Published on May 28th, 2017 | by Guest0
World of Data and Analytics: Valuable Progressions You Need To Watch Out in 2017
Apart from social media, mobiles and cloud devices, analytics and its associated data technologies also earned a solid spot among the core wave makers of the digital age. Last 2016, experts and analysts have foreseen how analytics and data technologies leverage the power of business intelligence.
The consumption and creation of data continue to develop and grow by leaps and bounds. And along these developments are investments in big data analytics software and hardware, and data scientists and their continuing education and services.
The readiness and accessibility of a massive data sets are one of the primary reasons why Deep Learning, a branch of artificial intelligence (AI), emerged as the hottest trend in technology. It also has a high ranking on Google, Amazon, Facebook, Baidu, Intel, Microsoft, and IBM. All of which come with very deep pockets, investing in acquiring skills and talents and releasing open AI software and hardware.
In 2017, analytics practitioners can expect newer and bigger challenges. New technologies and methodologies will emerge to help overcome these difficulties. Below are the top trend analysis and predictions for data and analytics that will conquer 2017.
Competitive Advantage or Big Data Governance
In 2017, the tug of war between data value and governance will be front and center. Enterprises will hold valuable pieces of information about their partners and customers. Major organizations will supervise their data between regulated and nonregulated use cases.
Governance for systematic use cases data will take place while lineage and data quality move forward so the governing body can track and report the data through all transformations to the originating source. This step is necessary and mandatory but limited for non-regulatory use only.
Cases like customer 360 or servings where real-time, mixture of structured and unstructured, higher cardinality, yields more efficient results.
Artificial Intelligence Keeps Coming Back For More
In the early 60s, Ray Solomonoff, inventor of algorithmic probability, presented the mathematical foundation’s first artificial intelligence (AI). He introduces the universal Bayesian methods for inductive prediction and inference.
Two decades after, the First National Conference of the American Association for Artificial Intelligence (AAAI) took place at Stanford and gives birth the application of theories in software.
Artificial intelligence is now back in the mainstream. It continues to fuel discussions and stir the umbrella buzzword for machine learning, machine intelligence, cognitive computing and neural networks. According to John Schroeder, artificial intelligence comes to life again due to the three often used to define big data: Volume, Variety, and Velocity.
Google produce documentations that show how frequently executed algorithms against large datasets produce more likely results compared to approaches that use smaller sets. Schroeder adds that consistent application of AI to repetitive tasks with high volumes is more efficient than obtaining human intuitive oversight at the expense of bigger costs and human error.
The Rise of Business-Driven Applications To Fame
This year, organizations will finally bid goodbye to”build it, and they will come” data lake approach and say hello to a business-driven data plan.
Business strategies nowadays require operational capabilities and analytics to address customers and to process real-time interface and claims at an individual level. For instance, e-commerce sites must provide real-time price checks and personalized recommendations.
On healthcare sectors, organizations must block fraudulent claims and process valid claims by combining operational systems with analytics. Media companies, on the other hand, personalize their contents through set-top boxes. Ride-sharing companies and auto manufacturers are both inter-operating at scale with drivers and cars.
Delivering use cases demands fleet-footed platforms that can provide operational and analytical processing to enhance the value from additional use cases that can span up to front office operations from back office analytics.
Blockchain Transforms Various Financial Service Application
According to Schroeder, there will be transformations among selected use cases in financial services that appear with broad hints for the processing of transactions and storing data. Blockchain gives distributed ledgers that will change the way how you handle operations and store data.
The blockchain allows people to view its chains on computers that cover distribute global distributions. Transactions reside in blocks wherein a single block connects to the preceding block. These blocks are timestamped, which means they store data in an unalterable form.
Data Agility Separates Losers From Winners
In 2017, analytic and processing models will advance to supply the same level of agility as how organizations utilize data coordination, take business action plan and comprehends data in context. These qualities are the source of competitive advantage and not just a large data lake.
The arrival of processing models that are agile will connect the same quantity of data to reinforce interactive analytics, batch analytics, file-based and data-based models and global messaging.
Highly flexible analytic models take place when a single instance of data can bear a wider set of tools. The results are agile development and application platform that can carry the most comprehensive range of analytic and processing models.
Optimization of Microservices Through Machine Learning
2017 is also a promising year for the integration of microservices and machine learning.
On the previous years, the deployments of microservices focus more on lightweight services. And those services that incorporate the use of machine learning have been limited to fast data integrations that were applied to taper the bands of streaming data.
Schroeder adds that people will see development shift to applications that leverage the consolidation of machine learning methods and significant data that use big amounts of historical data to comprehend precisely the context of new and upcoming streaming data.
The pervasiveness of cloud is no longer new for somebody who keeps up with Business Intelligence trends.
Experts in SEO Adelaide point out that Cloud will continue to fly high in 2017 because more and more companies move towards it due to the propagation of cloud-based tools on the market.
Furthermore, entrepreneurs will assimilate how to utilize the potential of cloud analytics, whose elements such as data models, data sources, computing power, processing applications, data storage and analytic models lie in the cloud storage.
Without a doubt, security is one of the biggest trends in business intelligence for the last ten years. The news is full of data security issues and reports of data breaches, which includes significant data losses by big brands like MySpace, AOL, Compass Bank, NHS, AT&T, LinkedIn, JP Morgan Chase, Apple, and Anthem.
While the news is buzzing around big businesses, concerns also arise from open small businesses.
Security of database is a hot debate, both in the private and public organizations. It will only accelerate in the years to come. Business owners will tirelessly search for the most secure solution that lessens the risk of losses and data breach.
Visual Data Recovery
Big Data reach a massive volume that is now insuperable even for data scientists. When experts and analysts set their foot inside the data, they initially don’t know where it is heading. Data scientists start their analysis with visual data discovery to look for structures or patterns in data sets that seem impenetrable at first sight.
Through the help of different data visualization tools, scientists try to unfold the relationships between data elements beyond multiple data sets for succeeding data analysis.
The beauty of visual data discovery is that it lets you see unforeseen data insights and respond decisively and quickly to reduce risk, maximize profits or chase moments with short-lived business opportunities.
Data Journalism and Storytelling
In recent years, many witnessed the significant shift to visual communication from written platforms. The volume of free-flowing information increases, attention spans become shorter, and we’re used to jumping from headline to another or from one bullet point to another bullet point rather than absorbing the texts.
Journalists and other professionals allocate with the task of passing on information, turn to infographic to retain and catch the attention of people. Kudos to its ability to communicate a complicated set of data into one meaningful graph. Data visualization is now worth 1000 words.
The usage of programming to combine and gather and information will be an obvious necessity. Furthermore, the use of data visualizations will boost, as more and more data presenters will notice that it’s the attractive visuals rather than paragraphs of text or tables with numbers that succeed in grabbing the attention of people.
The rate of change in the analytics industry is not set to do anything other than to accelerate forward. Just like how the trends in fashion work, trend for data and analytics do come and go. The ideology of being data-driven is already a norm in the modern business world. 2017 is indeed an exciting year of moving towards and looking past all the hype to extract the maximum value out of the cunning and ever moving data and analytics trend.
As the founder and CEO of Wade Cockfield Executive SEO, Wade Cockfield’s core mission is to provide top notch and high-quality digital marketing services that reflect the ethics and passion of SEO Adelaide. His digital marketing agency offers various SEO and digital marketing services across Australia and abroad. His favorite activity during weekends is writing. He likes to write just about anything related to SEO, and it’s digital arms which he generously shares with various readers. Besides writing, Wade is also a big fan of outdoor activities and indulges in camping once in awhile.