We all know that big data means lots of data that has been collected over the years by the companies from various sources but just collecting the data is not enough as it is not going to make you any smarter if it is not put to some actual real life use. Without any usage big data is just like a pile of waste that rats collect in the house. Yours could be very well organized and may even have a potential which makes it worth keeping but if you are not going to use it, you will never get the benefits which you deserve and all the pain that you took in the first place to collect the so much data will become a waste.
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So, make a vow and strong determination that this coming 2016 you will turn your data into action and information for the progress of your business. Below are some of the predictions related to data analytics.
On a regular basis companies are being challenged to develop culture, competencies and capabilities and in order for them to do this they need to use all their data in this, any data leadership can be very useful and an advantage. Chief data officers are likely to gain power and prestige in the coming years. It is the duty of the chief data officer to focus the attention of the company and its resources around the data and eventually, the role of the chief data officer will evolve into the chief analytic officer and chief data scientist.
Manual works like data governance will be replaced by machine learning and as data culture will develop in the organization, any data management function will become a function like breathing. The time freed with the help of machine learning can be utilized in implementing strategies related to data analytics. Companies will be more involved in taking better business decisions based on data analytics.
Related: The Big Data Science: Using Your Endless Data as an Asset
The data analytics service ecosystem will gain speed as more companies will turn to analytics services in order to fill the gaps between them and their customers. They will turn to cognitive computing capabilities, insight services and algorithm markets for the sake of their business.
Many players such as technology vendors, data brokers and marketing data management solution platforms will recognize the opportunity to sell analytics and insights as a service. Though they all come from different directions it is expected that these players from diverse fields will provide niche functionality such as supply chain optimization. They are also expected to provide expertise related to the industry domain. All in all, a lot of activities and chaos are expected in this coming 2016.
Many firms from various industries will try to enter the data market and will look to earn some revenue from selling their data. It may be true that one man’s trash is another man’s treasure but certainly does not hold for all men. To be successful in this business, it must be treated like any other business where you study the market, decide on the product, and channel it to market with the help of partners who can make it happen.
