Hottest Trends in Data and Data Analytics That Will Disrupt Your Business (Guest Blog)
The world, as we know it, is changing. And along with it, there is a rapid and unrecognizable change in how we conduct businesses. With the advent of digitalization, we are creating more and more data than ever before. The days of the past, when one would go to the office, work, and leave all the worries at the office desk and come back home are long gone.
Businesses have become exceedingly demanding and require your attention all the time — partly due to increased competition and partly due to the advent of data analytics.
To put this into perspective, we create 2.5 quintillions of data every day.
On top of that, with the Internet of Things, 90% of all data was generated within the last two years.
We are leaving a gigantic data trail on our wake, and data analytics can effectively use that to disrupt any business.
Here are some of the hottest data and data analytics trends that if not used accurately or at the right time, can result in disrupting your business:
1. Rise of the IoT
We are living in a world where we have become extremely dependent on our smartphones. From switching on the AC, to putting on the TV, the smartphone is our go-to device, thanks to the internet of things. Naturally, a vast amount of data is generated.
Companies are thus finding it lucrative to come up with more solutions about how to use more and more devices to generate data, leading to investment in creating more appliances capable of storing and analysing data.
2. Artificial intelligence (AI)
Owing to technologies like Artificial Intelligence, and Data Science & Machine Learning, there is an industry-wide rise in automation currently.
The banal, repetitive work is being done by pre-built AI machines, while humans are spending their energy elsewhere. Within a few years, job descriptions like the teller at a bank may well be gone, as they can be highly automated. The nature of the jobs is thus changing, and it’s causing a shift in the role of employees. While the addition of such machines is happening all over the industry, the competitive advantage will lie with the organization that can effectively integrate it into their process.
3. Rise of Predictive Analytics
The massive amount of data generated every second can be gathered quite easily. With the advent of powerful data analytics techniques, we cannot only gather business intelligence from the data, but we can also perform predictive analytics.
Predictive analytics allows businesses to get a solid grasp of what steps to take in order to maximize the benefits. It predicts the correct way. If appropriately leveraged, predictive analytics can provide an insurmountable competitive advantage in the market.
4. Dark data
Any data that is present in analogue or paper format, and have not been yet made digitally available, is called dark data. There is a multitude of data, just lying out there, waiting to be digitally transformed, and with it, it will unleash vast amounts of data that can be used for business intelligence and predictive analytics.
5. Data officers are in demand
With the outbreak of quintillions of data, data analysts and managers are now in more demand than ever. They are the ones that businesses trust with generating actionable insights from the available data, and they are the ones that must lead companies down the correct paths with the vast amount of data at their disposal. The industry is thus showing a trend of going from reactive to predictive.
6. Quantum computing
With the vast amount of data at our disposal, companies and business are not being able to generate knowledge from them fast enough, simply due to the enormous processing time required, despite technological advances.
And this where quantum computing steps into the game. Quantum computing can effectively process billions of gigabytes of data within a much shorter time, thus providing a competitive edge to companies that use them. It gives them more time to analyze the results than their competition and provide much better and efficient solutions.
Quantum computing is still in the early days, but it is getting the attention and investment that it deserves. Companies like Google and IBM have identified the power of quantum computing, and are working on better systems.
With a boom in data, cyber threats are also on the rise. Large MNCs and companies have identified such risks as extremely dangerous to the sanctity of data. Big data analytics is increasingly being used by them to hinder and mitigate such threats. They are using big data analytics solutions to feed on their security log data to effectively predict any danger that might occur beforehand. Cybersecurity is a domain that companies are investing in, as the mode of protection of data is changing.
8. Intelligent chatbots
With the amount of data available, companies are increasingly using chatbots to perform activities that were earlier done by employees. For example, when you browse through Policybazaar.com, and a chat window pops up, you are not talking to any human employee. Instead, chatbots are helping you navigate through the website and guide you according to your needs. This has made many job descriptions entirely redundant. They are also much more effective in collecting and analyzing customer data on the go, which is why many companies are turning to them, speeding up their business intelligence processes while effectively cutting costs.
Summing it all up
All of these are the latest trends in data analytics, which have the potential to disrupt your business and strategies. Adoption and integration of them into your business processes will address both an opportunity gap and a performance gap in your strategy. Addressing the gaps and using data analytics will ensure that your business is disrupted in the right manner, reigning in better performance at a lower cost.
Author Bio: Lucy Manole is a creative content writer and strategist at Right Mix Marketing Blog. She specializes in writing about content marketing, SEO and social media. When she is not writing or editing, she spends time reading books, cooking and travelling. You can follow her on Twitter at @rightmixmktg.
The data and opinions in this post are strictly provided/owned solely by the author.