Data is serving as a major tool in transforming organizations. The analysis of an organization’s data is promoting decisions and allowing organizations to move more swiftly in their transformation, branding, planning, and recruitment methods.
More and more data analysis is occurring in an automated fashion. This presents a higher rate of productivity in the digital world and is becoming more used in business and large corporations. Because the analysis is dependable and a reflection of the true data, organizations can move forward more efficiently in decision making.
Many companies are adopting the use of IoT and IoT devices are being incorporated into daily operations. As a result, we are going to see many more analytics solutions for IoT devices to provide not only relevant data but transparency too. This is a great benefit but organizations cannot achieve the full benefits until they have professionals in the data science field. It is predicted that beginning in 2020, 75% of organizations will be inhibited from achieving the full benefits of IoT due to a lack of professionals in the data science field.
We will see and have seen many companies begin to generate revenue from being a data service company. Data As A Service fits well with cloud based technology and processing of the data or using computing for analytics can also be a cloud function. This can be a service that many companies would enjoy as all processing takes place in the cloud and the data is ready when delivered. This technology or service opens the door to the next method which is augmented analytics. This is a method of combining AI (artificial intelligence) techniques and machine learning to create a new way of creating, developing, sharing and consuming analytics. The benefits of augmented analytics are the ability to automate preparation, analysis, and building of models and allowing interaction with the insights generated. Augmented analytics market is expected to grow by $10 billion in the next 3 years and this will also help the cloud vendors and users grow in their use.
Cloud storage has become a safe haven for new technology developments, like augmented analytics, storing files and has increased in companies’ snapshots and backup storage as well. Many cloud vendors are using Infrastructure as a Service (IaaS) instead of running their own infrastructure and gaining security and privacy compliance. It is predicted that the use of third-party cloud vendors will increase by 50% or more by 2022. Providers like Microsoft, Apple, and Google are making use of cloud based learning to see their opportunities in building platforms for data science.
As organizations move to store and analyze data to improve efficiencies there are many considerations. Having the data is great, establishing organization, executing analysis, and retaining the data in its’ many forms can be challenging. As with any productive method or system a roadmap to produce a solid foundation for your data will produce benefits for years to come.
A little bit about Data
which is anything but little for any company