We all know Big Data is a big deal. That’s something that we’ve already established in the last two years. But, how is big data going to influence the way we do business in 2018? Well, here are some big data trends to watch out for that are likely to dominate the business landscape.
Data will not exist in isolation
Data is the most prized asset in today’s business world and thankfully, as times goes by, it will cease to exist in silos. The current systems of record will drive all data towards a central location, allowing everybody to enjoy access, as long as they have the credentials to do so.
The sheer number of connectors that are available make it possible to add datasets in days rather than weeks.
Borrowing from Legacy Systems
Organizations that aren’t able to get rid of their legacy systems are now adapting by establishing future-ready systems capable of extracting data from these legacy systems. These parallel systems are also boosting the efficiency of legacy systems by eliminating much of the processing work.
More importantly, the future-ready systems are also intelligent enough to carry out mining and deep learning, which leads to more accurate data collection.
Artificial Intelligence (AI) is already being used by businesses to answer customer queries and solve issues. Now, thanks to IoT devices and AI assistants, there is going to be a greater integration of AI in customer service programs.
Customers will soon be able to carry out most transactions and other tasks using voice alone.
More Micro-Subscription Models
Newer systems are allowing for the creation of micro-subscription models in real time. With the advancements in real-time data processing, more things are possible. An example is the travel insurance policies that are offered to customers for the duration of their journey or holiday.
As systems evolve, we will soon be able to leverage massive volumes of unused data or historical data which is largely found in analog form and un-digitized. This is also referred to as dark data; physical data that has been acquired well-before digital systems came into being.
The future will see businesses focusing on trying to use this data through digitization. The prediction is that dark data will provide insights on trends and product cycles that will allow for accurate prediction.
Prescriptive Analytics will make it possible for businesses to deliver applied prescriptive technology solutions at the right moment and in the right context. Marketers and businessman will be able to make smarter decisions using the data they already have.
Businesses need to get up to speed with these Big Data trends in order to advance in their industry and gain competitive advantage. Also, when it comes to data, businesses need to make sure they comply with the EU data protection regulations (GDPR) by May 2018.
Is your company ready for 2018?