Till few years back big data was for big enterprises who could invest in technology to analyze and extract information. The information gathered changed the way most enterprises did business and relied on more data to collect information for more detailed business insights. This is turn generated huge profits, enlarged customer base and generating key insights from big data, leading to make changes in overall branding, recruitment and decision making process.
How Profoundly Technology will Impact Big Data Analytics in 2020
It been observed that in large tech based organizations, where IoT devices are implemented in their operations, leaders are trying to synergize assertive technology to run more intelligent data analytics.
“There will be a marked difference in the kind of tools and technology frameworks that will be available in year 2020 with big data.More of open source tools shall now be available as they strive to compete with the branded and off the shelf ones. More and more SAS based analytics providers shall combine these tools as data by itself becomes complex as some of the industry sectors goes through a marked revolution by itself” says Nirvan Biswas, CTO, NBHC India.
- Gartner predicted that 40% of data science tasks will be fully automated by 2020. Automation will help business leaders to efficiently plan ahead and use the appropriate analytics to make favourable business decisions.
- 90% of DaaS (data-as-a-service) is supposed to generate more income in the year 2020.The technology enables all subscriber to access all digital files paving way for better data based decision-making purposes.
- Another trend is augmented analytics where AI and ML combination protocols to change the way analytical data is shared, generated, and processed. Industries such as transportation, shipping, aerospace will make great use of augmented analytics. This will be possible with offering critical insights from customer data, currently unattainable without substantial investments in time and money.
- GDPR compliance is a mandatory across all enterprises and organization to bring in order to the way data is handled. This compels organizations and businesses to make data governance a priority.
- A trend that will be more prevalent in 2020 shows that 50% of analytical queries will be generated automatically via voice technology or with the use of NLP tech.
Not all Organizations Able to Extract Enough Insights from Big Data
The strength of data analytics are helping business to grow more than ever before. Transforming data into insight requires having a complete picture of the customer journey and at the same time have the right tools and people who have the skills to turn that data into actionable insight. 75% of companies might suffer loss while implementing IoT to get matured data insight due to a lack of data science professionals.
“The correct approach, framework and thereby the tools are required for organizations to get insights and when this does not happen the overall business objectives that have been aligned with technology suffers. Delay in product launches , proportionate budgeting for R&D , etc happens” quotes Nirvan Biswas.
Any information streaming from data is valuable and at the same time brings challenges of not being able to use the same to get actionable insights. In April 2019 Deloitte conducted a survey and the objective was to find how executives fully leverage data and tools to make decisions. The survey questions were posed to more than 1,000 executives working at large companies (500+ employees). Among the 37% of companies in the survey with the strongest analytics cultures, 48% significantly exceeded their business goals in the past 12 months, making them twice as likely to do so in comparison to 63% that do not have as strong an analytics culture. But it is for sure 2020 will be a year for big data and at the same time evolution of data. As we embrace data analytics platform more than ever this year it will bring more profitability and use of proper resources both internal and external.
Jaideep Khanduja, CTO AccioMango says “For most of the CIOs/CTOs, Big Data is still an unknown territory whose dimensions are not very clear to them. Unless they are unaware of their organizational data’s length, breadth, and depth; they will not be able to become an enabler to extract wholesome insights from the complete spectrum of their bouquet of big data.
Half cooked insights might lead an organization to dangerous impacts. What, Why, and How are the very important factors to choose the right technology (ies) for deploying a complete ecosystem starting from the origin of data (structured and unstructured) to big data analytics”.
Deloitte research shows that about 70% expect business analytics to be more important in the next three years. At the same time, there is an increased need to understand that any data left unexplored is an opportunity lost and may lead to a potential security risk. To stay ahead in competition it is equally important that enterprises need to implement the right data driven by big data analytics.
(Image Courtesy: edtechmagazine.com)