A collection of Big Data trends to familiarize yourself with, covering IoT Networks, Artificial Intelligence, Predictive Analytics, Dark Data and more.
The vast changes prevailing in today's technological landscape has opened doors for big data to improve businesses across industries and boost economies. Its role has been elevated to a degree where extracting value from collected information has proven to be invaluable to companies both small and large. Big data helps organizations that have critical responsibilities in making the world a better place do their jobs better.
Big data wasn't as 'big' during its early days. At the time, only large-scale businesses were able to utilize it, because they were the only ones that could afford the technology. Furthermore, the broad scope of their service needed more precise data, which calls for the need for a data analytics system.
Since then, big data has evolved at an incredibly fast rate. This has allowed even small businesses to benefit from it since the inception of the cloud technology and the internet. Big data cloud eliminates the need for an elaborate setup and expensive data experts since all the information they need can now be accessed remotely using an internet connection.
With the help of artificial intelligence, the cloud and the internet of things, even the complexity of big data can be handled by those who are willing to use it to their organization's advantage. Big data analytics has gone beyond the hot IT trend tag and has now established itself as part of doing business for companies. It is set to soon replace gold as one of the most valuable assets to man.
To keep you up-to-date, check out the hottest big data trends set to propel industries into the future.
1. Rapidly Growing IoT Networks
It's becoming quite common that our smartphones are being used to control our home appliances, thanks to the technology called the internet of things (IoT). With smart devices such as Google Assistant and Microsoft Cortana trending in homes to automate specific tasks, the growing IoT craze is drawing companies to invest in the technology's development.
More organizations will jump on the opportunity in providing better IoT solutions. This will lead to more ways to collect vast amounts of data, and along with it the means to manage and analyze it. The industry response is to push for more new devices that are more capable of collecting, analyzing and processing data.
2. Accessible Artificial Intelligence
Artificial intelligence is now more commonly utilized to help both big and small companies improve their business processes. AI programs can now execute tasks that make it faster and more precise than humans, cutting down errors along the way and improving the overall flow. This allows humans to focus better on more critical tasks and further enhance the quality of service.
The good news is everybody can have access to pre-built machines that run AI applications to address the growing demand, which levels the playing field for companies in the same industry. Individualorganizations may gain an advantage if they find the most efficient way to integrate this into their business process.
3. The Rise of Predictive Analytics
Big data analytics has always been a key strategy for businesses to have a competitive edge and achieve their goals. They use the necessary analytics tools to process big data and determine the reasons why certain events happen. Now, predictive analysis through big data can help predict what may occur in the future.
There is no doubt this kind of strategy is highly effective in helping analyze gathered information to predict consumer behavior. This allows companies to determine the measures they have to take by knowing a customer's next action before they even do it. Analytics can also provide more context on data to help understand the reasons behind them.
4. Dark Data Migration to the Cloud
Information that is yet to be transformed into digital format is called dark data, and it is a huge reservoir that is currently untapped. These analog databases are expected to be digitized and migrated to the cloud, so they can be used for predictive analytics that benefits businesses.
5. Chief Data Officers Will Have Bigger Roles
Now that big data is increasingly becoming an essential part of executing business strategies, chief data officers are adopting a more critical role in their organization. They are expected to take a more active position in steering the company towards the right direction. This trend opens doors for data marketers who are looking for career growth.
6. Quantum Computing
Getting to analyze and interpret massive amounts of data can take a lot of time with the current technology we are using. If only we can crunch billions of data at once in just a few minutes, we can cut processing time immensely, giving companies the opportunity to make timely decisions to achieve more desired results.
This huge undertaking can only be possible through quantum computing. Despite being in its infancy, experiments are currently being carried out on quantum computers in an effort to help in practical and theoretical research across different industries. Pretty soon, large tech companies such as Google, IBM, and Microsoft will start testing quantum computers to integrate them into their business processes.
7. Smarter and Tighter Cybersecurity
Organizations have grown paranoid over the past scandals that involved hacking and system breaches. This has prompted them to focus on strengthening information confidentiality. IoT is also being a cause for concern with all the data being collected; cybersecurity is an issue. To address this perpetually impending threat, big data companies pitch in to help organizations use data analytics as a tool to predict and detect cybersecurity threats.
Big data can be integrated into a cybersecurity strategy through security log data where it can be used to provide information about past threats. This can help companies prevent and mitigate the impact of future hacks and data breaches.
8. Open Source Solutions
There are many public data solutions available, such as open source software, that have been making considerable improvements to speed up data processing. They now have features that allow access and response to data in real time. For this reason, they are expected to flourish and be in high demand in 2018.
There is no doubt open source software is cheaper, in that it can help your business cut operations costs.However, there are some downsides that you need to know if you are willing to give them a shot.
9. Edge Computing
Edge computing is set to leave the cloud in the dust when it comes to processing data. Due to the growing trend of IoT, many companies are turning to connected devices to collect more data on customers or processes. This has created a need for technological innovations aimed to cut down on lag time from the gathering of data into the cloud, its analysis, and the action that needs to be taken.
Edge computing delivers a better performance since there is less data flowing in and out of the network, with less cloud computing costs. The company can also benefit from storage and infrastructure costs if they choose to delete unnecessary data collected from IoT. Additionally, edge computing can speed up data analysis, giving companies ample time to react.
10. Smarter Chatbots
Powered by smarter AI, chatbots are now being deployed by companies to handle customer queries to deliver more personalized interactions while eliminating the need for actual human personnel.
Big data has a lot to do with delivering a more pleasant customer experience as bots process large amounts of data to provide relevant answers based on the entered keywords by customers in their queries. During interactions, they are also able to collect and analyze information about customers from conversations. This process can help marketers develop a more streamlined strategy to achieve better conversions.
All these technological leaps across different industries have solid foundations in the form of big data. Advancements will continue to help create a better society through smarter processes. But to ultimately benefit from these trends, you must fully understand how they are usedand how they can help achieve your business goals.
This is only the beginning, as big data continues to serve as the catalyst in the changes you are going to experience in business and technology. It is now up to you on how to efficiently adapt to these changes and help your own business flourish.