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.
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 the regular basis companies are being challenged to develop culture, competencies and capabilities and in order for them to this they need to use all their data and in this any data leadership can be very useful and an advantage. Chief data officers are likely to gain the power and prestige in 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 chief analytic officer and chief data scientist.
Manual works like data governance will be replaced by the 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 the strategies related to data analytics. Companies will be more involved in taking better business decisions based on data analytics.
The data analytics service ecosystem will gain speed as more companies will turn to analytics service in order to fill the gaps between them and the 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 but it is expected that these players from diverse fields will provide the niche functionality such as supply chain optimization. They are also expected to provide the expertise related to industry domain. All in all, lot of activities and chaos is 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 other 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, channel it to market with the help from partners who can make it happen.