Latest Technology Trend for Data Analytics
Ever wondered where and how data can be used to improve business performance?
Every minute of the day we perform Google searches, create websites, tweets, upload videos, take photos from our smart connected devices, which are all developed to collect, analyze, and share data. Business data worldwide doubles every 1.2 years. Many businesses feel overwhelmed by the increasing data that require analysis. Currently, companies use only 20% of this data to influence decision-making.
Understanding the data is a main challenge. 2018 is a banner year for data analytics. Let’s have a look at the latest technology trends that will dominate this year:
The Internet of Things (IoT) Takes Off
There has been an explosion in real-world use cases for the Internet of Things as devices get smarter. Since, when billions of devices network together, they generate an unprecedented amount of data. With this trending technology, one can identify growing threats before they happen. But, rising issue about this trend is security risk and cloud computing – which takes more response time. The solution to this problem is edge computing. Also, we are seeing the need to bring information back to central location, organize it, and use it to make more strategic decisions. In that sense, internet of things will become a lot more like your brain. It is also believed that in coming years, edge computing will take over cloud computing.
The Enhanced Power of Embedded Analytics
Market for embedded analytics is growing at rapid pace. With embedding data and analytics, companies can offer a more competitive item on the marketplace and even enhance their product’s stickiness. With this advanced technique to analyze data, many businesses are begin to transform with more accessibility of data across workplace.
Artificial Intelligence Will Take a Leap Forward
There is nothing artificial about artificial intelligence. A lot of algorithms have been around for decades, and are well-understood. What’s new for 2018 are real-world applications for AI. It has been said that by 2020, 85% customers will interact with AI instead of human.
Rise of Prescriptive Analytics
In past, we saw many organizations adopted predictive analytics. With its implementation, enterprises started to see improved results such as better processes, improved customer experience and bottom-line. However, predictive analytics is a great innovation, but it isn’t adequate in the information driven world we live in right now. For that, we require prescriptive analytics. With prescriptive analytics, one can better understand its business. In 2018, more is yet to come with the growth of many applications and many companies benefitting from this final stage in big data analytics.
Since we are on our way to enter the 4th Industrial Revolution, that’s the reason 2018 is called as “the year of transition”. Many previously used technologies are constantly improvising and coming at their final level of maturity this year. Data is valuable-too valuable to just leave it unused. In short, your data can help you transform your business. Technology has come so far that various information and things will be connected to networks and they will collaborate with each other without us being conscious of them at all.