How businesses are using data is evolving, and the rise of new technology is changing data-driven projects for the better.
Here’s some of the hottest trends we’ve observed this year.
#1 – THE RISE OF CLOUD
“Enterprise IT had been rapidly changing, and the Cloud is playing an ever-larger factor. Cloud technologies offer unprecedented resource and flexibility for Big Data & Data Science.” – Zmags.
With the growing popularity of cloud computing, there’s been a lot of debate about the pros and cons of moving data from on-premise to cloud environments.
“Contrary to popular belief, on-premise systems were shown to be more expensive to operate annually than their cloud-based counterparts, with the overall cost 60% higher on an annual basis – even after the first year!” – Andrew Heriot: Head of Services EMEA at Maximizer Software.
With many businesses moving to cloud solutions as a way of cutting down costs, other key reasons why they’re deciding to make the switch are simplicity, flexibility, accessibility and experimentation.
“The cloud enables new kinds of possibilities, including inexpensive experimentation that allows businesses to configure ‘best fit’ solutions that satisfy their needs.” – Vasant Dhar: Professor at the Stern School of Business & the Centre for Data Science at New York University.
#2 – CYBER SECURITY
“The world will create 180 zettabytes of data (or 180 trillion gigabytes) in 2025, up from less than 10 zettabytes in 2015, according to IDC.” – Forbes.
With worldwide data reaching unprecedented levels, cyber attacks have also become more prevalent. As a result, cyber security through Big Data Analytics has become a major area of investment, and businesses who treat it as an afterthought rather than a major area of concern are leaving themselves vulnerable.
“An ASX survey of the cyber risk facing Australia’s top 100 publicly listed companies found that nearly two-thirds of Australian companies see cyber breaches as an “IT issue” rather than a major business risk, and only 45 per cent of ASX 100 companies are confident in their organisation’s ability to detect and manage a cyber hacking event.” – Alice Uribe: Australian Financial Review.
#3 – DATA AGILITY
“It’s not about how much data you can store and process. It’s about data agility. How fast can you extract value from your mountains of data and how quickly can you translate that information into action?” – tdwi.org
Businesses have shifted their focus from capturing and managing data to actively using it for business impact. To achieve this, new tools to discover and explore data are being developed for greater flexibility and speed. A great example of this would be Cloudera Altus, which our partner released earlier this year, taking the deployment of data platforms and data pipelines in the cloud to the next level.
“Our customers wanted to understand how to leverage the agility, scale, and ease-of-use offered by the cloud to efficiently and cost-effectively gain insights from their ever-growing business data.” Jennifer Wu: Director of Product Management at Cloudera.
#4 – DATA VISUALISATION
“Having the data is not enough, I have to show it in ways people both enjoy and understand.” – Hans Rosling (1948-2017): Professor of International Health at Karolinska Institutet & Co-Founder of the Gapminder Foundation.
“Data visualisation is the best way of engaging decision makers with a visual narrative that leads them to the insight. It also shows the quality of the data, where data is missing, and whether it’s valid with a quick, preliminary visualisation.” – Alex Lane: International Events Coordinator at Innovation Enterprise.
#5 – FROM IOT TO IOE
Forget the Internet of Things (IoT). The Internet of Everything (IoE) is re-inventing how we do business by bringing together people, process, data and things to create new capabilities, experiences and opportunities for businesses by connecting them to more valuable networks.
“The Internet of Everything builds on the foundation of the Internet of Things by adding network intelligence that allows convergence, orchestration and visibility across previously disparate systems.” – Cisco.
With digital technology constantly improving products and services, customer expectations are raised and businesses must rise up to meet the challenge. Now that digital is embedded in everything we do, IoT is not enough.
“The Internet of Everything will re-invent industries at three levels: business process, business model, and business moment.” – Hung Le Hong: Research Vice President and Gartner Fellow.
#6 – THE STARTUP BOOM
“Big Data has become a crucial growth enabler by empowering companies with deep insights on the internal business processes along with the competitors and market. This exponential demand for data has led to the mushrooming of startups focusing on acquiring, analysing and building innovative products on top of Big Data.”- Jacob Koshy: Content & Social Media Marketer at PromptCloud.
Big Data can achieve big outcomes, but is useless without the skills to analyse it. Recognising the challenge, several startups have emerged with their own solutions to making sense of this data and turning it into actionable insights for businesses.
“When a new startup comes up with technological advancement in Big Data and machine learning, none of the big guys want their competitors getting hold of it. This along with the advantage of having the best tools to handle data makes acquiring such startups a lucrative thing to do for the bigger companies.” – PromptCloud.
Companies like Apple, Microsoft and SAP are acquiring small start-ups for competitive advantage when entering into new markets, creating new business models, and making their enterprises more customer-centric.
For more resources, please read the following links:
Big Data Trends
The Internet of Everything
Big Data Startups