepare ahead of time. However, before we talk about the future of Data and Data Analytics, let's understand what these terms mean and why they are important for modern-day business. So, without further ado, let's dive into it.
What is Data, What is Data Analytics, and Why are They Important?
In simple terms, the word "Data" refers to a collection or set of information. It's normally in raw form, which makes it hard to understand. Meanwhile, Data Analytics is the technique to process that raw data to find valuable information.
Basically, data analytics enables us to discover patterns from raw data and turn them into valuable insights. Today, data analytics is a base for companies to develop and run their applications smoothly. It can revolutionize your business experience by helping you make well-informed decisions in a timely manner.
Most importantly, devising a business model based on data analytics can significantly reduce your business costs by analyzing customer trends and satisfaction. Now that you are aware of the basics, let’s begin our quest to discover “What does the future hold for big data analytics?”.
What Does Future Hold for Data and Analytics?
With the advent of digital transformations and the adoption of technology in almost all aspects of our life, we are producing more data than ever. To put this sheer volume of data to good use, businesses are actively looking for data analysts to harness the true power of complex data processing. It’s because the businesses that rely on data instead of conjecture will be the winners of tomorrow. Here are 8 predictions by experts that will help you contemplate the future of data and analytics as well as their impact on different industries:
1. Migration to Cloud and Big Data:
Since the 1990s, the term ‘big data’ has been making rounds of the newspaper regarding the future of data analytics. Currently, the world is generating nearly 25 exabytes of data each day. By the year 2025, this figure will rise to around 460 exabytes daily.
Such a massive influx of data makes it challenging for companies to manage, store, and analyze it. As a result, companies are starting to migrate their data to cloud technology platforms, like, Google Cloud, AWS, and Microsoft Azure. So, for companies looking to run data-intensive apps, cloud technology is the answer.
2. Rise of Machine Learning and Intelligent Bots
Businesses rely on Artificial Intelligence for their everyday operations and processes to streamline their tasks with increased efficiency. The future of Artificial Intelligence (AI) is promising, but it heavily relies on data and analytics. Data and analytics will start a new paradigm in the AI world, where you will see advanced unsupervised algorithms, deeper personalization, and cognitive services. In short, AI will become more powerful and self-sufficient to perform tasks just like a human being.
3. More Efficient Business Automation and IoT
Businesses Automation, IoT, and Data Analytics will revolutionize the business experience and work environment with remote-field connectivity. Moreover, IoT and real-time data analytics can help identify processes within the organization and opportunities for automation in the workflow. It will ultimately result in efficient operational tasks, increased uptime, improved safety compliance, and enhanced customer insights.
4. Heavy Reliance On ERP, CRM, and other Management Software Solutions
The use of big data can help you unlock valuable business insights that enhance enterprise performance and customer experience. However, with ever-flowing data, information overload can take place. Information overload is a common phenomenon, which makes the decision-making process complicated. Software like ERP and CRM help combat data overload by effectively managing data, making it easy for your analysts to convert it into valuable information. So, the demand for ERP, CRM, and other similar software suits will increase massively in the future.
5. Fast and Actionable Data for Quick Decision Making
Actionable or fast data allows data processing in real-time, which isn't possible with big data at the moment. Basically, big data relies on Hadoop and NoSQL to analyze information in batch mode. Moreover, big data is too complex, voluminous, and multi-structured, which is why it takes significant time to process and yield fruitful results. However, with actionable or fast data, data can be analyzed promptly, as quickly as a single millisecond.
Fast and actionable data has the potential to bring value to the organization in terms of efficiency, time, and decision-making by providing actionable, standardized, and accurate information. With advancements in technology and organizations opting for cloud platforms, we can expect to see Fast Data in action in the near future.
6. Managing Company Data Will Become Even More Challenging
With the big data explosion, managing company data is becoming more and more difficult. This is because a large amount of data can cause information overload resulting in data paralysis. So, in order to extract valuable information, companies need to invest in quality data management.
The use of ERP and CRM software suites is not the only way to deal with data overload. Most of the big companies have a dedicated in-house team of Data Scientists and Analysts who actively work to utilize the data and avoid any overflows.
Similarly, many small businesses that cannot afford an in-house team are utilizing the services of freelance/outsourcing data management companies to manage their data. In the near future, the demand for these freelance/outsourcing companies is going to rise rapidly to overcome the data management challenge.
7. High Demand of Data Scientists and Analysts
With more and more data produced every second, businesses not only need to avoid data overflow but also need to process it to get valuable business insights. Therefore, the demand for data scientists and data analysts is increasing rapidly with the rise of big data. In the future, every business will be seeking talented data analysts, along with big data and machine learning engineers, in order to gain a competitive edge and improve its operations within the organization.
8. Privacy Concern
Data security and privacy have always been a concern. No matter how you secure your data, hackers will always find a loophole to exploit you one way or the other. With everything going digital and companies moving to cloud-based platforms, data security concerns will rise as well. Obviously, if there is more data out there on the internet, there will be more opportunities for hackers as well.
So, in the future, cyberattacks will rise to a new level, and the businesses that don't follow the standard security protocols will suffer. To avoid data leaks and data manipulation, businesses will need to invest in encryption and data security. As a result, the demand for ethical hackers, as well as data security and integrity experts, will rise too.
Which is the best Data Management, Data Analytics, and Data Mining Agency In The USA?
Here at IIInigence, we stand proud as the best data management, data analysis, and data mining company in the USA by offering exceptional services and having satisfied customers all across the country. Whether you need help with moving to cloud-based solutions or you need to manage your data effectively, we can do it for you in an effective way. Moreover, we develop fully custom ERP, CRM, and several other organizational Software Suites which can help you manage your data effectively on top of automating your workflow.
What's more, we offer data mining services that will allow you to find hidden patterns and valuable business insights to make timely decisions and gain a competitive edge. At IIInigence, we have gathered some of the world's finest data analytics experts that can help you harness the full power of your data allowing your business to thrive in the digital world. We are active business partners with several tech giants, including IBM, RedHat, Microsoft, and Amazon AWS, which makes us an even more valuable asset to your business.
Data and Data Analytics are changing the digital world at a rapid pace. It's a constantly evolving domain and shows a lot of promise. The future of data and data analytics seems quite bright and full of innovation. Although it poses challenges in terms of data management and data privacy, it also brings a lot of potential and room for innovation and growth. Therefore, modern-day businesses need to drive their decision-making by using analytics and big data to ensure their future success.
If you are searching for an experienced agency to manage your data effectively and extract valuable business insights to help you with quick decision-making, IIInigence is your best bet. Here at IIInigence, we can help you harness the full power of data to find new business opportunities. That’s all for today. Let us know if you have any questions in the comments section. We always try our best to answer all your queries as soon as possible. Cheers!